MedicareBob

MedicareBob

By Robert W. BacheBusinessInvesting
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MedicareBob episodes

  • Medicare Advantage Plans vs. Medicare Supplements: Which is Better?

    Compare Medicare Plans Here: https://www.seniorhealthcaredirect.com/quote-3/

    Medicare Advantage Plan (Part C) vs. Medicare Supplement (Medigap), which is better? This is the dominant question on everyone’s mind during the Medicare Annual Enrollment Period. Both types of plans have their pros and cons and, of course, nothing is free in this life so the real question that people need to ask themselves: What are my needs and what can I afford?


    Summary of a Medicare Advantage Plan: 

    A Private Company provides a health plan that you will use instead of using your traditional Medicare.


    Low monthly premium
    Requires you to pay some bills when you use the Plan. You will have copays, co-insurance and sometimes a deductible.
    You have to go to certain Doctors, Hospitals and other Providers. (HMO / PPO)
    Has a max out of pocket for your protection. Once you have paid a certain amount, the plan will pay the rest of your healthcare cost. For 2020, most HMO’s are around $4,000.00 and the PPO Plans are around $6,700.00.
    Sometimes included added benefits like dental, vision, even a gym membership.


    My thoughts about Medicare Advantage Plans in 2020:

    In most counties, the Medicare Advantage Plans have been losing funding over the past few years. This has had 2 major negative consequences:

    The Medicare Advantage Plans have cut benefits and/or increased the out of pocket requirements.
    Less Doctors, Hospitals and Providers are accepting the Plans.
    Even with these consequences, a Medicare Advantage Plan offers coverage that is usually as good as most group plans when people were working.


    Summary of a Medicare Supplement Plan: 

    Medicare ( A and B ) are your primary insurance and the Supplement Plan pays the bills that Medicare would normally make you pay.


    You can go to any Doctor, Hospital, or Provider in the Country that accepts Medicare.
    You will very rarely have a healthcare cost other than your monthly premium. (My favorite Supplement Plan is the Plan G, once you pay the first $198.00 of your medical bills, you are done for the rest of the year!)
    Does have a higher monthly premium then a Medicare Advantage Plan. A Supplement is usually between$80.00 and $120.00 per month.
    My thoughts about Medicare Supplement Plans in 2020:

    If you can afford the extra premium per month, you will love having a Medicare Supplement Plan. Medicare and a Medicare Supplement will provide you better healthcare than you have ever had before. If you choose the Plan G (my favorite plan), you will not have any hospital bills. Also, once you have paid the $198.00 annual deductible, you will have no more Doctor or medical bills either.

    If you have any questions regarding Medicare, please give our office a call at 1-855-368-4717 or visit one of our pages: 

    Website - https://www.seniorhealthcaredirect.com/

    Facebook - https://www.facebook.com/MedicareBob/

    Podcast - https://anchor.fm/MedicareBob

    Twitter - https://twitter.com/MedicareBob

    YouTube - https://www.youtube.com/c/RobertBache?_confirmation=1

    19 min
  • 2020 Medicare and Social Security Updates: Premiums Deductibles Coinsurance

    The Medicare premiums, deductibles and co-payment amounts have been officially updated for 2020. Social security saw a rather small increase of only 1.6%, which will be eaten up by Medicare’s Part B premium increase.

    2020 Medicare Part A Deductible and Coinsurance

    • Inpatient hospital deductible: $1,408.00
    • Daily Coinsurance Days 61-90: $352.00
    • Daily Coinsurance-Lifetime Reserve: $704.00
    • Skilled Nursing Facility Days 21-100: $176.00

      • 2020 Medicare Part B Premium and Annual Deductible

      • Standard Monthly Premium: $144.60
      • Annual Deductible: $198.00

        • How will the Medicare Part B annual deductible increasing impact you if you have a Medicare Supplement? If you have a Medicare Supplement Plan F, the deductible is paid for you so you would not have to worry about that increase as far as what your out-of-pocket costs are going to be. If you have the Medicare Supplement Plan G, then the only out-of-pocket cost that’s going to increase for you is the Part B deductible going up $13.00 from $185 to $198. If you have the Medicare Supplement Plan N, the only out-of-pocket increase will be the Part B deductible as well. The co-pays will stay the same as well as the Part B excess charges.

        Many people are asking if the Plan F will be a better option than the Plan G because the Part B deductible increased. Look at it from the carrier’s perspective: Imagine that Plan F and Plan G both have one million people in each plan and the Part B deductible increased by $13.00. The Plan F is now going to have to pay an additional $13 million out of their budget to cover the deductible increase for their clients. However, the one million people in the Plan G all pay their own deductible so the insurance company is not going to have to pay any more money for their clients in the Plan G to cover that deductible increase because all of those clients already pay their own deductible. In this situation, it’s much more likely that the Plan F is going to see the more significant premium increase to make up for the $13 million increase.

        There have been some changes with Medicare Part D plans as well. CVS purchased Aetna but in order for them to do so, Aetna had to sell all of its Part D plans. WellCare, another Medicare Part D company, purchased all of Aetna’s Part D plans. Those clients that were on an Aetna Part D plan are now going to rollover into a WellCare Plan.

        Humana made another huge change to their Part D plan, Humana Walmart. If you have the Humana Walmart plan, you should have received a letter from the carrier in September or October explaining that you’re being rolled over into what’s called Humana Premier plan and the premiums are going to be around $56 to $60 per month depending on where you live. This is a very high increase specifically because most clients on the Humana Walmart plan are taking only a few generic medications. If you have that plan, you do not have to take that roll over. There are other options out there. You have until December 7th to shop your options which we can help you do at this link: https://www.seniorhealthcaredirect.com/2020-medicare-part-d-finder-form-lead-form/


        16 min
      • 2020 Part D Updates: Humana Part D Doubled Premium

        Click Here to Shop Part D Plans: https://www.seniorhealthcaredirect.com/2020-medicare-part-d-finder-form-lead-form/

        This is an important Medicare Part D update concerning anyone that currently has the Humana Walmart Part D plan.

        If you have had the Humana Walmart Plan for the last couple years, you should have received a letter from Humana stating that they will be rolling into their Humana Premier plan, which is a really good drug plan however, it has a very high premium. The average price that I have heard from clients is between $55 – $65 a month which is more than double what they were paying.

        The good news is that there are options. Humana has also introduced a new Humana Walmart Value Part D plan for 2020. This plan may be a good fit for you. However, if you are taking all generic medications there are other Part D options out there that are very good.

        WellCare Wellness is around $13.00 a month in most areas and that plan is showing up as being a very affordable plan for anyone taking all generic medications.

        If you need any assistance shopping for a new Part D plan, my agents are AHIP certified and are licensed nationwide. We are certified and approved to help you with your prescription drug coverage for 2020. The deadline is December 7th. Please give my office a call or fill out our Part D Finder Form here: https://www.seniorhealthcaredirect.com/2020-medicare-part-d-finder-form-lead-form/

        If you have any questions regarding Medicare Part D, please give our office a call at 1-855-368-4717 or visit one of our pages:

        Website – https://www.seniorhealthcaredirect.com/

        Facebook – https://www.facebook.com/MedicareBob/

        Podcast – https://anchor.fm/MedicareBob

        Twitter – https://twitter.com/MedicareBob

        YouTube – https://www.youtube.com/c/RobertBache?_confirmation=1

        3 min
      • 2020 Medicare Part D Deductible: How it Works

        Click Here to Shop Part D Plans: https://www.seniorhealthcaredirect.com/2020-medicare-part-d-finder-form-lead-form/

        It’s the Annual Enrollment Period and the questions about the Medicare Part D plans are flowing in. One very common question is: “What is the Part D deductible and how does it work?”

        Most Medicare Part D Plans in 2020 have a deductible. The average deductible for 2020 is $435 for the year. Typically, we understand that with a deductible we have to pay the whole cost of the prescription before the plan is going to kick in and pay anything. This is not the case with most of the drug plans for 2020. The drug plans that show a deductible of $435, the deductible will only apply to tier 3, tier 4 and tier 5 medications. What this means is that if you are taking a tier 1 preferred generic or tier 2 non preferred generic, with most Part D drug plans for 2020, you will either pay nothing or $1.00 to $4.00 for those medications. You may never reach that deductible if those are the only types of medications you are taking.

        If you have any questions regarding Medicare Part D, please give our office a call at 1-855-368-4717 or visit one of our pages:

        Website – https://www.seniorhealthcaredirect.com/

        Facebook – https://www.facebook.com/MedicareBob/

        Podcast – https://anchor.fm/MedicareBob

        Twitter – https://twitter.com/MedicareBob

        YouTube – https://www.youtube.com/c/RobertBache?_confirmation=1

        3 min
      • Medicare Supplements Plan F vs. Plan G

        Even though the Board of Trustees has recently announced that the Medicare Part B annual deductible is increasing by twelve dollars to $197, I am still recommending the Medicare Supplement Plan G as the most cost-effective Medicare Supplement plan over the Plan F for 2020.

        Some basic information, for those of you that don’t know, Plan F and Plan G are Medicare Supplements. They are designed to work with your Medicare, so Medicare pays 80% of your medical bills and the supplement would come in and pay the rest. The Plan F is the “Full Coverage” plan. It covers the 20% completely. You have no bills except for your monthly premium. The Plan G is almost exactly the same as the Plan F, the only difference is that the Plan G doesn’t pay Medicare’s Part B annual deductible of $197.00. After you meet that deductible, you have no medical bills, everything is covered just like Plan F. 

        Let’s look at this from the Insurance Carrier’s point of view: Imagine that Plan F and Plan G both have one million people in each plan and the Part B deductible increases by $12.00. The Plan F is now going to have to pay an additional $12 million out of their budget to cover the deductible increase for their clients. However, the one million people in the Plan G all pay their own deductible so the insurance company is not going to have to pay any more money for their clients in the Plan G to cover that deductible increase because all of those clients already pay their own deductible. In this situation, it’s much more likely that the Plan F is going to see the more significant premium increase to make up for the $12 million increase.

        Now let’s look at it from the consumer point of view: it will be a much better option for the consumer to continue to pay for their own deductible with the Plan G rather than paying the adjusted rates of the Plan F because it’s costing them more and more money to insure people as these deductibles increase.

        If you have any questions regarding Medicare, please give our office a call at 1-855-368-4717 or visit one of our pages:

        Website – https://www.seniorhealthcaredirect.com/

        Facebook – https://www.facebook.com/MedicareBob/

        Podcast – https://anchor.fm/MedicareBob

        Twitter – https://twitter.com/MedicareBob

        YouTube – https://www.youtube.com/c/RobertBache?_confirmation=1

        5 min
      • Medicare 2020 Increases and Updates

        Possible Medicare increases have been announced for 2020. It’s that time of year when premium and deductible increases are determined and announced. The Board of Trustees has released what they’re recommending for Medicare Part A and Part B deductible increases and the Medicare Part B premium increases for 2020. This has not been signed into effect as of yet, however when the Board of Trustees recommends something, its usually put into place. This is a sneak peek of what they might be and in the next couple weeks, when it becomes official, we will post another video of what increases they actually did sign into effect.

        • Medicare Part B premium: As of 2019, the average Part B monthly premium was $135.50. Next year in 2020, they are recommending it increase to $144.40.
        • Medicare Part A deductible: The Medicare Part A hospital deductible in 2019 was $1,364.00. This is a per occurrence deductible. The recommended increase for 2020 is $1,420.00. This deductible is paid every time you are hospitalized.
        • Medicare Part B annual deductible: The Medicare Part B annual deductible for 2019 was $185 for the year. The recommended increase for 2020 is $197.00. This deductible is an annual deductible so it is only paid one time during the year.

          • Again, these are only recommended increases have not been signed into effect yet. Once the official announcement has been made, I will release a video breaking down all the increases and what this means for you.

          Just to recap, the Medicare Part B premium will possibly be increased from $135.50 to $144.40 in 2020. The Medicare Part A hospital deductible will possibly be increased from $1,364.00 to $1,420.00 in 2020. The Medicare Part B annual deductible will possibly be increased from $185 to $197 in 2020.

          If you have any questions regarding Medicare, please give our office a call at 1-855-368-4717 or visit one of our pages:

          Website – https://www.seniorhealthcaredirect.com/

          Facebook – https://www.facebook.com/MedicareBob/

          Podcast – https://anchor.fm/MedicareBob

          Twitter – https://twitter.com/MedicareBob

          YouTube – https://www.youtube.com/c/RobertBache?_confirmation=1

          3 min
        • Mutual of Omaha Medicare Supplement Plans

          Compare Medicare Supplement Plans Here: https://www.seniorhealthcaredirect.com/quote-3/

          Mutual of Omaha is one of the oldest Medicare Supplement carriers in the nation having been founded in 1909. They offer a wide range of Medicare Supplement plans and the three most comprehensive of these plans are Plan F, Plan G and Plan N.

          · Plan F – The Medicare Supplement Plan F is the most comprehensive Medicare Supplement Plan that you can buy. The coverage with the Plan F is amazing. With the Plan F you can keep your Doctor and go to any hospital in the Country that accepts Medicare. Medicare Supplement Plan F pays the Medicare Part A Deductible. Medicare Supplement Plan F pays the Medicare Part A per day hospital charge that starts day 90. Plan F will also pay for an additional 80 days in a Skilled Nursing Facility. Medicare Supplement Plan F pays the Medicare Part B Deductible. Medicare Supplement Plan F pays the 20% that Medicare Part B does not pay.

          · Plan G – This is the Medicare Supplement Plan that I recommend for 2020. The Medicare Supplement Plan G is the second most comprehensive Medicare Supplement plan available. The coverage with the Medicare Supplement Plan G is some of the best coverage you will ever have in your life. It’s almost exactly the same as the Plan F.  The Medicare Supplement Plan G covers all of your Medicare out-of-pocket costs except for the Medicare Part B annual deductible ($185 for 2019). Once that deductible has been met, you have complete coverage just like the Plan F.

          · Plan N - The Medicare Supplement Plan N is the third most comprehensive Medicare Supplement Plan of all the Medicare Supplements. The Medicare Supplement Plan N is a great plan for anyone that wants the flexibility of a Medicare Supplement but doesn’t want to pay a high premium. Medicare Supplement Plan N is also called Medigap Plan N. The Medicare Supplement Plan N does have a few out-of-pocket costs that come with it. The Plan N is almost exactly like the Plan G in that you have to pay Medicare’s Part B annual deductible. After that deductible is met you also have up to but no more than a $20 co-pay for doctor’s visits, a $50 co-pay for ER visits and you are responsible for Part B excess charges. That is when doctors are allowed to charge up to an additional 15% over and above what Medicare has approved.

          If you have any questions regarding Medicare Supplement carriers, Medicare Supplements or Medicare Supplement prices, please give our office a call at 1-855-368-4717 or visit one of our pages:

          Website – https://www.seniorhealthcaredirect.com/

          Facebook – https://www.facebook.com/MedicareBob/

          Podcast – https://anchor.fm/MedicareBob

          Twitter – https://twitter.com/MedicareBob

          YouTube – https://www.youtube.com/c/RobertBache?_confirmation=1

          7 min
        • Medicare Part D - Medicare Updates: No More Donut Hole

          One very exciting announcement for Medicare is the Donut Hole (Coverage Gap) will be discontinued in 2020! The Donut Hole has been a looming terror for anyone that takes tier 3 or tier 4 medications and many people are not sad to see it go. In this level of coverage, you would have to pay around 45% of your brand name drug costs and around 80% of your generic costs but not anymore. These are the different levels of the new Part D drug plans for 2020:

          1. The Deductible Level

          · The new deductible for 2020 is $435. For those of you that have a tier deductible and take a tier 1 (preferred generic) or tier 2 (non-preferred generic), this deductible does not apply. These medications will most likely range from $1.00 to $4.00.

          2. The Initial Coverage Level

          · I call this the Co-Pay Level. Once you meet your deductible, you would pay 25% of the company’s negotiated price for the medication.

          3.The Catastrophic Coverage Level

          · Once you and the insurance company reach $6,350 in drug costs, this would bring you to the third level of the drug plan called the Catastrophic Level. The government steps in and pays 95% and you would only be responsible for 5% of your cost for medications.

          The actual Medicare Part D drug plans have not yet been released for 2020, but as soon as we get those, we will be happy to share those and provide any assistance with those plans. Each Medicare Part D drug plan has a different formulary and cover medications differently based on that formulary so it is important to look at the entire plan and not just the premiums. We are happy to help navigate those plans with you.

          If you have any questions regarding Medicare, it’s coverage or Part D plans, please give our office a call at 1-855-368-4717 or visit one of our pages:

          Website – https://www.seniorhealthcaredirect.com/

          Facebook – https://www.facebook.com/MedicareBob/

          Podcast – https://anchor.fm/MedicareBob

          Twitter – https://twitter.com/MedicareBob

          YouTube – https://www.youtube.com/c/RobertBache?_confirmation=1

          2 min
        • Medicare Help - Senior Healthcare Direct: How to Use our Website

          This a step by step guide on how to navigate our website. Our website is a very basic page and we did this to make it as user-friendly as possible. Our website offers a library of over 300 videos and blogs with extensive information on Medicare, it’s policies, plans and Part D information and updates. Our goal is to educate seniors with all of their options in an easily accessible and easy to understand way.

          These are the three most commonly used sections of our website and how to use them:

          1. MedicareBob’s Blog – this section is our library of all of our Medicare videos and Medicare Blogs. We have over 300 of these posts and each link is labeled with the topic on which the video or blog is about. Our clients and potential clients find this library very useful in answering very specific questions and comparing prices of the different plans. We also have Medicare videos on a state by state basis. So, if you’re looking up information on plans for your specific state, we’ve got it because we are licensed nationwide.
          2. Our Team – this section is basically a “Getting to know us” page. MedicareBob’s information and biography is listed here as well as photos and biographies on all of our top licensed agents. This way you can put a face to the name of who is helping you. We also have a team of Customer Service Agents who are all licensed agents that are there to help answer any questions you may have about your policy if you agent isn’t available to speak with you. They not only answer questions but they shop your Part D drug plans for you and they assist you with any mysterious bills you receive. We are always here to help.
          3. Get Your Quote – this section of our website is where you can request a personalized Medicare Supplement quote. In order to provide an accurate personalized quote, it will ask for your zip code, date of birth, phone number, email address. All Medicare Supplement plans are the same because the coverage is regulated by the federal government. The only difference is price. If you provide your custom information, we can provide a customized quote of all the Medicare Supplements in your area with over 30 of the top carriers.

            4. There is absolutely no fee for our services or to use our website. You do not have to pay us a dime for our help. We will help you every year get the most cost-effective Medicare Plan for your health, medical as well as your prescription drugs. You will never overpay for your Medicare coverage with us. We do annual reviews on all of your plans every year. If we help you once, we help you forever. You’re part of our family.

            If you have any questions regarding Medicare, please give our office a call at 1-855-368-4717 or visit one of our pages: 

            Website - https://www.seniorhealthcaredirect.com/

            Facebook - https://www.facebook.com/MedicareBob/

            Podcast - https://anchor.fm/MedicareBob

            Twitter - https://twitter.com/MedicareBob

            YouTube - https://www.youtube.com/c/RobertBache?_confirmation=1

            4 min
          4. Medicare Supplement Plan N - Plan N Coverage: Hospital Costs

            Compare Medicare Supplement Plans Here: https://www.seniorhealthcaredirect.com/quote-3/

            Hospital coverage is very important with any Medicare Supplement plan. Medicare’s Part A hospital deductible is $1,364. This deductible is a per-occurrence deductible which means you will pay it every time you are hospitalized. The Medicare Supplement Plan N will cover this deductible for you.

            The Medicare Supplement Plan N is the third most comprehensive Medicare Supplement Plan of all the Medicare Supplements. The Medicare Supplement Plan N is a great plan for anyone that wants the flexibility of a Medicare Supplement but doesn’t want to pay a high premium. Medicare Supplement Plan N is also called Medigap Plan N.

            There are only 4 out of pocket costs that the Plan N requires you to pay compared to the Plan F or Plan G.

            1. The Part B Deductible (The deductible for 2019 is $185.00) You would be required to pay that deductible in full before the plan picks up the rest.
            2. Co-pays. The Plan N comes with some co-pays. Up to a $20.00 primary/specialist co-pay. You will not be billed this at the time of service but sent a bill in the mail.
            3. $50.00 ER co-pay. A helpful tip, if you are admitted to the hospital, that $50.00 fee will be waived. Again, if you do have to pay this, you will not pay it at the time of service. You will receive a bill in the mail from the hospital.
            4. Part B Excess charges. This is when the doctors are allowed to charge and additional 15% over and above what Medicare has approved. (NOTE: Part B Excess charges are not allowed in Pennsylvania, Ohio, Connecticut, Massachusetts, Minnesota, New York, Rhode Island and Vermont.

              5. The best way to avoid that $50 co-pay when having to go to the ER to insist on being admitted to the hospital. When most people go to the ER, they are placed into what’s called “Observation”. This does not mean that they have been admitted to the hospital. If you are only put under “Observation” you will be charged the $50 ER co-pay with the Medicare Supplement Plan N. However, if you insist on being admitted into the hospital, the Medicare Supplement Plan N will cover your hospital costs and the Medicare Part A deductible. You will have no bill.

              If you have any questions regarding Medicare, please give our office a call at 1-855-368-4717 or visit one of our pages:

              Website – https://www.seniorhealthcaredirect.com/

              Facebook – https://www.facebook.com/MedicareBob/

              Podcast – https://anchor.fm/MedicareBob

              Twitter – https://twitter.com/MedicareBob

              YouTube – https://www.youtube.com/c/RobertBache?_confirmation=1

              2 min

            About MedicareBob

            From the publisher's feed

            This is MedicareBob, a Podcast created to empower Seniors with Medicare knowledge.