When can I disenroll from my Medicare Advantage plan?
Are you unhappy with your Medicare Advantage plan? Did you know that the Medicare Advantage Disenrollment Period (MAPD) is January 1st – February 14th every year? If you are unhappy with your plan, you can disenroll during this time and return to Original Medicare (you cannot switch to another Medicare Advantage plan at this time, but you can enroll in a Part D stand-alone drug plan). If you miss this period, your next opportunity to change your plan is during the Annual Enrollment Period which is October 15th – December 7th of each year.
But before you disenroll, we recommend that you speak with someone to see if a Medicare Supplement is right for you. Keep in mind that most people will have to answer health questions, but there are some that may qualify for a Guaranteed Issue period which would eliminate the underwriting process.
We want to help you make an informed decision!
If you would like additional information, please give us a call at 1-800-800-1397 ext. 1397 and mention that you read our article on the Medicare Insurance Finders blog. We will take care of you just as we would our own family. We look forward to speaking with you soon!
Many of you may not be aware of the new “Medicare Surtax” that will be noticed this tax season by several thresholds of individuals. This tax is 3.8% and is dependent on two numbers: the taxpayer’s net investment income (NII) and the taxpayer’s modified adjusted gross income (MAGI). The tax is applied on the lower of the two numbers, which means that people with low investment income will pay less.
Medicare Surtax – Thresholds
- $250,000 for married couples filing jointly
- $125,000 for married couples filing separately
- $200,000 for everyone else
How does the Medicare Surtax Work?
A quick example of how the Medicare Surtax works: John Doe earned $150,000 last year and had $75,000 of net investment income. The adjusted gross income correlates to $225,000 (total earned and investment income). Mr. Doe since he is single has a $200,000 threshold. So the MAGI after being reduced is $25,000 ($225,000 minus $220,000). So he will receive a tax bill of $950 which is $25,000 times 3.8% Medicare Surtax.
Most people across the country will not have to worry about this tax. Someone reading this article right now is thinking, “Man I would love to have that problem.” This is something that everyone should be made aware of so they can plan accordingly.
Offering Supplemental Medicare plans – Medigap and Dental Insurance
If you need help understanding about Medicare, Medicare Supplements or the taxes associated with Medicare email us at email@example.com or call us at 1-877-936-2991. We look forward to working with you and helping you decipher the Medicare system.
For a free trial of the new and improved Medicare Supplement Quote Engine visit Medicare Insurance Finders homepage for a quick trial. In less than 2 minutes you can search over 30 different insurance companies in your own zip code.
The President recently allocated a large portion of his budget to Medicare and the Medicare Supplement Taxes. The plan is to increase the cost of certain Medigap policies to reduce the amount of people who want to pay for first dollar coverage. Certain members of Congress who have tried to get this passed for several years are pleased that it slipped into the President’s proposal for the budget.
Medicare Supplement Taxes – Why?
Most people wonder, “Why would you impose a Medicare Supplement tax on seniors who are trying to purchase insurance policies to fill in the gaps of Original Medicare?” The reason the government is pushing this is because they feel first dollar coverage causes more people to go to the doctor for any minor thing. This may be true for some. On the other side of the coin, people who do not have first dollar coverage and don’t go to the doctor or hospital may have more acute conditions that end up being more costly in the long run.
The Medicare Supplement Tax will amount to 15% of the average Medicare Supplement Premium, which equates to 30% of the Part B Premium.
What are my options?
There are several options to avoid this Medicare Supplement Tax.
- Enroll in a Plan G instead of a Plan F. First of all the premiums are lower. Secondly, the only difference between a Plan F and G is that the Part B deductible ($147 – 2014) is missing. There is a good chance the tax will be more than the $147 deductible.
- Enroll in the BAI group medical plan that mimics the Plan F Medicare Supplement. It does not ask health questions. Plus, it avoids the surcharge tax. This means that your premium will be an average of 15% less than the standardized Medicare Supplement. To enroll in this plan you can call 1-877-936-2991.
Choosing a Medicare Supplement is more complicated than it was 10 years ago. Now you are required to enroll in a Part D plan. You have to check the stability of the carrier you are enrolling in to make sure they are not going to give you a low rate the first year, then raise the rates by 16% the second year. Also, be aware of a potential Medicare Supplement Tax. Call us at 1-877-936-2991 with any Medicare Supplement related questions.
Hassle Free Rate Comparison
Wisconsin is one of the three states across the country that does not have Standardized Medicare Supplement Plans. However, we still provide Wisconsin Medicare Supplement rates online for plan “F” and plan “G”. Understand since these plans are not standardized in WI that they are not called Plan F or Plan G but adding the different pieces together gets you the same coverage.
Why would I want a Plan F or Plan G in Wisconsin?
The reason the Plan F and Plan G are quoted on our quote engine for your state is because these are the two most popular Medigap policies across the country. The state of Wisconsin offers these plans but has not adopted the standardized names as 47 other states across the country have.
Plan F provides the most benefit rich coverage – which means that basically it picks up all the deductibles, coinsurance and co-pays that you are left to pay after Medicare pays its share. Click here for more information on Plan F coverage. However, those that don’t have to have the top of the line coverage often opt for the Plan G. This plan does not cover the Part B deductible which is under $150 a year, but it offers more savings on premium as well as a lower rate increase history. This is big for seniors living on a budget wanting to keep their costs down.
Wisconsin Medicare Supplement Rates
Wisconsin’s Medigap plans provide stable coverage which can not be said about Medicare Advantage Plans. Medigap policies provide you with the same coverage year after year as well as the flexibility to see any doctor that accepts Medicare. Below is an example of what our quote engine offers for Wisconsin Medicare Supplement Rates. Aetna, United Healthcare Continental Life, Mutual of Omaha, Humana and many other insurance companies offer these plans in your state and our dedicated support staff is standing by to help advice you on how to choose a plan.
Here is an example of the Wisconsin Medicare Supplement Rates shown in our quote engine.
Call us today (1-877-936-2991) for your personalized Wisconsin Medicare Supplement Plan or visit us on the web for your own quote at www.medicareinsurancefinders.com.
January 1, 2014 Obamacare (Affordable Care Act) went into effect. People all over the country have questions, and I think it would be fair to say that no one understands each nook and cranny of the Affordable Care Act but there are a lot of people with good advice and guidance. However, it seems that most people over the age of 65 are asking how are Obamacare and Medicare going to work together?
Obamacare and Medicare
Obamacare has many benefits to consumers that have been in tough spots due to health conditions, and most of these features in Obamacare already apply to Medicare. Some of these benefits include:
- No health questions
- Coverage for Pre-Existing conditions
- Catastrophic Coverage – No Limits
- Availability and Enrollment Periods
Medicare is a federal health insurance program that provides coverage for seniors over 65 and those under sixty-five that are disabled. Where Obamacare is actually just laws on health insurance companies telling them how they must operate. The ACA also offers subsidies for low and middle income families. Currently Medicare does not provide subsides but it does charge “penalties” to those with higher incomes starting at $88,000 for individuals.
A Big Misunderstanding
Over the past month or so we have received calls asking how do we sign up for our Medicare Supplement without having to answer health questions? Unfortunately Medicare Supplements still have health questions; the Affordable Care Act (Obamacare) only requires primary insurance to not ask health questions. Secondary insurance such as Medigap policies can still underwrite their policies.
This applies for all secondary insurance in both the under age 65 market as well as the Medicare market. As you can see Obamacare and Medicare are similar but they do not function exactly the same. The primary difference being that Medicare is a health insurance program and Obamacare is just laws regulating the insurance companies tighter.
If you would like more information on Obamacare and Medicare please contact our office at 1-877-936-2991 or visit us on the web at Medicare Insurance Finders.
Get ready for the most unique Medicare suggestions you can implement during the Annual Election Period. These are going to be 3 unique tips that can save you thousands on your 2014 Medicare Insurance plans. Hopefully you are listening now because we are providing great advice that can really help you with your Medicare options!
Tip #1 – Compare Medicare Supplement Rates
The first tip that can save you hundreds a year on average ($500 for individuals and $1,000 for couples) is to compare Medicare Supplement Rates every two or three years! So you are probably thinking how do I compare these plans?
- Go to Medicare Insurance Finders and get quotes in less than 2 minutes
- Call your insurance agent. The problem here is they may not offer many plans. Alot of agents only have several companies that they offer. You need to be comparing with at least 10 different insurance companies to make sure you have a competitive quote.
- Call 1-877-936-2991 and ask to speak with Amber Douglas or Nicole Cunningham. The are licensed agents who can compare rates in 47 states across the country.
Tip #2 – Compare you Medicare Part D Plan (Prescription Drug Plan)
I have seen people save thousands by comparing their Prescription Drug Plans. Normally those on more prescriptions have a greater need to compare because different plans cover prescriptions at different levels. We compared a plan yesterday where there was a $4,000 gap between the most cost effective plan and the least cost effective plan for an individual that came into the office.
An example would be AARP covering ABC drug as a generic prescription, but Humana covers it as a preferred drug. So with AARP you would probably be paying around $5 for the prescription; however, with Humana you would be paying roughly $25 – $30. This is just an example not a real example.
Medicare Suggestions – #3
Get a qualified advisor that can help explain when you should compare Medicare plans. There have been a lot of negative reports over the last few years of advisors who are not really looking out for their Medicare Supplement clients. In my opinion this has made alot of seniors a little nervous about who they can talk with for Medicare Suggestions.
If you don’t know who to call please feel free to call us at 1-877-936-2991 for help with your Medicare Insurance Plans!
As of October 1, 2013, it will be time to compare Part D Plans for for the following year. This means that it is time to review Part D plans whether you are taking 1 prescription or 20 prescriptions. Plans change each year, this includes the formulary, co-pays, deductibles, co-insurance, pharmacies in the network, and the monthly plan premium. With this many factors changing each year it is wise to compare Part D plans.
Its Time To Compare Part D Plans! October 15 – December 7.
What are the biggest benefits to comparing Medicare prescription drug plans each year?
- When you compare Part D plans you can save your self hundreds and sometimes thousands of dollars each year.
- If you do not perform a risk free analysis you may find out that the plan you currently have is doubling in premiums and they have decided not to cover the prescription you are currently using!
- When you review your options it verifies that you know how your plan will work for the following year. If a drug is not covered you will know.
Compare Part D Plans
There are a lot of insurance companies that offer Part D plans. The two largest Part D plans are Humana and United Healthcare (AARP). These carriers offer plans across the country in almost every state. They usually have very competitive plans and are usually in the Medicare Advantage market as well.
Humana has seen most of their company’s growth in the Medicare market. United Healthcare has also experienced large growth in this marketplace.
For help in comparing your Medicare Part D plans please contact MWG Senior Services at 1-877-936-2991. Our staff is certified (AHIP Certification as well as carrier certified) and ready to help you with your Medicare Part D choices. We also specialize in comparing Medicare Supplement Plans which can also save you hundreds with less than 2 minutes of your time.
Large employers in today’s market are looking for ways to offer retiree plans without having to manage extra liabilities. Since there are many different ways that you can structure a retiree plan we wanted to discuss several concepts that have been used to establish retiree plans with very minimal (if any) costs to establish.
Retiree Plans – Employer Subsidized or Voluntary
Your group will either be completely voluntary or employer subsidized. Subsidies can vary depending on what you are looking to do, but most of the time new subsidies are not added, but they are usually continued from previous retiree plans if there were any in force.
Voluntary Retiree Benefits
Voluntary plans are those that the employee can decide to participate in the plan if they would like to but they are not required too. There are voluntary individual and group plans.
- Individual Retiree Plans – what many employers do for retirees is offer them a way to access individual plans upon retiring. They partner with a company like MWG Senior Services which will help guide there retirees through the Medicare transition. MWG for instance provides a Medicare Supplement Quote Engine, Part D analysis for prescription drugs, and individual service on each account. Individual plans usually allow for retirees to purchase lower costing plans if they are able to qualify.
- Voluntary Group Retiree Plans – provide employers with a way to establish a group and offer a plan specifically for “XYZ Corporation” retirees. These plans have no health questions and allow previous employees a way to access retiree coverage if there were no other options available. Usually these plans can be established with no cost to the employer.
From a voluntary standpoint MWG Senior Services stated, “Offering both a group and individual option allows employers to cover all grounds for their retirees over the age of sixty-five.”
Subsidized Retiree Plan
When you are looking to establish a retiree plan that will be partially or completely funded by the employer you will be asked for some basic pieces of information so that insurance companies can properly quote the group’s retirees. Common items that will be requested prior to giving a quote are typically: employer name and address, employer contact, group experience, group census, portion employer is looking to subsidize, plan designs, and other information that will help the company build the correct retiree plan.
MWG Senior Services can help you in preparing quotes and getting organized to offer these plans to your retirees. MWG Senior Services has several companies that they use and quote for each proposal request. They each have positives that may merit more favor depending on what the employer is looking to offer.
Call MWG Senior Services at 1-877-936-2991 to get your retiree plan started or visit us on the web at www.mwgseniorservices.com.
This page will provide you with a simple overview of Michigan Medicare Supplement Plans. We agree with the “KISS” principle of keep it simple stupid; we will keep the terms simple and precise and give you the information you need to know when comparing Michigan supplemental plans.
Michigan Medicare Supplement Plans – What are they?
Medicare Supplements (also known as Medigap plans) fill in the gaps of Original Medicare Parts A & B. Original Medicare does not cover all the deductibles, co-insurance, or co-pays so most people choose one of the Michigan Medicare Supplement Plans to make sure there is not a huge unfunded expense left lingering over their heads during retirement.
The most comprehensive plan is the Plan F which picks up all the costs with a Medicare approved procedure. So in essence you are not out of pocket at all when you go to the hospital or doctor. These plans are very convenient but the Plan G is the most cost effective plan that provides small out of pocket costs.
Here is a chart that shows the different Michigan Medicare Supplement Plans Available.
Medicare Supplement Insurance Outline of Coverage
Compare Insurance Rates
Medicare explains in the “Medicare and You” book that it is very important to compare Medicare Supplement rates because all plans provide the exact same benefits (standardized plans). This means that a Stonebridge Medicare Supplement Plan G provides the same benefits as the Cigna Medicare Supplement Plan G. It comes down to the rates that are offered by the companies.
One factor that we do recommend comparing is the financial stability of the company. It is important to know that the company you choose has a B+ rating or higher. If the rating is lower than a B+ walk away and call 1-877-936-2991 to make sure you have a competitive plan with a good company.
HOW DO I GET RATES
You can get online insurance rates through the Medicare Quote Engine. Rates are listed after entering a small amount of details (Date of Birth, Gender, Zip Code, Etc.). If you are not comfortable with online rates call 1-877-936-2991 for your personalized Michigan Medicare Supplement Plans analysis.
Morgan-White Group is a Jackson, MS insurance agency that works with those 65 or better coming off group health insurance looking for Supplemental Medicare Coverage. In Jackson, MS Medicare Supplement Insurance is a great option for retirees that want full coverage during their retirement years. However, there are others that don’t mind having holes in their coverage if they can pay a lower premium. For the latter group of people there is an option for a Medicare Advantage Plan.
Mississippi residents have experienced some different signals from providers over the last several years when it comes to Medicare coverage. There are some great doctors in Oxford, MS that have stopped taking Medicare as a whole. There are other doctors that have put banners on their doors saying they will not take a Medicare Advantage Plan. Then there are other doctors that will not take any other secondary insurance to Medicare besides a Medicare Supplement Plan.
Jackson, MS Medicare Help
If you need help comparing supplemental insurance options you should contact the advisors at MWG Senior Services located off I-55 in North East Jackson. The team of advisors at this office provide excellent customer service, wide range of plan availability, and years of experience in the Medicare Supplement industry.
Jackson, MS Medicare – Call 1-800-800-1397 option 6
Mississippi Medicare Quotes
To get online quotes and help with your Medicare Supplement insurance please visit our Medicare Quote Engine for instant quotes with over 30 companies. We allow quotes to pull from any state in the country besides Minnesota, Massachusetts, and Wisconsin. The companies that are quoted on this website tool are all B+ or higher rated with AM BEST (the #1 rating agency in the world).
Compare Medicare Rates – Medicare Insurance Finders
Save Hundreds on your Supplemental Insurance
For more help with your Jackson, MS Medicare needs contact 1-800-800-1397 option 6. Thanks for visiting our website!