Medicare for 2016 increases.

[k0ua]

Here are the Medicare increases for 2016. Going up, but it is not as bad some of the rumors were. This information is from CMS

Medicare Part A deductible from $1260 to $1288 per benefit period. Contact me if you don't know what a benefit period is. Also the daily co-insurance went up for day 61-90 from $315 to $322 daily and the lifetime reserve days from $630 to $644 (this usually doesn't affect a lot of people)

Medicare Part B deductible from $147 annual to $166 annual (for the majority making less than $85,000 annually)
Medicare Part B premium from $104.90 to $121.80 BUT those Already on Social security will not see an increase due to a "hold harmless" provision as there was no Social Security Cost of Living adjustment. Dual eligibles and age ins will be affected.

 

[kthompson]

Help my memory, how much was pulled from Medicare for the Affordable Care Act? I sell these products and have for years. This is more serious than many want to think. This is the third year of the ACA plans and yes the max out of pocket was raised for 2016. Also the deductible for the Part D plans also went up. We can not keep these games up. There is less options in coverage today by far, we are down to two insurance companies in our area.

 

[smstonypoint]

There is less options in coverage today by far, we are down to two insurance companies in our area.

Just curious. What insurance products are you talking about?

Steve

 

[kthompson]

On the Medicare Advantage Plans in my area we only have two companies now, Humana and UnitedHealth Care.

On the individual Major Medical Plans we basically only have two companies again, UnitedHealth Care and Blue Cross and Blue Choice which is sort of like saying GMC or Chevy pickup. So really only two basic choices for major medical outside the group market.

Now this is coastal SC. In the upper part of SC around Greenville there is more options with both products depending on the county. Those are the only companies that are state wide with those products.

I do realize the OP was talking about Medicare and for those on Medicare Supplement we have many companies here. Hope that answers your question fine. kt

 

[k0ua]

On the Medicare Advantage Plans in my area we only have two companies now, Humana and UnitedHealth Care.

On the individual Major Medical Plans we basically only have two companies again, UnitedHealth Care and Blue Cross and Blue Choice which is sort of like saying GMC or Chevy pickup. So really only two basic choices for major medical outside the group market.

Now this is coastal SC. In the upper part of SC around Greenville there is more options with both products depending on the county. Those are the only companies that are state wide with those products.

I do realize the OP was talking about Medicare and for those on Medicare Supplement we have many companies here. Hope that answers your question fine. kt

To address you original question, I don't know how much money was drawn out of the advantage plans. But they are already set for 2016, and already funded. You need to be paying attention to your ANOC (Annual Notice Of Change) letter on an advantage plans if you already have one. We don't sell Advantage plans any more, We have less customer complaints with people staying on original Medicare and taking out supplements. We don't sell part D drug plans either, but we help all of our customers choose the best one for them, according to the drugs they are taking and the formulary of the various plans.

 

[k0ua]

Just curious. What insurance products are you talking about?

Steve

Of course my original post was about Original Medicare Part A and Part B, Which is good nationwide, and has no networks.

Advantage plans are regional in nature and some regions may not be well represented, and of course an Advantage plan is a private network and is not portable if you move.

 

[smstonypoint]

I do realize the OP was talking about Medicare and for those on Medicare Supplement we have many companies here. Hope that answers your question fine. kt

Kenneth,

You answered my question. I was thinking of Supplemental Medicare. I remember our mailbox being deluged with offers from various insurance companies in the months before I, and more recently, my wife turned 65.

Steve

 

[k0ua]

Kenneth,

You answered my question. I was thinking of Supplemental Medicare. I remember our mailbox being deluged with offers from various insurance companies in the months before I, and more recently, my wife turned 65.

Steve

Steve, the key is pick an agent that you know and trust.

 

[smstonypoint]

Steve, the key is pick an agent that you know and trust.

James,

I retired from a state university and my wife and I have our Medicare supplemental coverage through the state's group plan.

Steve

 

[k0ua]

James,

I retired from a state university and my wife and I have our Medicare supplemental coverage through the state's group plan.

Steve

:thumbsup:...