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Should you change your Medicare Supplement Plan?

Should you change your Medicare Supplement Plan?

If you currently have a Medicare Supplement, like Plan F, Plan G, or Plan N and your monthly premium keeps going up every year, you have options.  One option, apply for the same coverage you have now, and get a lower rate with another health insurance company.  Applying for new coverage typically requires underwriting.  Check out my video above for more details.  You can click the links below for a sample underwriting questionnaire and a sample medication denial list.  There are other factors that can affect your approval like BMI (body mass index).  If you would like to explore your options, contact me at 800-750-6530 or click the link below to schedule a time on my calendar.  I look forward to helping you.

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The American Rescue Plan expands subsidies, makes ACA health insurance cheaper for most Americans​

The American Rescue Plan expands subsidies, makes ACA health insurance cheaper for most Americans

The American Rescue Plan was recently signed into law. This is the largest expansion of the Affordable Care Act since it was signed in 2010, and the American Rescue plan expands subsidies significantly, both increasing subsidies for those who qualified before and expanding subsidies to people who have never previously qualified.

Plus, there’s a new enrollment period, meaning anyone can enroll until August 15th without needing a Qualifying Life Event.

Here is some key information on how this newest COVID-19 relief bill impacts your health insurance:

1. Those who already qualified for subsidies will see larger subsidies. This means people who make up to 400% of the federal poverty level (up to $51,520 for an individual or $106k for a family of 4) will see even more savings than they did previously.

2. Most people who didn’t previously qualify for subsidies will now qualify. Before, if you made more than 400% of the federal poverty level, you could not get any subsidies. The new bill caps the percentage of income paid for a Marketplace benchmark silver premium to 8.5% of your household income, which makes health insurance significantly more affordable if you previously had too high of income to get a subsidy.

3. Subsidy guarantees for enrollees receiving unemployment compensation. If you’ve received unemployment compensation in 2021, you may qualify for significant subsidies regardless of your income.

4. COBRA covered at 100% until September. If you were laid off/involuntarily terminated, you can get the cost of COBRA covered until September.

 

How these new subsidies affect consumers

The vast majority of consumers will see larger subsidies for their plans. The American Rescue Plan increases the amount of premium subsidy for all households within 100—400% of the federal poverty level, and extends subsidies to those above 400%.

People who make above 400% of the federal poverty level, who were previously ineligible for subsidies, this can see huge savings.

Here are a few key stats:

– 4 out of 5 enrollees can find a plan for $10/month or less. And more than 50% can find a silver plan for $10/month or less.

– Many premiums will decrease, on average, by $50 per person per month.

– 1 out of 4 HealthCare.gov enrollees will be able to upgrade to a plan with lower out-of-pocket costs.

– 48,000 uninsured American Indians and Alaska Natives will be newly eligible to save money on health care coverage and 21,000 will be eligible for zero-dollar benchmark Marketplace plans.

What should I do if I’m already enrolled in an ACA plan? Will I get new savings?

Extra subsidies will become available on April 1st, 2021. After that, if you are currently enrolled in a Marketplace plan, your premium will not be automatically lowered. You have 2 options:

1. Do nothing and get any extra subsidy you’re eligible for as part of your 2021 tax refund

2. Update your application and reselect your health plan to see savings applied immediately. We recommend doing this—you’ll also be able to see if there’s a better plan available to you for the same cost. If you’re within 100 – 150% of the federal poverty level, you’ll be eligible for a $0 premium silver plan with substantial cost sharing reductions that lower deductibles.

If you change plans, the amount you’ve already paid towards your deductible may be reset, and you might need to start over paying out of pocket expenses to reach the deductible of the new plan. You should check with your insurance company to see whether they’ll give you credit towards your new deductible if you stick with a new plan with the same insurer.

What should I do if I don’t currently have health insurance?

We highly recommend that you shop on the Marketplace after April 1st to see if you can get a low-cost health insurance plan. The new subsidies make plans much more affordable, and you may be able to get a very low-cost or free health insurance plan. Click the Find the Best Plan for you link below to see plans and prices or call us at (800) 750-6530 to get help enrolling.

 

 

 

Are You Shopping Health Insurance?

Click on the button below to start your search with one of our experts today!

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Faith Community Pharmacy

Are you having trouble affording your medications?


You are not alone and Faith Community Pharmacy is a resource to help. Faith Community Pharmacy provides 100% free prescription medications to those living in Northern Kentucky who cannot otherwise, afford their prescriptions for chronic disease states such as diabetes, COPD, asthma, high blood pressure, mental health and more.

Call for more details or ask your physician to send a referral to start the process.

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Do you have the right drug plan for 2021?

Do you have the right drug plan for 2021?


New for 2021, use our website to make sure you have the best drug plan for your unique situation during Annual Enrollment Period (October 15 – December 7).  Enter your drugs with dosages and your preferred pharmacy to see which plan will work for you next year.

Important Points:

 1. We do NOT represent ALL of the drug plans in the country. This is on purpose, as we only have chosen to work with certain ones.

2. You must CLICK on the Prescription Drugs tab, otherwise it defaults to Medicare Advantage on the site. 

3. The default start date is January 1 if you are signing up during the AEP period (October 15 – December 7). After this period, the default effective date is the 1st of the next month.

4. If you are currently on a Medicare Advantage plan, and sign up for a Part D plan, this will disenroll you from that Medicare Advantage plan. Make sure you first have been approved for a Medicare Supplement, if you are applying for one.

5. If you make an account on the page, DO NOT use the +4 ZIP code. Just use the 5 digit ZIP code. Apparently using more causes as error.

QUESTIONS … call 800-750-6530

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Life Insurance – Get peace of mind to live your life

Life Insurance - Get peace of mind to live your life

A life insurance policy from MassMutual can help protect your loved ones in the event of your passing. There are two main types of life insurance: term and permanent. Term is for a specific period of time; permanent life insurance provides a death benefit that can last a lifetime, so no matter when you pass, your loved ones will receive a payment. And some of our permanent policies offer the opportunity to build cash value , which you’re able to use however you’d like.