Annual Enrollment Period

The Annual Enrollment Period is quickly approaching! Do you need help with your Prescription Drug Plan?

The Annual Enrollment Period:

Mid October through the first part of December is often referred to as “Open Enrollment Period” or “Annual Enrollment Period”. They go hand in hand, and here’s why.  During this time, you can not only make changes to your stand-alone drug plan, but you can also make changes to your Medicare Advantage plan (depending on which one you have).  We recommend having someone like us in your corner to assist you through these changes.  Our only requirement for this annual assistance is that you sign up with a Medicare Supplement or Medicare Advantage plan through our advisors.  If you do not currently have one of those plans through us, give us a call today and one of our advisors will be glad to help.  They can be reached at (877) 759-5760, option 1.    

The Annual Enrollment Period comes every year at the same time, beginning October 15th and ending December 7th.  Some clients are under the impression that the Annual Enrollment period is the only time you can change or get a Medicare Supplement.  This is not true. The good thing about Medicare Supplements is that you can change them anytime throughout the year.  This Annual Enrollment Period is only for making changes in a stand-alone prescription drug plan or a Medicare Advantage plan.

Part D Late Enrollment Penalty:

One very important thing to remember is, if you do not obtain a drug plan when you are first eligible, you could receive a late enrollment penalty which is assessed by the Centers for Medicare & Medicaid Services (CMS). The penalty is 1% for each month you go without drug coverage and will always be added to any drug plan or Medicare Advantage plan when you enroll. If you have employer coverage and are on Medicare, I encourage you to check with your employer’s human resource department to ensure the coverage that you have is considered creditable drug coverage.

How can our services benefit you?

The drug plans change every year, so you will need to review your plan annually to see what changes are approaching.  That’s where MWG Senior Services can help!  We offer a FREE service to all our Medicare Supplement and Medicare Advantage clients each year by helping to review your drug coverage to see what changes are being made for the upcoming year. The drug plans are so highly regulated and have so much information to take in, it is hard to know which way to go. We do all the work for you! Already have a supplement with someone else?  No problem!  Any of our advisors can help you look at supplemental options that could help you save some money!

Have questions or need help with your Medicare supplemental options Call MWG Senior Services at 877-759-5760 or email us at seniorservices@morganwhite.com.

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

Compare Part D 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.

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?

  1. When you compare Part D plans you can save your self hundreds and sometimes thousands of dollars each year.
  2. 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!
  3. 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.

 

Expensive Medicare Part B Drugs

An article was recently published in Insurance News Week that enlightened us to the expenses that Medicare Part B Drugs are costing.  In 2010, the 55 highest costing drugs covered under Medicare Part B cost over 16.9 billion dollars.  This comes out to roughly 85% of all Medicare spending on Part B drugs.  The 10 highest expenditure prescriptions cost 45% of all the Medicare Part B expenditures, according to the Government Accountability Office.

Medicare Part B Drugs

You are probably thinking right now, “I thought Medicare Part D covered prescriptions – Not Medicare Part B”.   Well you are correct in thinking that Medicare Part D covers prescriptions; however, Medicare Part B covers prescriptions administered by the doctors offices and clinics.  That is why these drugs are so expensive.

Medicare Part B drugs are not over the counter prescriptions.  They can be any of the following:

  • Drugs used with an item of durable medical equipment
  • Some antigens
  • Injectable osteoporosis drugs
  • Blood clotting factors
  • Injectable and infused drugs
  • ESRD Drugs
  • Parenteral and enteral nutrition – for people who can not absorb food by mouth.
  • Flu Shots, Hepatitis shots, etc…

Medicare Part B Drug expenditures account for roughly 9% of all Medicare Part B spending.  Drug costs covered by Medicare Part B range from $13 for influenza vaccines to approximately $217,000 for prescriptions used to treat hemophilia sufferers.

 Medicare Part D Prescriptions

If you need help analyzing your prescriptions and making sure you have chosen the right Medicare Part D plan please contact MWG Senior Services at 800-800-1397 option 6.

We are committed to helping our clients find the best prescription plan on an annual basis.  Also ask us about the new program which can help you save drastically on your prescriptions drugs.  We have seen huge savings by many of our clients over the past 12 months – call us today.

Medicare Part B Drugs

Prescriptions at a pharmacy are covered under Medicare Part D.

Baby Boomer Insurance

Currently there is over 10,000 people becoming Medicare eligible each day.  This is what many of us know as the baby boomer explosion.  Millions of people will become Medicare eligible each year which has caused a major increase in baby boomer insurance plans.  More and more insurance companies are offering Medicare Supplement plans along with their traditional life and health insurance products.

Major companies like Cigna and Aflac recently entered the market because the realize that in 15 years 20% of the population will be Medicare eligible.  Think about that over 80 million people will be Medicare eligible and just about everyone is looking for reliable information that they can count on to guide them through their Medicare decisions.  If you are one of those individuals that needs help with your Medicare choices we hope this article and the other articles throughout our website can help you make the right choice for your baby boomer insurance.  Continue reading

Part D Donut Hole Coverage

Recently we had a client who had an Aetna Part D plan through our organization. It was May and Aetna only had received January’s premium, so they sent our client a letter stating that his Part D Drug Plan was going to be cancelling. Ended up he was sending his premium to the wrong company and none of his checks were being cashed. Continue reading

Part D – Annual Review Time

Today marks the first day that certified agents can begin helping their clients look up the most cost efficient Part D plan for 2013. There are many different plans in each state and each plan will vary by formulary, step therapy requirements, premium and several other factors. Agents are not allowed to enroll their clients in a in a prescription drug plan until October 15th – the first day of the annual election period; however, you can begin reviewing your options today.

If you need help with your drug plan MWG Senior Services and Medicare Insurance Finders can help you analyze your Part D options for the plan year 2013. Call 1-800-800-1397 option 6 or go to the Medicare Insurance Finders page about Part D to learn more about the different factors to consider and understand before choosing a Part D plan.

MWG Senior Services represents the following insurance companies, which all 4 have roughly 2-3 plans per state and the coverage’s plan design is different by state as well.

  1. AARP Plans
  2. Humana Plans
  3. Silverscript Plans
  4. Aetna Plans

An important thing to remember with prescription drug coverage is that you can spend a lot of money that does not need to get spent in a hurry by choosing the wrong insurance plan.  An example of this is when a client called in with her drug list (16 drugs) and asked us to look them up for her and find out which plan would be most cost efficient for 2013.

After reviewing her drug lists the lowest annual out of pocket plan would cost her $4,000 for the year (Premium, Deductible, Co-Pays, Etc) but the most expensive plan would have cost her over $10,000 for the year.  The premium was only a $10 -$15 difference per month, but the drugs formulary was completely different which made some drugs “non-qualified” under on of the plans.

Use a qualified senior advisors and call MWG Senior Services today.