Major Changes in Health Care
By Tucker Thompson, Collin County LIVING WELL Magazine
The Medicare annual enrollment period for 2012 will be October 15, 2011 through December 7, 2011. All enrollments for Part D, Prescription Drug Plans and Part C Advantage Plans {HMOs, PPOs, SNPs, PFFS} made during this time period will have an effective date of January 1, 2012. Not every hospital or doctor accepts Advantage Plans. Before enrolling in one of these plans, make sure your physician and hospital will accept the plan.
Medicare Supplement plans are accepted by all hospitals and physicians that accept Medicare. You can change your Medicare Supplement plan anytime during the year if you qualify medically. Underwriting health questions differ from company to company.
Formulary, formulary, formulary is the key word when looking for a Part D Prescription Drug Plan. Formulary is the list of drugs that the Part D Plan covers. In 2012, Part D annual deductibles can be up to $320. As of April 2011, the Health Plan Act has not had major changes for Medicare.
Cost Of Living Adjustment [COLA] for Social Security, if any, is usually announced in the fall for the following year. Federal law states that Medicare Part B premiums can not increase if there is not a COLA increase for that year. The current cost for people enrolled in Medicare Part B in 2009 or earlier is $96.40; enrolled in 2010 is $110.50; enrolled in 2011 is $115.40 per month. If you enrolled in Medicare Part B, but have elected to defer your Social Security payments, you will be billed for the current 2011 premium.
Health insurance for people under age 65 has changed. Children the age of 18 and under now have a guarantee issue health insurance policy, regardless of their health status. Children can also continue on their parent’s health insurance plan until age 26, regardless if they are in school or not. Like Medicare, there is not a limit on the aggregate amount paid on claims. Preventive care [physical exam, mammograms, pap tests, prostate and colorectal cancer screening] is also covered in the new Health Plan Act and Medicare.
Tucker Thompson has worked in the insurance field for 20 years. As a licensed, independent insurance agent he continues to be an educational speaker on topics related to Medicare and other insurance services.
