<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=302779086974399&amp;ev=PageView&amp;noscript=1"> Medicare Blog | Medicare News | Medicare Information

Medicare Blog | Medicare News | Medicare Information

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

Tags: Medicare, COVID-19

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

Tags: CMS, COVID-19

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

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

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

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

Tags: Medicare, COVID-19

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

Tags: COVID-19

Life Carriers Cut Age Groups From Coverage

Posted by www.psmbrokerage.com Admin on Fri, May 22, 2020 @ 04:15 PM

Tags: Life Insurance, COVID-19

The coronavirus economy could make a Medicare buy-in more popular

Posted by www.psmbrokerage.com Admin on Fri, May 22, 2020 @ 01:52 PM

Tags: Medicare, COVID-19

Over 6M Seniors Could Face Out Of Pocket Costs for COVID 19 Treatment

Posted by www.psmbrokerage.com Admin on Wed, May 13, 2020 @ 04:50 PM


Over 6M Seniors Could Face Out Of Pocket Costs for COVID 19 Treatment

Low-income seniors who do not have supplemental coverage or Medicare Advantage could face out-of-pocket healthcare spending.


More than six million seniors would face COVID-19 treatment out-of-pocket healthcare spending if diagnosed with the coronavirus, a Patient Assistance Network (PAN) Foundation issue brief recently found.

Traditional Medicare and Medicare Advantage cover nearly all of the same coronavirus-related services, including testing, in-person office visits, and telehealth visits. Traditional Medicare and Medicare Advantage will also cover the vaccine when it comes out.

When those who turn to Medicaid and Medicare Advantage are removed from the equation, six million Americans on traditional Medicare are left behind who do not have supplemental coverage. These seniors could be exposed to higher out-of-pocket healthcare spending if they have to face coronavirus treatment.

Seniors in this category also may be low-income. Thirty-seven percent of traditional Medicare beneficiaries who are without supplemental coverage make less than $20,000 annually. These lower income individuals may struggle to afford coronavirus treatment bills.

To ensure that low-income seniors do not face exorbitant healthcare spending and surprise billing due to coronavirus and lack of supplemental coverage, PAN Foundation recommended that CMS move to cap out-of-pocket prescription drug costs. The organization also suggested spreading the costs across the benefit year.

“Medicare beneficiaries are the only group of insured people in the U.S. that is not protected by a cap on annual out-of-pocket costs, forcing many to make difficult trade-offs or to forgo treatment altogether,” the statement argued.

Instead of front-loading surprise bills—draining seniors’ bank accounts of thousands of dollars in the first months of the year—seniors could pay their prescription expenses over time.

Parts of this strategy have been suggested in the Senate and by the Trump Administration. Among the prescription drug spending proposals that policymakers hammered out toward the end of 2019, the Senate Finance Committee approved one that caps beneficiary out-of-pocket healthcare spending at $3,100. The Trump Administration’s 2020 budget included an out-of-pocket spending cap on the Medicare Part D catastrophic phase.

Given these realities, evaluating Medicare’s ability to provide affordable coverage is critical as Medicare forms a safety net for these populations.

Source: https://healthpayerintelligence.com/news/over-6m-seniors-may-face-covid-19-treatment-out-of-pocket-costs

 

Tags: Medicare Advantage, COVID-19

    Join thousands of insurance agents who receive weekly news updates and original articles.

    Like Precision Senior Marketing on Facebook!





    Follow Precision Senior Marketing on Twitter!

    Most Popular Posts

    Posts by Topic

    Click for More