The Annual Election Period is Here

Well the annual election period is here and it is time for Medicare beneficiaries to start comparing their Part C and Part D plans. This is the only time during the year in which an applicant can make changes to their plan after their initial enrollment or special election periods.

The Importance of Part D Evaluations

As mentioned on our website, Part D plans change each year which make it extremely important to compare plans during the AEP.

I like my current plan why is important to compare other options?

We have a lot of clients that are happy with their current plan; however, premiums, co-pays, and formularies change each year.   An example is a client who choose the AARP Saver Plan in 2013 with a premium of roughly $15 was getting a slight increases to $22 per month.

Even though this is a high percentage it is a low premium overall.  What the consumer would not know without comparison would be the that now their $290 per month prescription is no longer covered by this plan.  That means the consumer would be responsible for $290 each time she filled that prescription.

Through Medicare.gov’s Part D tool we found other options and found a plan for $28 premium that had that prescription at a $6 co-pay during the initial coverage period.   That $6 in premium difference was nothing compared to the $284 difference in prescription co-pay.

Annual Election Period

The annual election period is between October 15th and December 7th each year.  Trying to enroll on December 8th is too late, you will be unable to enroll for a new plan effective for 2014 if you do not enroll prior to December 7th.

For help with your supplemental Medicare plans please contact MWG Senior Services at 877-936-2991.  We look forward to being your guide and help with Medicare Part D analysis.

Annual Election Period

2014 Medicare Annual Election Period

Medicare Help for Mississippi

MWG Senior Services is providing Medicare Help to the residents of Mississippi.  Morgan-White Group (MWG) is headquartered in Jackson, MS and is recognized as being one of the top businesses in the state.  The company started a senior division of the company after realizing that there were countless Mississippians needing help with the Prescription Drug and Medicare Supplement Plans.

Medicare Help – MWG Senior Services

MWG Senior Services offers free drug plan analysis to all their Medicare Supplement clients.  They recommend Medicare.gov being one of the best ways to compare Medicare Part D plans but recommend their Medicare Supplement Quote Engine as the top way to compare supplemental insurance.

“People need help with their Medicare Drug Plans.  If you do not know how to compare plans it would be easy to enroll in the wrong plan or stay enrolled in your current plan because you were happy with last year’s coverage.” states Ryan Eaton the senior division manager.

Medicare Help in the State of Mississippi is hard to find.  There are very few companies in MS that offer Medicare guidance for those over 65.  Don’t get us wrong there is always someone who can sell a Medicare Supplement plan or another type of insurance policy, but there are very few senior market advisors that can help Medicare beneficiaries compare their plan options.

Need Help – What Should You Do

If you need Medicare help MWG Senior Services can assist you.  The first step would be to call 1-877-936-2991 and speak with one of their senior market advisors who would ask you some initial questions about your situation.  These questions are asked because their are time frames and enrollment periods that we have to work through.

One of the specialists in the MWG office will then set an appointment with you, which you can come to the office for your consultation.  MWG Senior Services is located off I-55 in Jackson between Briarwood and Adkins Drive.

Medicare Help

Medicare Insurance Finders helping you with your 2014 Medicare Supplement insurance needs.

 

 

Where do I find the best Medicare Supplement Rates?

Odds are you are reading this article because you want to find the best Medicare Supplement Rates available!  Can’t say I blame you, with coverage being standardized among insurance companies it makes it much easier to compare these Medicare Supplement Plans.   These policies can not have different benefits from one company to the next so comparing plans really comes down to the price and the company’s financial stability.

Compare Medicare Supplement Rates

So now that you know the importance of comparing Medicare Supplement Rates let us explain the best way to compare the plans.

  1. First of all you will need some basic information to look up rates accurately.  This is your date of birth, zip code of residence, gender, and tobacco preference in most states.  These are factors that are required with about 95% of the companies across the country to get a quote.
  2. You want to go to a website or agency that has numerous plans or insurance companies available.  It is a lot of work to go to 15 different companies to get quotes one by one, so we recommend using this quote engine to compare plans all at once.  Compare Medicare Supplement Rates
  3. Spousal Coverage – you may benefit from lower Medicare Supplement Rates if you and your spouse apply together.  Some carriers offer a 7% discount if both spouses are with the same company.  Mutual of Omaha, United of Omaha, Manhattan Life, and others offer this benefit.

When you go to the website referenced above you will be asked some basic questions and then you will have quotes displayed with up to 25 insurance companies in some states.  The plan automatically defaults to the Plan F while showing you the lowest prices at the top.   You can compare different plans “A – N” on the side using the drop down option.

If you have problems accessing quotes feel free to call the toll free number 1-877-936-2991.  We hope you enjoyed this article and we feel certain that following this advice will result in the lowest Medicare Supplement rates available.

Medicare Supplement Rates

Medicare Supplement Plans

Group Insurance or Medicare

With over 25 years in the insurance industry our company has received all types of questions from clients and business owners pertaining to their insurance.  However, there is one that is popping up more and more now that people are working longer and that is “do in need group insurance or Medicare now that I am 65″. Unfortunately, we can not give a one size fits all answer to this question.  There are different factors that come into play like: high income penalties, group insurance rates (your portion), how many employees does your company have, and several other factors that must be considered if you want to make sure that you do the best thing for your coverage.

Compare Group Insurance or Medicare

Group insurance is coverage that is provided by your employer.  Medicare is a federal health insurance program that is broken up into four parts (A, B, C, D).  Part A is funded by payroll tax and Part B is partly government subsidized and partly insured paid.  The question we are covering is which coverage is better for you when you reach age 65, group insurance or Medicare.

The first thing you need to do before you do anything is ask yourself when you are going to retire.  If you are retiring at age 65 – it doesn’t matter which is better because when you quit working your group insurance goes away!  If you are going to continue working then you will need to do the following steps:

  1. Tally up your costs.  Find out what your group health insurance is costing you.  Is it subsidized 100% or do you have to pay 50% of the cost.
  2. Income.  What is your income and do you fall under the high income thresholds of Medicare?  A single individual reaches the high income level at $85,000 per year in 2013.  Depending on your income level it may not be cost efficient to enroll in Medicare Part B.
  3. Company Size.  Medicare is primary for under 20 employees and secondary coverage for groups over 20 lives.  There are different options like a group retiree medical plan that can be offered for those groups with less than 20 employees which can save the employer and employee a lot of money.  It is group insurance or Medicare – you might be wondering?  It is a supplemental insurance built for a group.  Click Here to find out more about this plan.

There are other factors that are a little more complicated than I would like to present in an article but just know that when you are comparing group insurance or Medicare you need someone who knows what they are talking about.  Not just a regular health insurance agent, but someone who specializes in Medicare.   Call 1-877-936-2991.

Group Insurance or Medicare Example

I had a business owner call a few months ago and he was a high income earner ($500k+).  Due to the penalty with Medicare and his low premiums for his group health plan.  It was not cost efficient for him to leave the group plan.  It was going to be $400 more per month or $5,000 roughly per year.

If you are leaving the group plan make sure to get a Medicare Supplement.  Most people want a plan that covers the gaps and allows you to go to any Medicare doctor.  Medicare Advantage plans change each year and it is not a plan that you can hang your hat on.  We hope you enjoyed this article and please don’t hesitate to share.

 

Group Insurance or Medicare

Offering Supplemental Medicare plans – Medigap and Dental Insurance

Compare Part D Plans

It is that time of the year – time to compare Part D plans.  It is the Annual Election Period next week and this is the time of the year which you can compare and switch Part D plans.  You do not have to compare or switch plans, but it is highly recommended since these plans will change each year.

What is the Annual Election Period?

This is a time which you can enroll, disenroll or change your Medicare Advantage Plan or Prescription Drug Plan.   This time frame also gets commonly called the Open Enrollment Period.

It is highly recommended to start your comparison on October 15th when it begins, waiting until December can put you at a risk of getting enrolled prior to the December 7th cut off date.

Do Part D Plans change each year?

Yes, Part D plans change every year that is why it is so important to compare your options.  An example that comes to mind is a company that had a great plan three years ago.  The premiums where less than $20 per month and there was no deductible.  Needless to say that plan did not stick around more than 1 year without doubling its premium and beginning to cover less drugs.

Compare Part D plans annually to make sure that your plan covers your prescriptions, has an affordable premium and to know that your pharmacy accepts that insurance company’s plan.

Compare Part D Plans

How do I compare Part D plans?  That is a great question and the easy answer is to say go to medicare.gov and compare the plans.  However, that is not an easy task for most people.  Usually you will want to make sure you have a senior market advisor to help inform you of the different “gotchas” to the plan.  An example of these could be step therapy, prior authorization, and quantity limits.

The company may cover your prescription but only cover it one per day when you need to take 2 per day.  This means that you will have to pay out of pocket for the remaining costs.  An annual review can help make sure you have a plan that suits your needs.

Call 1-877-936-2991 for help with your insurance needs.

Compare Part D Plans

Medicare Insurance Finders helping you with your 2014 Medicare Supplement insurance needs.

Affordable Health Insurance

Affordable health insurance for those 65 years or older.  It is the time of the year to compare Medicare insurance plans and also to enroll through the federal and state exchanges.  We are going to give you some ways to compare plans and also some tips on the best way to compare insurance plans.

Affordable Health Insurance

Let’s start by understanding that affordable health insurance has a different meaning to different people.  So you may think a plan is affordable that is $400 per month and I may think that an affordable plan is $100 per month.   It is not that either one of us are right it is simply a matter of opinion.

As of October 1, 2013, the Affordable Care Act put in place health insurance that is available to all Americans.  This means that no matter what pre-existing condition, what income, what state or any other factor you can apply for health insurance and can not be turned down.  This is assuming that you are a legal citizen and are in compliance with the law.

As of October 15, 2013, many Medicare beneficiaries will begin comparing their Part D (prescription drug plans) and Part C (Medicare Advantage plans) to see what is the most cost effective plan for 2014.  Many of these plans are considered affordable; however, a lot of American are disagreeing about the under age 65 plans.

Affordable Health Insurance – Medicare Supplements

We recommend going to the Medicare Supplement Quote Engine also known as the Medicare Insurance Exchange around here.  This quote engine works in 47 states and will compare plans in less than 2 minutes without having to put in your social security number and other information that is irrelevant to getting a quote.

If you are not computer savvy we recommend you call 1-877-936-2991. One of the advisors are there and can help you compare plans.  They will need to know some basic information to compare plans.

Under Age 65 – Health Insurance Plans

The best way to compare plans through the federal exchanges is to go to www.healthcare.gov. This website will allow you to choose your state and compare plans.  The negative of finding affordable health insurance through this site is that it is not a smooth process.  Currently they are experiencing a lot of computer glitches and overloading from people coming to the website to compare plans.

Affordable Health Insurance

The Federal Health Insurance Exchange – Affordable Care Act

Before enrolling in a plan we recommend you make sure you understand the health insurance policy.  There are going to be different levels of benefits labeled by Bronze, Silver, Gold and Platinum.  These represent the coverage amounts.

One other thing to understand is that some insurance companies may not be represented on the federal exchange but their policies are available through private exchanges.

We wish you luck in finding affordable health insurance and if we can be of any assistance please contact us at 1-877-936-2991.