Special Election Period for COVID-19 Clarification
📢 Based on multiple communications from the Centers for Medicare & Medicaid Services (CMS), the SEP related to the COVID-19 PHE ended June 30, 2020. If CMS releases a change in guidance, we will inform you as quickly as possible. Related Articles: ![]() |
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Special Election Period for COVID-19 Clarification
Posted by www.psmbrokerage.com Admin on Thu, Dec 10, 2020 @ 09:15 AM
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Tags: COVID-19
New Study Shows Why the Coronavirus Pandemic is Leading Many Americans to Enroll in a Medicare Advantage Plan For 2021
Posted by www.psmbrokerage.com Admin on Wed, Dec 09, 2020 @ 09:41 AM
Out of 67.7 million Medicare beneficiaries in the United States in 2020, roughly 24 million (36%) are enrolled in a Medicare Advantage plan, which represented a 9% year-over-year increase. By 2030, the Congressional Budget Office projects that 51% of all Medicare beneficiaries will be enrolled in a Medicare Advantage plan. And with the COVID-19 pandemic continuing to ravage the nation, it looks like Medicare Advantage plans will become even more popular according to findings from a recent study conducted by MedicareAdvantagePlans.org.
MedicareAdvantagePlans.org surveyed adult Americans that are eligible for Medicare and already enrolled in a Medicare Advantage plan for 2021. First, we wanted to uncover why these consumers have opted for a Medicare Advantage plan for the upcoming year.
As mentioned earlier, Medicare Advantage plans are becoming in vogue because they are cost-effective, flexible, and will oftentimes include Part D prescription drug coverage so the three most populated answers found in the pie chart come as no surprise. The next most-populated answer, “I like the supplemental benefits that are included in a Medicare Advantage plan,” is where things get more interesting, especially considering the pandemic we currently find ourselves in. COVID-19 Related Supplemental Benefits a Big Reason For Increasing Popularity of Medicare Advantage PlansSupplemental benefits are a big reason why many Americans are switching to Medicare Advantage plans. They do not need to be provided by Medicare providers or at Medicare-certified facilities, but only need to abide by the rules laid out by a specific Medicare Advantage plan. Popular supplemental benefits include vision, dental, over-the-counter benefits, and fitness. Supplemental benefits have become such an important selling point for Medicare Advantage plans that there will be a 64% year-over-year increase in the number of Medicare Advantage plans that are offering such benefits in 2021. And as a result of the coronavirus pandemic, 34% of Medicare Advantage plans are now offering COVID-19-related supplemental benefits in 2021, which includes covering costs for things like testing, PPE, and care packages. Amongst our survey respondents that indicated supplemental benefits as the reason they are enrolling in a Medicare Advantage plan for 2021, here’s how many cited COVID-19-related supplemental benefits specifically.
Other than the common supplemental benefits, like dental and vision, that respondents cited, “COVID-19 related supplemental benefits” was one of the most populated answer choices as 35% of respondents that were drawn to a Medicare Advantage plan cited this type of supplemental benefit specifically. In regards to how the coronavirus pandemic is shaping the Medicare Advantage plan market, it’s also noteworthy that 27% of applicable respondents pointed to a telehealth supplemental benefit. With people trying to limit their exposure to potential COVID-19 hotspots, like a doctor’s office, the telehealth industry has boomed so it’s easy to understand why many Medicare Advantage beneficiaries have become more attracted to this supplemental benefit. Medicare Advantage plans were already surging in popularity, but it looks like the coronavirus pandemic will further catalyze that surge because beneficiaries can likely have their COVID-19 related costs covered through specific supplemental benefits. Many Beneficiaries Are Switching From Original Medicare Plans to Medicare Advantage PlansThe data shows Medicare Advantage plans are becoming more and more popular with each passing year. Compared to original Medicare plans, Medicare Advantage plans can be more cost-effective, while still offering prescription drug coverage and a variety of supplemental benefits. And according to our survey data, eligible Americans want to experience the possible benefits of a Medicare Advantage plan for themselves as many are switching from original Medicare coverage in 2020 to a Medicare Advantage plan in 2021.
Further, 52% indicated they are not making the same switch, which likely indicates they were happy with their Medicare Advantage plan in 2020 and want to keep it for the new year. When looking at this data and other external sources, all signs point to Medicare Advantage plans continuing to increase in popularity as eligible Americans look for more flexible coverage options outside of what original Medicare coverage can offer. Are Medicare Advantage Beneficiaries Simply Doing More Research?A recent story by The New York Times discussed how the Medicare marketplace has become more competitive as of late, especially with the rollout of Medicare Advantage plans, and that enrollees would benefit the most by doing their research and pricing out the market. However, the story cited a recent study that found 57% of Medicare enrollees don’t review or compare their coverage options annually, including 46% who “never” or “rarely” revisit their plans. This isn’t great news when you think about all the consumers out there that are possibly missing out on Medicare Advantage benefits because they either don’t know what they are or understand how it could be better (or more cost-effective) for them. Interestingly, when we asked our Medicare Advantage enrollees if they’ve done their research, here’s what we found.
Only 7% said they never or rarely do any research before enrolling. What can be drawn from this? 91% of Medicare Advantage beneficiaries do some amount of research before selecting their plan while the New York Times story found 57% of all Medicare enrollees never did any research, so perhaps if every eligible consumer did their homework before enrolling we would have far more opting for a Medicare Advantage plan. Is it possible that the benefits of Medicare Advantage plans so outweigh original Medicare coverage that all it takes is a bit of research to understand which option is generally more consumer-friendly? MethodologyThe data from this report comes from an online survey administered by online survey platform Pollfish. The survey was created and paid for by MedicareAdvantagePlans.org. In total, 700 adult Americans that were eligible for Medicare in 2021 and enrolled in a Medicare Advantage plan for 2021 were surveyed on the questions found in this report. By using screener questions, we were able to find adult Americans that were eligible for Medicare in 2021 and enrolled in a Medicare Advantage plan in 2021. Survey ResultsBefore enrolling in Medicare for 2021, did you review or compare your available coverage options before eventually enrolling in a specific program?
Are you switching from another Medicare plan in 2020 to a Medicare Advantage plan in 2021?
Why are you going with a Medicare Advantage plan in 2021?
(If applicable) What specific supplemental benefits encouraged you to enroll in a Medicare Advantage plan? (SELECT ALL THAT APPLY)
Source: https://www.medicareadvantageplans.org/medicare-advantage-plans-2021-coronavirus-survey/ ![]() |
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Tags: Medicare Advantage plans, COVID-19
Medicare Eligible Seniors Survey Findings: Technology, COVID-19, the 2020 Election and More
Posted by www.psmbrokerage.com Admin on Mon, Sep 14, 2020 @ 02:34 PM
Medicare Eligible Seniors Survey Findings: Technology, COVID-19, the 2020 Election and More...
Medicare Eligible Seniors Survey ResultsOne important takeaway from this survey is that seniors are embracing technology in new ways during the coronavirus pandemic. More than half of the respondents agreed that they have been using technology more during the pandemic. Seniors are using technology for the following:
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CMS NEWS: Trump Administration Issues Call to Action Based on New Data Detailing COVID-19 Impacts on Medicare Beneficiaries
Posted by www.psmbrokerage.com Admin on Tue, Jun 23, 2020 @ 10:16 AM
Trump Administration Issues Call to Action Based on New Data Detailing COVID-19 Impacts on Medicare Beneficiaries
“The disparities in the data reflect longstanding challenges facing minority communities and low income older adults, many of whom face structural challenges to their health that go far beyond what is traditionally considered ‘medical’,” said CMS Administrator Seema Verma. “Now more than ever, it is clear that our fee-for-service system is insufficient for the most vulnerable Americans because it limits payment to what goes on inside a doctor’s office. The transition to a value-based system has never been so urgent. When implemented effectively, it encourages clinicians to care for the whole person and address the social risk factors that are so critical for our beneficiaries’ quality of life.” The data released today includes the total number of reported COVID-19 cases and hospitalizations among Medicare beneficiaries between January 1 and May 16, 2020. The snapshot breaks down COVID-19 cases and hospitalizations for Medicare beneficiaries by state, race/ethnicity, age, gender, dual eligibility for Medicare and Medicaid, and urban/rural locations. The new data show that more than 325,000 Medicare beneficiaries had a diagnosis of COVID-19 between January 1 and May 16, 2020. This translates to 518 COVID-19 cases per 100,000 Medicare beneficiaries. The data also indicate that nearly 110,000 Medicare beneficiaries were hospitalized for COVID-19-releated treatment, which equals 175 COVID-19 hospitalizations per 100,000 Medicare beneficiaries. Blacks were hospitalized with COVID-19 at a rate nearly four times higher than whites. The disparities presented in the snapshot go beyond race/ethnicity and suggest the impact of social determinants of health, particularly socio-economic status. Other key data points:
The snapshot also shows that besides higher hospitalization rates, beneficiaries enrolled in both Medicaid and Medicare have a higher infection rate of COVID-19, with 1,406 cases per 100,000 beneficiaries. By comparison, the coronavirus infection rate for beneficiaries enrolled only in Medicare is 325 cases per 100,000. The rate of COVID-19 cases for dual eligible individuals is higher across all age, sex, and race/ethnicity groups. Previous research has shown that these individuals experience high rates of chronic illness, with many having long-term care needs and social risk factors that can lead to poor health outcomes. Given the complexity of these disparities, any solution requires a multi-sectoral approach that includes federal, state, and local governments, community based organizations, and private industry. One piece of this is the increased implementation of a value-based system that rewards providers for keeping patients healthy and gives consumers the information about disease prevention and outcomes needed to help make healthcare choices on the basis of quality. Additionally, CMS is encouraging states to double down on efforts to protect low income seniors and look at the data and determine what resources are available, both locally and federally, to improve this disparity of health outcomes. CMS has identified a range of operational opportunities for states to improve care for dually eligible individuals and a variety of models that states can participate in that focus on improving the quality and cost of care for individuals who are concurrently enrolled in Medicaid and Medicare. The Center for Medicaid and Children’s Health Insurance Program (CHIP) Services is developing guidance for states on new opportunities to adopt innovative, value-based payment design and implement strategies to address social determinants of health for their beneficiaries, including those who are dually-eligible for Medicare and Medicaid. In addition to these ongoing efforts and programs, the CMS Office of Minority Health will be holding a series of listening sessions with key stakeholders responsible for providing care to racial and ethnic minorities. These listening sessions are intended to help refine the ongoing outreach and work by CMS to improve future efforts on this issue. CMS typically releases Medicare claims information on an annual basis when there are more complete claims and encounter data. However, as part of the agency’s efforts to provide data transparency during the pandemic and ensure the public has this vital information as soon as it is available, CMS is releasing this preliminary data now. The data will be updated on a monthly basis as more claims and encounter records are received. CMS anticipates releasing similar information on Medicaid beneficiaries in the future. For more information on the Medicare COVID-19 data, visit: https://www.cms.gov/research-statistics-data-systems/preliminary-medicare-covid-19-data-snapshot For an FAQ on this data release, visit: https://www.cms.gov/files/document/medicare-covid-19-data-snapshot-faqs.pdf For a blog by CMS Administrator Seema Verma, visit: https://www.cms.gov/blog/medicare-covid-19-data-release-blog
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Social Security Administration Expands Online Medicare Enrollment Process on SSA.gov
Posted by www.psmbrokerage.com Admin on Fri, Jun 12, 2020 @ 04:04 PM
Social Security Admin Expands Online Medicare Enrollment Process on SSA.gov
The Centers for Medicare & Medicaid Services (CMS) and the Social Security Administration (SSA) recently expanded the functionality of the Medicare enrollment process to accommodate more online applications during the coronavirus pandemic.
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Tags: Medicare, Social Security, COVID-19
Four in 10 Insurance Agents Say They'll Continue Working from Home Post-Pandemic
Posted by www.psmbrokerage.com Admin on Fri, Jun 05, 2020 @ 10:00 AM
4 in 10 Insurance Agents Say They'll Continue Working from Home Post-Pandemic
However, 27% said at least some staff would continue to work from home, and 10% said that all employees would work at home. About 13% said they weren't yet sure what they would do. Each year, Channel Harvest conducts an extensive survey of thousands of independent agents around the U.S., and recently published its 2020 report. Its first pandemic-related instant poll was conducted April 15-16, with the latest May 20-21. Some 200 agents responded to each. When combining those who say they're going back to the office along with those who aren't sure, the result is that 63% of agents say they have no firm plans to continue remote work once the pandemic is over, noted John Campbell, Channel Harvest principal. "And that's probably an underestimate, as people tend to overestimate their ability and willingness to change things," he said. Morale Holding Up In a follow-up to the April poll, agents were asked to rate the overall feeling and morale among their workforce on a scale of 0 (terrible) to 10 (wonderful). Just 7% reported low morale (0-3 on the scale), down from 9% a month ago. And 38% said average (4-6), which is unchanged. Some 55% said morale is good (7-10), up slightly from last month. "Morale is holding, and agents generally are looking forward to a return to normal, rather than a new normal," said Campbell. Revenue Shifts About half of respondents reported their agency revenue has dropped since the crisis started in early March, Channel Harvest found. This is an increase from the April survey, where 41% had reported a decrease. On the other hand, 17% said they have posted increased revenue during the crisis, up from 10% in the April survey. Life at Home Many agents offered their opinions of working at home, and those who pre-planned for remote work were grateful they had prepared ahead of time with technology, phone systems and workflows. Here are some related comments:
On the other hand, some respondents say they will be happy to return to the agency office:
Some respondents also commented on revenue issues:
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Tags: COVID-19
Biden’s ‘Medicare At 60’ Gains Momentum In Coronavirus Era
Posted by www.psmbrokerage.com Admin on Mon, Jun 01, 2020 @ 02:04 PM
Biden’s ‘Medicare At 60’ Gains Momentum In Coronavirus Era
The former vice president in April announced his proposal to allow Americans between the ages of 60 and 64 the option of buying into Medicare, the federal health insurance program for the elderly. The proposal would be less costly than earlier versions proposed by Democrats in the U.S. Senate to lower Medicare eligibility to as young as 55 or even 50 as some new analyses are beginning to show. And Medicare would be particularly attractive to Americans with employer-sponsored coverage who are looking to retire early or have recently lost their jobs as companies close their doors and lay off workers during the spread Covid-19. “As the economy works to recover on the heels of the Covid-19 pandemic, guaranteeing coverage for the country’s oldest workers at a somewhat modest cost may have wide appeal,” Dr. Zirui Song, of the department of health care policy at Harvard Medical School in Boston wrote in Friday’s JAMA (companion article) about the potential implications of lowering the age for Medicare eligibility. “Lowering the Medicare eligibility age to 60 years would achieve meaningful coverage gains while disrupting commercial insurance less than would a broader public option or Medicare-for-All program.” Biden’s Medicare proposal is part of his campaign’s pledge to build on the Affordable Care Act. Biden’s Republican opponent, Donald Trump, however, has been working to uproot the ACA as well as its subsidized individual coverage known as Obamacare and also opposes expanded Medicaid. And the Justice Department under Trump appointees have been working with Republican attorneys general to repeal the ACA. The latest analysis of Biden’s proposal indicates it would be cost effective and less disruptive to the commercial insurance market than a single payer version of “Medicare for All” that would uproot the private health insurance industry and essentially bring an end to the role of private insurers. “Evidence on the effect of entering Medicare from employer-sponsored coverage shows that, at age 65 years, Medicare enrollment leads to decreased health care spending by about 30% without changes in utilization; virtually all of this reduction is related to lower prices for services—that is, Medicare reimburses physicians and hospitals less than private insurance,” Song wrote in JAMA. “Therefore, the policy would increase public spending by replacing some of today’s private spending with federal dollars, although notably at lower prices.” Details of Biden’s proposal have yet to emerge other than the brief description that emerged less than two months ago. Biden said the idea was to allow Americans to have more choices than they do now and allow them to keep their employer coverage if they so desired. Biden’s proposal to introduce a public option and expand existing Medicare is in line with public sentiment heading into the heat of the summer and fall Presidential election campaign. The latest data from the Kaiser Family Foundation’s health tracking poll show nearly 70% of Americans favor a public option, which is a percentage that has largely held steady since January and “before coronavirus became a major concern in the U.S.” The Kaiser poll also showed more than half, or 51% of the American public “now holds favorable views toward” the ACA while 41% hold “unfavorable views.” The poll was conducted May 13-18, Kaiser said, from a sample of nearly 1,200 adults.
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Tags: Medicare, Retirement Planning, COVID-19
Medicare enrollment complicated by the pandemic
Posted by www.psmbrokerage.com Admin on Fri, May 29, 2020 @ 02:31 PM
Medicare enrollment complicated by the pandemic
The unemployment rate among people age 65 and older quadrupled between March and April, from 3.7% to 14.7%, according to the Kaiser Family Foundation. More than 1.2 million adults age 65 and older lost their jobs in March and April and in many cases, their health insurance, too. Although this group of unemployed workers is eligible for Medicare, delayed enrollment after age 65 is normally handled by visiting one of the local Social Security field offices, which have been closed to the public since March 17 as a result of the pandemic. Medicare is managed by the Centers for Medicare and Medicaid Services, but the Social Security Administration processes the applications. “We have seen an increase in calls from people who have lost their jobs and are looking to go on Medicare,” said Frederic Riccardi, president of the nonprofit Medicare Rights Center, which fields more than 20,000 questions a year through its free consumer helpline (800-333-4114). “People are calling because they are confused about how to enroll in Medicare,” Riccardi said. “It is really important to sign up for Medicare as soon as possible to avoid any gaps in coverage and lifetime late enrollment penalties.” Most people can use the online application to apply for Medicare to enroll in Parts A and B during their initial enrollment period, which begins three months before their 65th birthday, includes their birthday month and extends three months after their 65th birthday. Medicare Part A covers in-patient hospital costs and is premium-free to anyone who has earned the minimum of 40 quarters of coverage and paid FICA taxes during at least 10 years of covered employment. Spouses are also eligible for premium-free coverage. Medicare Part B covers outpatient services and has a monthly premium, currently $144.50 per month in 2020. High-income beneficiaries pay more. Many people enroll in Part A at 65, even if they continue to work, because it is premium-free. In most cases, people who miss enrolling in Medicare Part B during their initial enrollment period face lifelong delayed enrollment penalties of 10% per year for every year they were eligible to enroll but did not. But there is one major exception to the Medicare Part B signup rule: continued group health insurance coverage through a current employer or through a spouse’s current employer. People who have “creditable” group health insurance can delay enrolling in Medicare penalty-free for up to eight months after that employer coverage ends by taking advantage of a special enrollment period. The challenge is how to sign up for coverage during a special enrollment period when the Social Security offices that take the applications are closed. The Social Security Administration offers the following guidance: “If you are already enrolled in Medicare Part A and you want to enroll in Part B, you cannot use our online application. Please mail your completed application form for enrollment in Medicare Part B Medical Insurance to your local Social Security field office. You can find the address and phone number for your local office based on your zip code at https://secure.ssa.gov/ICON/main.jsp.” Normally if you are applying for Medicare Part B as part of a special enrollment period as a result of losing group health insurance, your employer has to attest that you had creditable health insurance during the previous eight months. Given the pandemic, federal officials are allowing applicants to fill out that form on behalf of their employer and submit proof that they had health insurance, such as income tax returns that show health insurance premiums paid, W-2s reflecting pretax medical contributions or pay stubs that list health insurance premium deductions. The Medicare Rights Center recommends that you send your paperwork to your local Social security office by certified mail so you will have a receipt and confirmation that your form was delivered in case you encounter any problems with your enrollment. If you speak to anyone at your local office, record the name of the representative you speak to and the date and time of the conversation. And if you experience difficulties with your local Social Security office, such as being told your enrollment cannot be processed, ask to speak to a supervisor. If that doesn’t resolve the problem, contact your congressman for help. There is another complicating factor when it comes to losing a job and employer-provided health insurance. In some cases, unemployed workers can continue their group health insurance for 18 months under COBRA, usually paying the entire cost of the premium, both the employer and the employee portion. But COBRA and retiree health plans aren’t considered coverage based on current employment. You must sign up for Medicare Part B within eight months of losing employer-provided health insurance — not eight months after your COBRA coverage ends — to avoid delayed enrollment penalties. Source: https://www.investmentnews.com/medicare-enrollment-complicated-pandemic-193382
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New Poll Highlights Impact of Coronavirus on Personal Health, Economic, and Food Security
Posted by www.psmbrokerage.com Admin on Thu, May 28, 2020 @ 04:02 PM
New Poll Highlights Impact of Coronavirus on Health, Economic, and Food Security
A new Kaiser Family Foundation (KFF) Health Tracking Poll offers insights into the impact of the coronavirus on American’s personal health, economic, and food security, as well as about the Medicaid program. ![]() |
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Tags: COVID-19
Life Carriers Cut Age Groups From Coverage
Posted by www.psmbrokerage.com Admin on Fri, May 22, 2020 @ 04:15 PM
Life Carriers Cut Age Groups From Coverage |