Use these and many other Medicare Resources to keep informed of the industry

• Medicare.gov is a good resource to keep informed of the different plans offered. From Health & Drug Plans, to Providers and Services.
• Cahu.org is another excellent resource for Legislative Issues, Public Affiars and Chapters.
• Nabip.org has a lot of excellent information to grow your business, become aware of new Medicare rules, etc.
 
 

Breaking News

Maggie Stedt Receives Spirit of Freedom Legislative Award

Washington, D.C. — Maggie Stedt was honored with the esteemed Spirit of Freedom Legislative Award during the National Association of Benefits and Insurance Professionals’ (NABIP) 34th Annual Capitol Conference in Washington, D.C.

The Spirit of Freedom Award, a highly sought-after accolade within the NABIP community, is bestowed upon someone who has demonstrated exceptional dedication and made significant contributions to state and federal legislative endeavors. Recipients of this award exhibit exemplary leadership qualities by forging strong relationships with legislators, effectively advocating for public policy reforms, engaging with influential media platforms, and championing grassroots initiatives.

“Maggie Stedt’s distinguished four-decade-long career in insurance has left an indelible mark on the industry and the association, “stated NABIP CEO Jessica Brooks-Woods. “As the driving force behind the Senior Summit model, a pivotal event tailored for Medicare agents, Stedt has elevated it into a vital platform for legislative discourse and policymaking. Her visionary leadership as the president of both Orange County and the California Agents and Health Insurance Professionals (CAHIP) underscores her unwavering commitment to advancing the interests of the industry and insurance profession.”

“Furthermore, Stedt’s active involvement in national committees such as the Medicare Advisory Group highlights her dedication to shaping industry-wide policies and regulations. Her exemplary service and advocacy have earned her numerous accolades and commendations, solidifying her reputation as a stalwart advocate for legislative freedom and reform.” _

In recognizing Maggie Stedt with the Spirit of Freedom Legislative Award, NABIP celebrates her unparalleled contributions and steadfast commitment to advancing legislative initiatives that uphold the principles of freedom and innovation within the insurance industry.

Be In-The-Know about Medicare Changes

Cobra and Medicare – Guarantee Issue or NOT

by David Garcia, Co-Chair of CAHIP’S Medicare Committee

Here is an easy way to remember how this applies directly below. Medicare –Part B, Does NOT view Cobra (including Cal-Cobra) as Creditable coverage Medicare Products – Medicare Supplement, Medicare Advantage and Part D, Does View Cobra (including Cal-Cobra) as Employer Sponsored Coverage

Example 1 – Employer Sponsored coverage ended 12/31/23 – employee has 8 months, through 8/31/24, to enroll in Part B of Medicare without penalty

• The employee will use losing/leaving employer sponsored coverage to enroll in Medicare Part B

•Same employee above enrolled in Cobra because of a younger spouse or dependents

• Reaches out to you, 9/1/24 or later – does not have access to enroll in to Part B of Medicare until Medicare General Enrollment Period 1/1/25-3/31/25

• For a first of the following month effective date
• Why? Because Cobra is not creditable coverage for Part B

Read the full article, click here

Your Clients Can Share Their Medicare Claims

You clients can download their Medicare claims data to their computer or device to print it or share it with others. Clients can also easily share their data with doctors, pharmacies, caregivers, or others they choose by linking to web applications (apps). This optional service, called Blue Button, is secure, reliable, and easy to use.

By linking their data to apps authorized by Medicare, they can:

  • Access and share all their Part A (Hospital Insurance), Part B (Medical Insurance), and Part D (Medicare drug plan) claims with doctors and others they choose.
  • Manage your health with other computer-based services the apps offer.
  • Control your health information.

 

What are the changes to Medicare benefits for 2024?

Changes to 2024 Medicare coverage include projected increases for Medicare Part B and Part A premiums and cost-sharing, adjustments to income-related premium surcharges for Medicare Part B and Part D, the elimination of Medicare Part D coinsurance once an enrollee reaches the catastrophic coverage level, and more widespread availability of the full Low-Income Subsidy (Extra Help) for Medicare Part D prescription drug coverage.

Here’s a full rundown of expected changes to Original Medicare cost-sharing and premiums, the high-income brackets, improvements to Medicare Part D prescription drug coverage, and more.

How is Medicare Part D catastrophic coverage changing in 2024?

Starting in 2024, Medicare Part D prescription drug enrollees will no longer have out-of-pocket costs for covered drugs once they reach the catastrophic coverage level (when the policyholder’s out-of-pocket spending reaches $8,000 in 2024). In 2023 and previous years, enrollees paid 5% of the cost of covered drugs (or modest copays, depending on the drug cost) after reaching the catastrophic coverage level. But as a result of the Inflation Reduction Act passed by Congress in 2022, enrollees whose drug costs reach the catastrophic coverage level will no longer have out-of-pocket costs once they reach that point.

Want to read more about the changes? Click Here.

 

Are you up-to-date with the new 2024 rule for Medicare Advantage and Part D Prescription Drug Plans?

 The current Medicare Advantage/Part D report, 724 pages–yes it’s a lot of pages, outlines the new rules that will most likely have an impact on Medicare beneficiaries and agents. Fortunately, the good people at SMS (Senior Market Sales) have reviewed the CMS fact sheet and provided a summary. These are the key points (so far) that they have identified:

“According to the summary fact sheet which is provided by the Centers for Medicare & Medicaid Services (CMS) website, 21 out of the 22 proposed provisions made it into the final rule. Out of the 21 provisions that were finalized, 17 were approved as proposed. The four provisions that were finalized with modifications include:

  1. Permitting agents to make Business Reply Cards available at educational events
  2. Requiring an agent to tell prospective enrollees how many plans are available from the organization for whom the agent sells
  3. Extending the length of time agents are able to re-contact beneficiaries to discuss plan options to twelve months
  4. The 48-hour cooling off period

The CMS final 2024 rule for Medicare Advantage and Part D Prescription Drug Plans brings several changes that will impact both beneficiaries and agents.”

Do your clients know when Medicare actually can begin?

Generally it is when a person turns the age of 65, which is typically referred to as the initial Enrollment Period. It lasts for 7 months, starting 3 months before you turn 65, and ending 3 months after the month you turn 65.

Did you know that you can sign up a person during the months from January 1 through March 31? This is what is known as the General Enrollment Period. There are also special situations that you, as an agent, should know. Learn more by reading the full article from Medicare.