Collin County Living Well Magazine September/October 2017 | Page 32

Major Changes Coming for New
Medicare Enrollees in 2020
By Tucker Thompson, CSA
W
orries abound about the financial health of Medi-
care. In addition to funding issues, worries exist
about doctors no longer accepting Medicare pa-
tients because of reduced Medicare reimbursements they
receive. Hoping to strengthen Medicare, Congress has be-
gun instituting changes. Let’s review.
Medicare began in 1966 as a government program de-
signed to help “seniors” with ongoing medical care and
costs. Today Medicare consists of Part A (hospital insur-
ance); Part B (medical insurance including doctor’s visits/
outpatient services/durable medical equipment); Part C
and Part D (prescription insurance). There are, however,
deductibles and co-pays for Medicare services that Medi-
care requires patients to pay themselves, in addition to any
monthly premiums. For example, Medicare pays only 80%
of approved Part B charges for physician visits, durable
medical equipment and outpatient services, leaving pa-
tients responsible for the remaining 20% of those bills.
To help cover some or all of these “gaps,” private insurance
companies offer supplemental insurance including Advan-
tage Plans, Medigap Policies and Drug Plans. Generally,
policies with the highest monthly premiums pay a greater
portion of these “gaps” for the patients, while policies with
the lowest or “0” premiums expect patients to pay a greater
proportion of their medical bills not paid by Medicare. The
most comprehensive supplemental insurance a person can
buy today is a Medigap Plan F. When a person with Me-
digap Plan F goes to a participating Medicare physician or
a hospital, Medicare still charges deductibles and co-pays,
but Medigap Plan F pays these charges for that person.
Remember, though, Plan F premiums are higher than most
other plans too.
So what’s changing?
Beginning in 2020, people who are first time enrollees in
Medicare will no longer be able to purchase Medigap Plan
F or Plan C based on a law passed in 2015 hoping this
would help reduce Medicare’s overall annual costs. Be as-
sured, people already on Plan F or C when 2020 rolls
around are grandfathered in. What should you do? Review
your coverage annually with an experienced independent
agent licensed with several companies to see if any chang-
es make sense.
Tucker Thompson, CSA, has worked in the insurance field for over 24 years in Life Insurance, Long-Term
Care, Medicare Supplements, Medicare Advantage Plans, and Prescription Drug Plans.
New
Medicare choices in 2017
could mean better coverage for less money!
You can apply to change a Medicare supplement policy
anytime during the year!
Senior Life Division
Medicare Plans
Medicare Supplements
Health Insurance
Long-Term Care Policies
Life Insurance
B enchmark Financial Services is a local company with a Senior Life Division dedicated
to helping seniors review & find Medicare healthcare and prescription plans that best
fit each individual’s needs. With a strong commitment to offer independent,
unbiased advice, we are licensed with over 30 national companies and are not
“employed” by any of these companies whose plans we might recommend.
[phone]
30
COLLIN COUNTY Living Well Magazine | SEPTEMBER/OCTOBER 2017
Your Local Agent:
Tucker Thompson
Certified Senior Advisor