All these factors show a positive outlook for the Medicare Supplement market in the upcoming years. If you are considering getting into the senior market – now is the time! With 10,000 seniors becoming eligible every day the market is booming with no signs of slowing down. Please give us your feedback! What do you think of CSG Actuarial's findings? Have you seen an increase in your Med Supp business as well?
Source: CSG Actuarial |
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Medicare Blog | Medicare News | Medicare Information
Tags: Medicare Supplement, Medicare News, insurance news, industry news, Stonebridge Medicare Supplement, Medicare Solutions
Aging, High Health Care Costs Important to Address Now
Posted by Lauren Hidalgo on Fri, Oct 08, 2010 @ 09:34 AM
Woodmen of the World Plan N Released in Select StatesOn Wednesday, Woodmen of the World/Assured Life Plan N was released in Iowa, Arkansas, Alabama, Washington, Utah, Montana, Idaho, West Virginia, Texas, and Oklahoma. Also released was the news of expansions to California, Colorado, Mississippi, and Tennessee. With benefits like excellent commissions, 12 month advancement, competitive premiums, and liberal underwriting - don't miss the opportunity to add this excellent product to your senior portfolio. Click Here for more information. Cost-Effective Medicare Reimbursement RatesWith the constant need to control the growth of Medicare spending, two policy experts have proposed that new treatments should be studied and then given a monetary value based on whether they are superior, comparable, or inferior to treatments already available. Currently, the national health reform law has created the Patient-Centered Outcomes Research Institute (PCORI) to advise and set guidelines for federal agencies on effective research and on funding research. The PCORI panel consists of a majority of physicians who study new treatments and give ratings, but cannot make decisions based on cost. The policy experts suggest rewarding treatments with the highest outcomes with the most funding and then reevaluating the treatment after three years for continued funding. They believe that limiting spending to three years will not only force manufacturers and clinicians to continue research on the treatments but to prioritize products that will have the most effect and positive outcome. Seniors face Medicare Advantage Plans Eliminated and Automatically EnrolledRepresentative Republicans Dave Camp (MI) and Wally Herger (CA) are calling into question the Centers for Medicare and Medicaid's (CMS) decision to eliminate some Medicare Advantage drug plans, which will affect approximately 3 million seniors and automatically enroll 1.5 million of those seniors into a new plan, costing 15% more in premiums alone. In a letter to the Health and Human Services Secretary Kathleen Sebelius, the Republicans questioned the decision to terminate another plan which has nearly one-half million beneficiaries enrolled, raise 600,000 premiums by 45%, increase monthly premiums in the top 10 Part D plans by 10% next year, and eliminate prescription drug plans. They also requested that the Centers for Medicare and Medicaid provide all of the analysis used to determine the impact on their decisions, so Congress can protect seniors from these decisions in the future. More News for Medicare Advantage Plan Cuts President Barack Obama's famous quote, "If you like your health plan, you can keep it" is coming under scrutiny after news of drastic Medicare Advantage plan cuts, from 14.8 million to 7.4 million by 2017; with approximately 70% of the cuts in this plan hitting low-income seniors and the disabled. Those who remain in Medicare Advantage afterwards will receive less generous benefits. Medicare Advantage benchmarks under the new formula will be determined by a fixed percentage based on the average fee-for-service (FFS) spending in each county; and, lower percentages will be applied to the counties with a higher FFS spending. A study shows that nearly every single county will have lower benchmarks, forcing beneficiaries to face cuts and some plans will pull out of the market completely. Sources: Human Events, Right Side News, KHN, MedPage, The Wall Street Journal Health Blog, The Fiscal Times, American Medical News, Dow Jones Newswire, The Associated Press |
Tags: Medicare Advantage, Medicare, Medicare News, Senior News, health care reform, Social Security, Medicare Solutions
Forethought Medicare Supplement Now Available for Contracting
Posted by Richard Ybarra on Mon, Aug 23, 2010 @ 03:48 PM
Precision Senior Marketing (PSM), a full-service, national insurance marketing organization, is an exclusive distributor of the Forethought Medicare supplement, and is currently offering direct contracts to independent senior insurance agents who wish to add the Forethought Medigap product to their portfolios. PSM experienced tremendous success last year with the release of several new Medicare supplement products. Exploding demand for these Medigap products exceeded the expectations of the carriers, requiring them to hire additional staff. PSM expects the same level of demand and success for the release of the Forethought Medicare supplement. In addition to offering a new Medicare supplement product, Forethought is also offering a new final expense. The two new products will be a part of a “combo-app” process whereby agents can sign up consumers for both products in one application. This combo-app will simplify and speed-up the application process for independent senior insurance agents. The new Forethought final expense product offers superior features compared to competing final expense products, and even Forethought’s older final expense product. For more information about either product, agents are encouraged to contact Precision Senior Marketing at 1-800-998-7715 or at info@psmbrokerage.com. Forethought Financial Group has serviced more than 2 million policyholders since its humble beginnings in 1985. Forethought’s financial strength stems from the fact that it has over $4 billion in assets, more than $5.6 billion of life insurance and annuity business in force, and nearly $1 billion in annual revenue. Unlike many other companies during this Great Recession, Forethought continues to grow and prosper. And though the Forethought Medicare supplement is released in ten states initially, the company expects to expand its offering to other states, as the company is licensed to sell in 49 states, the District of Columbia, and Puerto Rico. |
Tags: senior market blog, senior market news, Medicare, Medicare Supplement, Medicare News, senior insurance market news, Medicare Sales, Medicare Solutions
Medicare Performance Payments Could Widen Quality Care Gap
Posted by Richard Ybarra on Fri, Jul 02, 2010 @ 10:54 AM
![]() According to a study published in PLoS Medicine, the government’s plan to implement a pay-for-performance system for Medicare would lead to greater inequality among hospitals in rich and poor areas. The study analyzed 2,700 hospitals from 2004 to 2007. Each hospital was assigned a baseline score based on a number of factors in accordance to the system the government is planning to use. The report found that hospitals in richer areas received better baseline scores than those in more disadvantaged areas. The report concluded that in general, hospitals’ performance increased over time with a pay-for-performance system, but the benefits and level of performance increases were much smaller for hospitals in disadvantaged areas.
New National Health Insurance Website Goes LiveIf you haven’t already heard, you may be interested in knowing that the Health and Human Services Department has launched HealthCare.gov that offers consumers a central place to learn about all their insurance coverage options. HHS Secretary Kathleen Sebelius announced yesterday that this site is the first central database of health coverage options, including Medicare, Medicaid, and the Children’s Health Insurance Program. It also includes information from plan information from private insurance carries for small businesses and individuals. According to HHS, the new website offers billions of health care choices through its finder function. Check it out here.
SEC Investigates Major Home-Health Companies for Medicare Fraud
Amedisys, Inc., the largest U.S. home-nursing provider, and Almost Family, Inc., the fourth-largest, both recently announced that they are under investigation by the SEC. In May, following a Wall Street Journal article that identified irregular reimbursement patterns, the U.S. Senate Finance Committee said it was analyzing whether the home-nursing industry manipulated the number of visits made to patients to inflate government reimbursement payments. According to Businessweek, the recent announcements signal that the analysis is expanding and may even include more companies. With the announcements, most publicly traded home-health companies are seeing the value of their stock significantly decline.
Sources: KHN, NPR, Businessweek, Wall Street Journal, PLoS Medicine |
Tags: senior market blog, senior market news, Medicare, Medicare Supplement, Medicare Discussion, Medicare News, senior insurance market news, Medicare Sales, Medicare Solutions
2010 Medicare Advantage Enrollment Trends Report Released
Posted by Richard Ybarra on Fri, Jun 25, 2010 @ 11:54 AM
![]() A The Henry J. Kaiser Family Foundation released a report that provides an analysis of Medicare Advantage enrollment trends among HMOs, PPOs, and PFFS plans. The report highlights that 11.1 million people were enrolled in private Medicare Advantage plans as of March 2010. This is an increase from 10.5 million in March 2009. The report showed that this increase took place despite a reduction of available plans throughout that same period.
Medicare Doc Pay Cuts Expected to be Delayed Today Last night, the House of Representatives voted 417-1 to approve a Senate bill that delays a 21% cut in Medicare payments to doctors. The bill delays the cuts another six months. Lawmakers will work on a more permanent solution in that time, but if history is any indication, a permanent solution isn’t coming anytime soon. Obama has expressed his approval of the bill and is planning to sign it into law today. Medicare and Medicaid Implements New Fraud Mapping ToolThe Centers for Medicare & Medicaid Services (CMS) implemented a new fraud mapping tool that will eventually be used throughout all government agencies. The fraud mapping tool was developed by the Recovery Accountability and Transparency Board to collect massive amounts of information in real time, analyze the data for fraud trends, and then project possible fraud or errors using an array of indicators. This new tool comes on top of the “Do Not Pay” list created last week. Both methods aim to achieve President Obama’s goal of cutting improper Medicare payments in half by 2012. Sentinel Life Medicare Supplement Plan N Approved in CA, IA, and LASentinel Life Medicare Supplement Plan N has been approved for Louisiana, Iowa, and California. Each of these plans offer competitive rates and generous commissions. To learn more about these products click here. Sources: AP, NPR, KFF, KHN |
Tags: senior market blog, senior market news, Medicare Advantage, Medicare Supplement, Medicare Discussion, Medicare News, senior insurance market news, Medicare Advantage News, Medicare Sales, Medicare Advice, Medicare Solutions
Obama Mandates Creation of National “Do Not Pay List”
Posted by Richard Ybarra on Fri, Jun 18, 2010 @ 11:29 AM
![]() As part of a series of government spending cuts, President Obama today will announce that all federal agencies must create a national “do not pay list.” The goal of this list is to reduce the likelihood and impact of fraud. The list will identify people and organizations whom are ineligible to receive government benefits, contracts, grants, and loans. The Treasury Department, General Services Administration, and Office of Management and Budget will work together to create a database of dead people, delinquent or jailed contractors, and other debarred or suspended firms.
Still No Medicare Doc Pay Fix Recent Modernized Medicare Supplement Approvals
For a list of plans in your state, see our modernized med supp approval chart.
Sources: Washington Post, Federal Times, AP |
Tags: senior market blog, senior market news, Medicare, Medicare Supplement, Medicare Discussion, Medicare News, senior insurance market news, Medicare Sales, Medicare Solutions
Medicare Advantage Plans: Another One Bites the Dust
Posted by Richard Ybarra on Fri, Jun 11, 2010 @ 10:50 AM
![]() In another sign that Medicare Advantage is falling by the wayside, yesterday CIGNA announced it will not offer CIGNA Medicare Access (PFFS), its individual private fee-for-service medical plan, in 2011. Customers of these plans will experience no change for this year. CIGNA will continue to serve its clients, brokers, health care professionals, and contractors into 2011 for 2010 claims. Now that CIGNA PFFS customers will need to choose a new medical coverage option for 2011, this presents a great opportunity to promote Medicare supplements to them, especially Medicare Supplement Plan N.
Sources: Reuters, Politico, CNN, JAMA, NPR |
Tags: senior market blog, senior market news, Medicare Advantage, Medicare Supplement, Medicare Discussion, Medicare News, senior insurance market news, Medicare Advantage News, Medicare Sales, Medicare Advice, Medicare Solutions
AMA Unleashes its Wrath on Congress for Neglecting Medicare
Posted by Richard Ybarra on Fri, Jun 04, 2010 @ 03:10 PM
![]() You may have read on other blogs that the doctor fix is in, but it’s not. The House of Representatives voted last Friday on May 28 to freeze the scheduled Medicare payment cut until 2011, however the U.S. Senate failed to pass the bill before going on a week-long Memorial Day break.
The AMA has set up a web page titled "Medicare Payment Action Kit." You can view many different documents it has created on the whole issue. Check it out here. |
Tags: senior market blog, senior market news, Medicare Advantage, Medicare, Medicare Supplement, Medicare Discussion, Medicare News, senior insurance market news, Medicare Sales, Medicare Advice, Medicare Solutions
Starting in the fall of 2011, the Annual Election Period (AEP) will take place beginning October 15 and run through December 7. This is a change from the current schedule of November 15 to December 31.
Source: Bravo Health |
Tags: Medicare Advantage, Medicare Discussion, Medicare News, Medicare Advantage News, Medicare Sales, Medicare Advice, Medicare Solutions
New Medicare Supplement Policies Continue to Grow
Posted by Richard Ybarra on Fri, May 07, 2010 @ 12:05 PM
![]() According to Mark Farrah Associates, a healthcare data aggregator and publisher, the number of newer policies issued over the last three years increased by 1.25% in 2009 when compared to the 2008 base. MFA reports that this continued growth of the Med Supp market is an encouraging sign for Medigap-based organizations looking to capitalize on the new modernized plans taking effect June 1, 2010.
The MFA article also provides other updated Med Supp information from 2009, such as breakdowns of Plan popularity (Plan F still rules), number of carries and plans, premium and claim amount comparisons, and overall carrier market share. Click here to view the article in its entirety.
Many Seniors not in the Best Medicare Advantage Plans
A study released by Avalere Health, a major consulting firm, reports that 47% of seniors on Medicare are in MA plans that rate three or two stars on Medicare’s quality rating scale. Three stars equal medium quality, and two stars equal fair quality. Also, only 23% of seniors on Medicare were enrolled in four to five star rated plans. According to Avalere, these quality ratings will become much more important due to the new health care law passed, as Medicare payments will now be tied to quality. More specifically, beginning in 2012, the new health care law mandates Medicare to award bonuses to four star or better plans. Click here for the full article.
Independent Payment Advisory Board (IPAB) to Cap Medicare Spending
James Capretta of the Ethics and Public Policy Center says “Medicare spending is now officially capped.” He points out that the IPAB, a 15-member independent panel appointed by the president and confirmed by the Senate, is responsible for enforcing an upper limit on annual Medicare spending growth. Mr. Capretta goes on to give a good, thought-provoking assessment of the impact the IPAB will have on the Medicare market.
He is generally against using payment cuts as a way of addressing Medicare’s rising costs stating “Certainly, more of the same payment rate reductions will not do it. Medicare’s chief actuary has already said that the payment cuts in the health reform law are unsustainable because they don’t change the cost structure for those providing care. In a very real sense, seniors will be the ones holding the bag from these cuts when they can’t access care due to a lack of willing suppliers.” Read the full article here. |
Tags: senior market blog, senior market news, Medicare Advantage, Medicare, Medicare Supplement, Medicare Discussion, Medicare News, Medicare Advantage News, Medicare Solutions