Big Changes Coming to Medicare Supplement Insurance in June of 2010
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Two common terms to refer to Medicare Supplement Insurance are Medigap Insurance or Medigap. The gaps in Original Medicare are filled by Medigap or Medicare Supplements. Medicare Advantage is not the same thing as a Medicare Supplement and the two should not be confused.
Big changes will take place with Medicare Supplement Insurance plans on June 1, 2010. Learning about these changes now, will have you better prepared for these changes. Plan now to insure your future.
The new changes in Medigap or Medicare Supplement Insurance were put forth by the National Association of Insurance Commissioners. The purpose of these new rules was to protect consumers. The new Medicare Supplement changes remove duplicative benefits and add additional coverage.
In the early 1990's the existing plans were created and had become stale. Some of the benefits in the old plans could not even be collected. Many people felt it was high time for changes.
The new Changes are as Follows:
1. Plans E, H, I and J will be eliminated
2. Plan G will be modified. The Home Care benefit will be removed and excess charges covered at 100%.
3. Lower cost Plan M and Plan N will be released. Co-pays will be included in these new plans.
4. Companies offering Plan A must also offer Plan C and Plan F.
5. Plans being offered will include hospice coverage and newly priced.
Originally it was thought that these changes would only affect certain plans and create some new coverage options for Medicare recipients. We now know that is not the situation. In addition to eliminating some of the old plans and creating new plans, all existing plans will be placed in a closed block.
New pricing will be available by all companies with these new plans. Meaning that companies no longer in the market will most likely get back in. More competition was the plan. Because of the new Hospice benefit all plans must be changed.
The proposed changes are good for consumers aging into Medicare and healthy people already protected by Medicare Supplemental Insurance. What about those unhealthy seniors stuck in the old plans? Because no more of the old plans are being offered, premiums in these plans may greatly increase and unhealthy seniors cant change plans.
Availble options should be investigated by all retirees as soon as possible. The existing Medicare agent would be a good place to start or they could try to find a new agent. The Internet is a great place to research Medicare Supplement Insurance.
Article Source: Articlelogy.com
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