According to Congress, starting in 2020, Medicare supplement plans that pay Medicare Part B deductibles will be sold to newly eligible beneficiaries. Plan F has the same basic benefits because it was bought by a company in Vermont, but it pays Medicare out of pocket. There is also no annual deductible to pay for the Medicare supplemental plan, just like Medicare’s Plan A and Plan B. If you pay your Medicare Part B deductible, you also pay an annual deductible.
Compare Medicare supplement plans to reduce costs, people who join the program after January 1, 2020, will be able to choose a Medicare Supplement Plan that covers Medicare Part B deductibles. The amendment is part of the Affordable Care Act (ACA), the largest healthcare reform bill in US history. The bill was introduced to “try to reduce the unnecessary costs of Medicare” and eliminate “unnecessary costs” for Medicare beneficiaries, such as the cost of prescription drugs and medical devices, according to Congress.
Medicare Part B covers prescription drugs and medical devices, as well as health insurance premiums, deductibles and out-of-pocket costs.
Many people are eligible for the premium – free Medicare Part A – but lawmakers believe a lower deductible of $198 in 2020 will encourage them to go to the doctor only when needed, saving Medicare money. Medicare Part B premiums will rise from $144 to $60 in 2020, and their deductibles will rise to about $198 by 2020. By 2020, it will be $458 for a family of four with an annual income of more than $50,000, according to the Kaiser Family Foundation.
If you are eligible for Medicare after January 1, 2020 and expect to be in a health plan for many years, you will not be affected by the changes to the Medicare Supplement Plans in the Donut Hole. You can switch to Original Medicare or Medicare Advantage or join one of the many private health insurance plans available on the market.
If your plan ends on December 31, you can still be enrolled in the original Medicare health insurance, so you are still covered without having to make a formal decision. Medicare health and drug coverage changes will be made after January 1, 2021, which makes it important that you make sure you have coverage that meets your needs when the year begins.
Note the differences between Original Medicare and Medicare Advantage, because if you qualify for “Original Medicare,” you may be eligible for Medigap.
Benefit Plans: 56 percent of the state’s Medicare population participate in benefit plans because they have lower deductibles, lower co-pays, lower pocket money costs, and are sponsored by employers when they purchase a Medicare benefit plan. People who already sign up for Medicare Advantage will also have the option to switch to another benefit plan during the open enrollment period “Medicare Advantage,” which runs from January 1 to March 31. This allows Medicare beneficiaries to either switch, add, drop or switch between Medicaid and Original Medicare, as well as switch Medicare benefits
The Medicare Annual Election Period, also known as the Medicare Open Enrollment, runs from October 15 to December 7, 2020. Next year, 2021, is the first open enrollment period for Medicare Advantage and Original Medicare, as well as for all other benefits.
This is also a good time to check if there are other programs that could save you money on your Medicare premiums and the cost of prescription drugs. If you want to change your Part D coverage for Medicare Advantage or Original Medicare, it’s time, too. Keep this letter with you so you can show Medicare that you have enough money in your bank account to pay for your prescription drugs and other medical expenses when it’s time for you to sign up for Part D.
If you are eligible for Medicare, you have the option of receiving benefits under your original Medicare or Medicare Advantage plan. If you sign up for the Extra Help program, which helps older low-income adults pay out Medicare’s pocket money, you don’t have to pay a penalty. However, if you pay the penalty, you pay an additional $1,000 in deductibles, co-payments and other costs for your prescription medications.
The type of Medicare insurance you choose depends on where you live, which doctors accept your insurance, and whether you travel frequently. Your insurance can help you pay for health costs that Medicare does not cover, such as deductibles, co-payments and other costs.
If you have original Medicare and purchase a Medigap policy, Medicare pays its share of the approved amount for your health care costs. If you purchase Medicare Supplement insurance, you can cancel and replace it at any time. Medicare supplemental insurance also provides coverage for benefits that are not covered by Medicare, such as travel expenses when you travel outside the United States.
As published on NPR.org, previous data has already shown that older Americans in general are more likely to develop severe cases of COVID-19; but the new CMS data highlights that, even among this group, racial and health disparities are dramatic.
Dr. Marcella Nunez-Smith, director of the Equity Research and Innovation Center at Yale School of Medicine, calls the data on racial and ethnic health disparities “irrefutable.”
“We need to recognize the urgency in this moment to expand how we think about health care’s role in promoting health,” she says. “As physicians and health care delivery systems, we need to prioritize addressing our patient’s health related social needs such as food and housing.”