Friday 03rd of September 2010
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| June of 2010 is the Date for Changes in Medicare Supplement Insurance |
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| Written by Derrick Johnson |
| Sunday, 24 May 2009 13:42 |
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Two common terms to refer to Medicare Supplement Insurance are Medigap Insurance or Medigap. The gaps in Original Medicare are filled by Medigap or Medicare Supplements. Medicare Advantage is not the same thing as a Medicare Supplement and the two should not be confused. Learning now about the changes taking place on June 1, 2010 will have you better prepared to evaluate your current Medicare Supplement. The National Association of Insurance Commissioners suggested the new changes to Medicare Supplement Insurance. Consumers will be protected by these new changes. Duplicate coverage will be eliminated and additional coverage will be offered. The current supplemental Medicare plans have been in existence since the early 1990s and have become outdated. Many of the existing plans offered coverage from which the consumer received no benefit. The National Association of Insurance Commissioners NAIC felt that it was time for change. The new Changes are as Follows: 1. Plan E, Plan I and Plan J are being eliminated. 2. Plan G currently covers 80% of doctors overcharges and will change to cover 100%. Benefits for Home Confinement will be eliminated. 3. Co-payments will be required in two new lower cost plans. They will be called Plan M and Plan N. 4. Companies offering Plan A must also offer Plan C and Plan F. 5. Newly priced plans will be released which must include a standardized hospice benefit. The new changes do not affect only a certain number of plans. The situation is not what was originally thought. The old plans will no longer be available for sale in addition to the new plans being created. New pricing will be available by all companies with these new plans. Meaning that companies no longer in the market will most likely get back in. More competition was the plan. Because of the new Hospice benefit all plans must be changed. Senior aging into Medicare will appreciate these changes as will seniors which are healthy and already insured. Unhealthy seniors whic can't change may see premium increases. As members of the old plans age, costs of these programs will increse. Senior should begin researching their available options as soon as possible. A good idea would be to contact their current Medicare Supplement agent or locate a new agent on the Internet. Simply go to Google or Yahoo to find a new agent. About the Author: DJ is an expert in the arena of Medicare Supplement Insurance. For more information about Medigap Insurance contact DJ at his company website. |
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