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This year there has been a tremendous pull back in Medicare Advantage plans. To the untrained eye it could look worrisome, but I say, “it’s about time”!

When the Medicare Advantage (MA) market becomes saturated with too many plans offering rich benefits, it can lead to several potential issues:

1. Consumer Confusion: With an overwhelming number of plans to choose from, beneficiaries might struggle to understand and compare the differences, leading to confusion and potentially poor decision-making.
2. Administrative Burden: Healthcare providers and insurers may face increased administrative complexity in managing numerous plans, which can lead to inefficiencies and higher operational costs.
3. Quality Dilution: The focus on offering rich benefits might lead to a dilution in the quality of care if plans cut corners to maintain profitability while offering extensive benefits.
4. Market Instability: An oversaturated market can lead to intense competition, which might result in some plans exiting the market, causing instability and potentially leaving beneficiaries without coverage.
5. Increased Costs: While rich benefits are attractive, they can drive up overall healthcare costs, which might eventually be passed on to consumers through higher premiums or reduced benefits in the future.

Learn more: https://www.marketwatch.com/story/medicare-open-enrollment-keep-these-three-things-in-mind-when-picking-your-2025-plan-34fad623?

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During the busy AEP period, we need to decide which clients need help before December 7th and which can wait until after. Who needs help first?

If a client’s Medicare Advantage plan ends this year, they have a Special Enrollment Period (SEP) until February 28th to choose a new Medicare plan. If they don’t select a new plan by December 31st, they’ll be automatically enrolled in Original Medicare starting January 1st. They also have a Guarantee Issue (GI) right to get a Medicare Supplement plan. The new policy will start on the first of the month after they apply.

There are several reasons why a Medicare Advantage plan might be ending: 

1. Plan Withdrawal: The insurance company offering the plan may decide to stop offering it, either because it is no longer profitable or they are restructuring their plan offerings. 
2. Service Area Changes:The plan might no longer be available in your area if the insurance company decides to reduce its service area. 
3. Contract Termination: Medicare may terminate its contract with the plan if it fails to meet certain standards or requirements. 
4. Non-Renewal: Medicare might choose not to renew its contract with the plan for the upcoming year. 
5. Low Performance: Plans that consistently receive low ratings from the Centers for Medicare and Medicaid Services (CMS) may be discontinued. 
6. Provider Network Changes: Sometimes, hospitals or healthcare providers may end their contracts with Medicare Advantage plans due to administrative challenges or payment issues. 

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Increases across the board…

• The Medicare Part A inpatient hospital deductible that beneficiaries pay if admitted to the hospital will be $1,676 in 2025, an increase of $44 from $1,632 in 2024.
• The standard monthly premium for Medicare Part B enrollees will be $185 for 2025, an increase of $10.30 from $174.70 in 2024.
• The annual deductible for all Medicare Part B beneficiaries will be $257 in 2025, an increase of $17 from the annual deductible of $240 in 2024.

Read the full article 

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Yes, that’s correct! When you move to a new state, you can generally keep your existing Medicare Supplement (Medigap) plan and your agent.

When you move out of state, your Medigap plan can generally follow you, as long as you remain enrolled in Original Medicare (Part A and Part B). Here are some key points to consider:

1. Coverage Continuity: Medigap plans are standardized and can be used with any provider that accepts Medicare, regardless of the state. This means your benefits will continue to cover out-of-pocket costs like copayments, coinsurance, and deductibles. 
2. Premium Adjustments: Your Medigap premium might change based on your new location. Different states have different pricing structures, so it’s important to notify your insurer about your move. 
3. Plan Availability: While most states offer the same standardized Medigap plans, Massachusetts, Minnesota, and Wisconsin have different plans. If you’re moving to or from one of these states, you may need to switch to a different plan. 
4. Medicare SELECT Plans: If you have a Medicare SELECT plan, which requires you to use a specific network of providers, you may need to switch to a standard Medigap plan if you move out of the plan’s service area2. 
5. Notification: It’s crucial to inform both Medicare and your Medigap insurer about your move to ensure your coverage and billing information are up to date.