I hated to admit it but after years of dodging the issue of some other kind of supplement to counteract the costs that Medicare parts A and B don’t cover, I decided to look into it. For at least three years I stuck my head in the sand saying I couldn’t afford a third premium.
Anyway, where there’s one termite there’s usually another or something line that. I started asking about their supplemental coverage, and of course they didn’t know what they had or what they had done. I uncovered a letter that was sent from an insurer saying that she had applied for a individual assurance company medicare supplement plan N, but was missing a simple form in order for processing to complete. I immediately called the company, and of course, you guessed it. No coverage was in place! They never received the form so it was never put into place.
This morning on Fox News a physician who treats prostate cancer in men said that this would greatly affect the survival rate of men with this form of cancer by limiting testing and treatments.
One major impact of the plan changes was to reduce the pricing on new plans. In other words, the person who had a plan prior to June first of last year, would likely find that they could get the same exact coverage for less if they were to shop their plan to another company. As an agent, I often find there is much confusion here because what many beneficiaries do not understand is that the name of the company is meaningless. If the ABC Insurance offers an F plan, and XYZ insurance offers an F plan, they have to cover the exact same benefits. The only difference is price.
medicare supplements come in standardized levels. These are the only ones that can be sold. There are about a dozen plans with very plain names like Plan A or Plan L. A Plan A policy will always be the same, no matter which insurer sells it to you. Again, the details of each policy is standard. However Plan A is different than Plan J. Each plan has a different set of benefits.
In other words, use the term “baby boomer” only when waxing nostalgic, not when trying to market a product. If your product is meant for someone in their 40’s, still struggling with kids at home, market to that person, not the person in their 60’s who is downsizing and ready to retire.
Your doctor or hospital is not required to agree to the terms of the PFFS plans, and some just won’t take them at all. Check with your doctor before enrolling to make sure it’s not going to be a problem. Ask if they accept Medicare Advantage Private Fee-For-Service plans. As a safeguard, Medicare does give you a 12 month period after enrolling in one of these PFFS plans to switch back to a Medicare supplement plan for any reason. If you’re switching back during this 12 month period, you don’t have to answer any medical questions.