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Medicare Blog | Medicare News | Medicare Information

New Federal Rule Aims to Eliminate Discrimination in Medigap Plans

Posted by www.psmbrokerage.com Admin on Thu, Aug 08, 2024 @ 03:30 PM

New Federal Rule Aims to Eliminate Discrimination in Medigap Plans

Traditional Medicare lacks an out-of-pocket maximum, which often leads beneficiaries to seek supplemental coverage to manage their financial exposure and make costs more predictable. In 2021, 89% of traditional Medicare enrollees had additional insurance, with 41% purchasing Medigap policies. While Medigap plans help make traditional Medicare costs more manageable, they have historically lacked federal consumer protections. This has allowed insurers to engage in discriminatory practices, such as setting higher premiums for older adults and people with disabilities, and refusing coverage based on medical history.

Section 1557 of the Affordable Care Act (ACA) prohibits discriminatory practices in health programs receiving federal financial assistance, but these protections have not traditionally applied to Medigap plans. However, new federal rules aim to change this by extending these protections to Medigap plans offered by insurers that receive federal funding. These rules prohibit discrimination based on factors like age, disability, and sex. Despite this progress, the market may still be divided, with some insurers not subject to these rules continuing discriminatory practices. This could result in increased consumer confusion, administrative burdens, premium volatility, and plan instability.

States have the option to implement their own nondiscrimination protections to prevent a split market, and Congress could also enact legislation to bolster Medigap rights nationwide. Without such interventions, insurers subject to the new rules may raise premiums to compensate for the inability to charge higher rates based on age or health status. This could push healthier beneficiaries toward lower-cost policies that are still allowed to discriminate, skewing the risk pool and driving up premiums for nondiscriminatory coverage. Such dynamics may ultimately jeopardize beneficiary participation and access to affordable Medigap plans.

The new regulations, set to take effect on January 1, 2025, are intended to create a fairer market but face potential delays due to legal challenges. Legislative reforms are necessary to ensure Medigap plans are equitable and accessible, providing standardized premiums and expanded enrollment rights for all beneficiaries. These modernizations would help avoid the confusion and uncertainty associated with the current divided market, making it easier for beneficiaries to transition between Medicare Advantage and traditional Medicare, and ensuring better access to care and financial protection.
 

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Tags: CMS, Medicare Supplement plans

2025 AEP Preparation Guide

Posted by www.psmbrokerage.com Admin on Tue, Jun 18, 2024 @ 01:28 PM

2025 AEP Guide Header-4

Our 2025 Annual Enrollment Period (AEP) Guide is here, and we couldn't be more thrilled to share it with you! Carefully curated and packed with valuable insights, this guide is your key to success as you navigate the upcoming enrollment season. From tips on maximizing your productivity to strategies for optimizing your performance, this essential resource has everything you need to excel during this critical time of the year. 

Get ready to elevate your game and make the most out of this AEP with our comprehensive guide. Read online or Download it in printable PDF format and start preparing for a successful enrollment season ahead.

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Tags: Medicare Advantage plans, Online Enrollment, Referrals, AEP, cross marketing, Enrollment Tools, Medicare FMO, Medicare Supplement plans, 2025

Bankers Fidelity is pleased to announce the launch of Atlantic Capital Life Assurance Company™

Posted by www.psmbrokerage.com Admin on Mon, Apr 01, 2024 @ 09:10 AM

New Medicare Supplement Charter in
AR, AZ, GA, IN, MS, NM, NC & TX!

____________________

Bankers Fidelity is pleased to announce the launch of
Atlantic Capital Life Assurance Company™. 


Medicare Supplement Insurance plans A, F, G, High Deductible G, K and N are currently available to write in Arkansas, Arizona, Georgia, Indiana, Mississippi, New Mexico, North Carolina and Texas.

BANKERS MAP

companies

A new 7% Household Discount Rider is available for qualified individuals. For information on our new Roommate definition for Household Discount eligibility, login to our Agent Portal.

All applications, forms and brochures are available for download and online ordering in ADDS®. The eApp is also available for this product to help you get a quote and submit an application quickly and easily.

Bankers FidelityNot appointed to sell with Bankers Fidelity?

Request more details and contracting here.

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Tags: bankers fidelity, Medicare Supplement plans

Medicare Supplement Plan N is Rising in Popularity

Posted by www.psmbrokerage.com Admin on Tue, May 16, 2023 @ 03:43 PM

plan n

In today’s marketplace, consumers want more control over their healthcare decisions and expenses. Popular plans, like a high-deductible health plan, offer lower monthly premiums and encourage consumers to take an active role in managing their own healthcare costs.

Similarly, Medicare Supplement Plan N is gaining traction as seniors opt to have lower monthly premiums. With Plan N, enrolled individuals only pay the Part B deductible when they access medical care. Additionally, the individual might incur copayments or Part B excess charges.

In a recent study by America’s Health Insurance Plans (AHIP), Plan F continues to lose market share declining from 46% of all Medigap enrollments in 2020 to 41% in 2021. This decline is because F is no longer available to people new to Medicare on or after January 1, 2020. However, Plan G and Plan N are gaining popularity, with 32% and 10% market share, respectively.

Plan N is the third most popular Medicare Supplement plan, and as of 2021, more than 1.38 million people chose Plan N over other Medicare Supplement coverage options.

Help Your Clients Save Money With Plan N

The popularity of Plan N is largely due to the coverage benefits. This plan includes many of the Medicare benefits, but is structured in a way to keep plan costs low.

Plan N offers similar benefits to Plan G. With both plans, individuals are subject to incur the annual Part B deductible of $226, copayments up to $20 for doctor appointments, and $50 for emergency room visits.

Plan N highlights include:

Skilled nursing facility
Part A deductible
Foreign travel emergency

Plan N highlights exclude:

× Part B deductible
× Part B excess charges

For clients who are looking to save money, Plan N might be a great solution. Let’s look at an example:

Jane Smith is currently enrolled with a Plan G which costs her $180 a month in premium. By moving to a Plan N, she pays $120 a month. By switching to a lower premium plan, Jane saves $60 a month or $720 total a year. Jane can use the money saved to cover out-of-pocket medical expenses including the Part B deductible or copayments. Or, she can use the savings to purchase additional coverage like a Cancer, Heart Attack and Stroke policy or an Accident plan. With Plan N, Jane is in more control of her healthcare decisions and how she chooses to spend her money.

If you have a client who does not visit the doctor often, Plan N may be a great fit for them. Next time you are evaluating coverage options with your clients, take a look at Plan N. They might be a great fit for this affordable Medicare Supplement option.

For a list of carriers that offer Medicare Supplement Plan N, Please request details today or call us at  (800) 998-7715 and ask to speak to a marketing representative.

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Tags: Plan N, Medicare Supplement plans

Introducing LifeShield Medicare Supplement Plans

Posted by www.psmbrokerage.com Admin on Thu, Jan 05, 2023 @ 09:23 AM

LifeShield blog-3

Give clients the freedom to choose. With this bundled solution from LifeShield, producers and clients can enjoy a unique and exclusive Medicare Supplement and Dental, Vision, and Hearing (DVH) combo sale opportunity with more benefits and more freedom – meeting clients' financial and coverage needs.

10% Multi-Product Discount - This multi-product discount is applied to the DVH plan when combined with an approved Medicare Supplement policy*.

Competitive Rates With Great Commissions - PAID DAILY - Policyholders can enjoy market leading rates across Plans F, G, and N, while producers can enjoy a great commission rate that’s PAID DAILY.

A Seamless eApp Experience - Point-of-sale underwriting decision notification for clean apps and declines, with 48-hour turnaround for referred underwritten cases.

Combo Sale approved in 19 states w/ more coming soon!

Medicare Supplement Highlights:

LifeShield's Medicare Supplement plans allows clients the freedom to choose the plan that best meets their financial and coverage needs without being restricted to a network provider.

  Provide clients with a plan that holistically meets their needs.

 Freedom to choose any physician or provider who accepts Medicare

 Premium charged will not change during the first year of coverage

 Guaranteed renewable

 7% Household Discount**

 Simple eApp – minimize the paperwork


Dental, Vision, and Hearing (DVH) Highlights:

  • Guaranteed issue and guaranteed renewable
  • Preventive dental care coverage from day one
  • Choice of flat or vanishing dental insurance deductible*
  • Vision and hearing discount plans help costs of care that may not be covered by Medicare
  • Generous benefit limits available up to $5,000


Become a LifeShield agent today
and start providing your clients with unbeatable coverage at an affordable price.

 


LifeShield National Insurance Co. is an Oklahoma City-based life and health insurance company, and a member of the LifeShield National family of insurance companies. Together with its affiliates Individual Assurance Company Life, Health, & Accident, and Life Assurance Company, LifeShield has been protecting families for nearly 50 years with affordable life, health, and accident insurance solutions to help you live the life you choose. LifeShield National Insurance Co. is rated B++ (Good), the 5th highest rating possible out of a total of 16 by AM Best, a widely recognized independent insurance industry ratings firm. For the latest rating information, visit www.ambest.com

Tags: LifeShield, Medicare Supplement plans

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