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Six Smart Steps for choosing Medicare Insurance that is Right for You

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Choosing Medicare Insurance

Baby Boomers turning 65 in North Carolina have an abundance of choices with regard to their Medicare insurance. My customers who have been buying their own health insurance and don’t qualify for a government subsidy are thrilled to be able to choose from many policies that are much more affordable. Their challenge is sorting through these numerous policies and choosing what is right for their lifestyle, health needs and pocketbook. If you are uncertain which plan or plans are best for you, here is a step by step guide to ensure you make a wise decision: Read More

Why enrolling in COBRA can be a costly Medicare mistake

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If you (or your spouse) lose or quit your job with health insurance when you are eligible for Medicare it is unlikely COBRA (Consolidated Omnibus Budget Reconciliation Act) will be your best choice for health insurance. Medicare does not recognize COBRA as creditable coverage as they do group health insurance.  Medicare eligible individuals have 8 months to sign up for Medicare Part B once they lose their group health insurance. However, if one chooses COBRA instead and stays on it 18 months, they will be required to enroll in Part B between January 1st and March 31st. To make matters worse their Part B coverage will not begin until July 1st. Since you are not allowed to buy a Medicare Supplement or Advantage Plan without Part B, it means they will go several months with only Part A (hospital) coverage. Read More

What is the Donut Hole?

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If you’re turning 65 or becoming Medicare eligible, one of your challenges is choosing a drug plan. Many are confused by the term “Donut Hole” (also called the Coverage Gap). Medicare Prescription Drug Plans have four parts or phases, Initial Deductible, Initial Coverage, Donut Hole and Catastrophic. To understand the Donut Hole it’s important to understand each of these parts. Read More

New to area and need a doctor?

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If you have recently moved to the Raleigh Durham area and need assistance finding a Duke primary care or specialist doctor, the Duke Consultation and Referral Center can help. They are opened  Monday through Friday from 8:00 AM until 6 PM. Call 1-888-ASK-Duke (275-3853) to request an appointment or visit them on-line at dukehealth.org.

 

Save on Fertility Services if you have a BlueCross BlueShield of North Carolina policy

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BlueCross BlueShield of North Carolina (BCBSNC) now offers discounts on fertility services through a partnership with WINFertility. The highlights include 10% to 40% savings on fertility services which include intrauterine insemination, in vitro fertilization treatments and medications. Participants have access to a proven physician network, financing options and free consultations.

For more details members can go to www.bcbsnc.com/blue365. If you are a BCBSNC policyholder and have not joined Blue365 it’s easy to join and offers great deals to improve your health. From the www.bcbsnc.com website click on “Go to Blue365”.

This is important to know if you’re almost 65 & on a small group health plan

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Unlike large employer group plans,  employees on small group plans (fewer than 20) are required to enroll in Medicare Part B when they turn 65. Part B helps cover the cost of doctor visits, outpatient care, some preventative services, home health care and durable medical equipment. Once you enroll in Part B you have 6 months to purchase a Medicare Supplement without going through medical underwriting (being required to answer medical questions). If you have concerns about being declined or charged a higher premium due to your health status you should purchase your own plan before the end of this six month window.

Are you paying a penalty for not having health insurance?

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If you’ve just discovered that you’re paying a penalty for not having health insurance it might not be too late to buy it. Although Open Enrollment ended on February 15th, there is a Special Enrollment Period from March 15th until April 30th for individuals who attest they will owe a fee and did not understand the implications of the penalty until after Open Enrollment ended.

Five More Fallacies of ObamaCare

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obamacare

As I pointed out in my ObamaCare video, we are constantly bombarded with misinformation about the Affordable Care Act(ACA) or ObamaCare. Here are five more examples of these fallacies:

fallacy #1:All health insurance must be purchased from the Marketplace. Read More

Avoiding COBRA Confusion

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COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985) allows workers and their dependents to purchase group coverage for 18 months (or sometimes longer) when the worker is voluntarily or involuntarily terminated. Workers who elect this coverage can pay up to 102% of the premium that the employer pays for coverage. The employer has 44 days to notify the terminated employee of his or her COBRA rights and the employee has 60 days to respond. To avoid COBRA confusion individuals should be aware of the following key points:

  1. Although the former employee has 45 days to make the initial payment, they must pay back to the date the coverage ended. Therefore, if their coverage ends on February 28th, they receive their COBRA letter on March 5 and elect the COBRA on April 30th; they must pay for March, April and May.
  2. Even though the former employee does not have health insurance during the COBRA election period he can purchase COBRA for all or one family member if there is a medical emergency.
  3. A former worker can accept COBRA for a family member with health problems even if he does not accept it for himself.
  4. Normally the former employee can purchase dental COBRA for 18 months even if they decline the Medical.
  5. Former workers are not required to stay on COBRA for 18 months.
  6. Instead of accepting COBRA you may be eligible for a Marketplace Plan with a government subsidy to help you pay for your health insurance.
  7. Finally, since COBRA is not recognized as credible coverage by Medicare, it is unlikely that this is your best option if you or your spouse are Medicare eligible unless you expect to get a job with health benefits very soon.

Help for High COBRA Payments

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If you’re one of those folks who accepted the COBRA offer from your employer thinking you would quickly get another job that never materialized there is a new Special Election Period (SEP) to help you. Perhaps you were offered a going away package that included your former employer paying all or most of your COBRA medical plan for several months. If the payment ended before you got another job it is unlikely that COBRA is affordable to you as an unemployed person. Since your former employer is no longer helping you pay for your health insurance you might need help from another source. To eliminate this burden CMS(Centers of Medicaid and Medicare) recently announced that you have until July 1, 2014 to apply for a health insurance plan through the Marketplace with a government subsidy.