If inflation and rising prices are impacting your ability to pay for your prescription drugs, you are not alone. Financial assistance is available for those who qualify through the Low Income Subsidy (LIS), also known as Extra Help.
As a licensed Medicare agent, you know that Special Needs Plans (SNPs) have the potential to create year-round selling opportunities outside of AEP and OEP. This includes Dual Eligible Special Needs Plans (D-SNPs) for those who qualify for both Medicare and Medicaid. On May 11, 2023, the COVID-19 Public Health Emergency will end, creating a unique situation for D-SNP enrollees who may no longer qualify for Medicaid.
Almost immediately after Annual Enrollment Period (AEP), Medicare Advantage (MA) enrollees have the option to reconsider their plan selection during Open Enrollment Period (OEP) from January 1 through March 31. For Medicare agents, OEP is more restrictive than AEP and should be addressed carefully. There are strict guidelines that dictate what you can and cannot do during this enrollment period. Here’s what you need to know to stay compliant.
A prescription drug plan doesn’t do you much good if you can’t afford your copays. Unfortunately, this is the situation in which many seniors find themselves. Some of your Medicare clients may be having trouble paying for their prescription medicines. By helping them find strategies to cover costs, you can also help them find value in their coverage.
Topics: Medicare RX Plans
Set yourself up for AEP success. The steps you take now – or the steps that you fail to take – will have a direct impact on your ability to help Medicare enrollees this fall. With this four-step plan, you can be ready to go.
Topics: AEP Readiness
School may be out for most people, but for Medicare insurance sales agents, the arrival of summer means it’s time to start studying for the annual AHIP certification. You might not be eager to hit the books when you’d rather be hitting the beaches, but here’s the thing – AHIP certification isn’t just some red tape to get through. It’s a chance for you to brush up on your Medicare knowledge so you can better serve your clients.
Medicare Advantage enrollees can save nearly $2,000 a year, according to a study from the Better Medicare Alliance. Compared to people enrolled in Original Medicare, Medicare Advantage enrollees have a 35% lower cost burden. This should come as great news to financially strapped seniors, but some enrollees may not see these savings, especially if confusion over networks lead to higher out of pocket costs. To help enrollees get the most value from their plan, it’s important to clear up common Medicare Advantage network misunderstandings.
Are your clients unhappy with their Medigap selection? Depending on where they live, they may be able to switch Medicare Supplement Plans without going through medical underwriting. Although the federal rules are strict, states often give enrollees additional rights, and three states have recently changed their rules.
Topics: Medigap Birthday Rules
Medicare has announced eligibility guidance for the Extra Help program, which helps individuals with their prescription drug costs. Medicare’s Low Income Subsidy (LIS) limits determine what level of support seniors can receive. Budgets are getting tighter with increased prices and inflation, and the Extra Help program can be a difference-maker for some of your clients. Understanding these limits is an important first step in the process.
Topics: Medicare Extra Help
Most Medicare beneficiaries understand that they may face out-of-pocket costs if they have to stay in a hospital. What they might not know is that their hospital status can impact their coverage. Over the years, some beneficiaries have been hit by greater costs and ineligibility for nursing care coverage due to their “observation status,” but a recent court ruling gives these beneficiaries a new Medicare appeal option.
Topics: Medicare Appeal