Tag: Social Security Extra Help

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Medicare Part C Medicare Advantage Part D Prescription Drug

What If I Missed the Medicare AEP Deadline?

This year’s Medicare Annual Enrollment Period (October 15 through December 7) was a busy time and we are grateful for the hundreds of individuals and couples who permitted our team of agent advisors to help with their 2026 Part C Medicare Advantage plan selection. (The December 7 deadline does not apply to a Medicare Supplement plan selection.)

Q: But I missed that deadline. Is there another option for me to choose a new plan for 2026?
A: Possibly. Some Medicare participants are eligible for what is called a Special Enrollment Period during which you can make a change to your Medicare Advantage Plan.

Q: Am I eligible for a Special Enrollment Period?
A: Let’s look at some special situations that may apply to you. If one does, you can make changes to your Medicare Advantage plan coverage outside of the normal Annual Enrollment Period:

  • Has your 2025 Medicare Advantage Plan been discontinued? If so, you have some additional time to enroll in new coverage for January 1. One of our agents can assist you with finding a plan that matches your providers, medications and budget.
  • Do you belong to New York State EPIC?  If so, you have one Special Enrollment Period per calendar year to enroll in a new Medicare Advantage or Part D prescription drug plan. [Download the EPIC application here.] 
  • Are you a veteran? Many veterans may not be aware of a valid Special Election Period available by having their prescriptions filled through the Veterans Administration (VA.) Veterans can use that Special Enrollment Period to enroll in a “MA only” plan – a Medicare Advantage plan with no drug benefits.  Click here for more information on MA Only plans.
  • You may be eligible for Social Security Extra Help – Eligibility for this program is based on your income and assets. Extra Help subsidizes part or all of your plan’s premium, drug deductible and reduce prescription co-payment. With Extra Help, you may be able to make changes to your coverage one time during each of these periods:
    • January – March
    • April – June
    • July – September

Q: Do any of these Special Circumstances apply to Medicare Supplement plans?
A: No. However three states, including New York and Massachusetts, do require Medicare Supplement plan insurers to offer policies to Medicare beneficiaries age 65 and older through continuous open enrollment, with guaranteed issue rights  throughout the year.

That means if you want to drop a Medicare Advantage plan (which includes prescription drug coverage) and return to Original Medicare with a Medicare Supplement plan; you need a Special Enrollment Period to add the third piece, your Part D prescription drug coverage.

Q:  I’m not sure of my eligibility status, can you help me with my questions?
A: Yes. Simply use the form below and send a note to an agent advisor or call (518) 346-2115. We’ll discuss your options by telephone or Zoom web conference. And, during your Special Enrollment Period, we may be able to identify a Medicare Advantage, Medigap or Prescription Drug Plan more suited to your needs – even though the December 7 deadline has passed.

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Medicare A & B Part D Prescription Drug

Changes to the NY Medicare Savings Program in 2025

If you are enrolled in Medicare Parts A and B and have limited income you may be able to get assistance with your health care costs through a Medicare Savings Program (MSP) 

If eligible, you will receive help paying the Medicare Part B premium, (currently $185.00) and automatically get Extra Help, the federal program that helps with prescription drug (Part D) costs such as monthly premium, drug deductible and prescription copays.

The two programs listed below offer separate benefits. You cannot choose which program to apply for – you will be enrolled in the program that corresponds to your income.

New Yorkers previously not eligible for MSP may now qualify effective January 1, 2025.

New 2025 New York Monthly Income Limits (*)
Program Individual Couple
QI (i) Up to $2,426 Up to $3,279
QMB (ii) Up to $1,800 Up to $2,433

(*) Eligibility is based on your income after subtracting for eligible health insurance premium deductions such as i) Medicare Supplement, ii) Part D drug plan, iii) dental, iv) vision, and iv) long term care premiums.

  • (QI) Once enrolled as a Qualified Individual with individual monthly income at or below $2,426 you will no longer have the Medicare Part B premium deducted from your Social Security check.  And you may receive up to three months of retroactive reimbursement for Part B premiums paid before your MSP effective date and within the same year of the effective date.
  • (QMB) If your individual monthly income is at or below $1,800 you would be enrolled in the Qualified Medicare Beneficiary Program and, like QI, will no longer have the Medicare Part B premium deducted from your Social Security check.
    • This program also pays for Medicare Parts A and B deductible and cost sharing however no retroactive Part B reimbursements are available to QMB enrollees.
    • Once enrolled in QMB, consider a Medicare Advantage DUAL (Medicare / Medicaid) plan. On top of the benefits described above, these plans include additional benefits like dental, vision and even an allowance for healthy food. Ask your local agent about the Medicare Advantage DUAL plans we represent for individuals in the QMB program. 

Your local agent can help you with the request. Start by downloading the form below. Then, along with a copy of your Medicare ID card, we’ll need documents to confirm your date of birth, residency and income. If you are paying another health insurance premium, such as i) Medicare Supplement, ii) Part D drug plan, iii) dental, iv) vision, and iv) long term care premiums, we’ll need some proof of that expense. Your local agent will work with you in getting this to your county’s Department of Social Services and follow up with you during the approval process which can takes up to 45 days.

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(i) Qualified Individual income eligibility at 186% of Federal Poverty Level
(ii) Qualified Medicare Beneficiary income eligibility at 138% of Federal Poverty Level
Categories
Part D Prescription Drug

Getting Ready for 2025 Medicare Part D

Passage of the Inflation Reduction Act (2022) has meant several changes to Medicare Part D, including these most frequently mentioned:
  • 2023: Insulin co-pay capped at $35 for 30 day supply.
  • 2024: Catastrophic Coverage Stage cost sharing eliminated.
  • 2025: Annual Out-of-Pocket Drug cost sharing capped at $2000.
  • 2026: Medicare and drug companies, for the first time, will negotiate price on the top ten drugs costing the Part D system the most in taxpayer money.
While millions of Medicare beneficiaries welcome these changes, the federal government is shifting more of the cost of these changes to the Part D drug plan carriers and the pharmaceutical companies. The 2025 drug plans, both standalone Part D and the Medicare Advantage plans including Part D, are published online at medicare.gov Changes to watch for in 2025:
    • Premium changes – with standalone Part D or Medicare Advantage.
    • Drug deductible change – can be as high as $590.
    • Cost sharing change – a prescription which may have previously been quoted a fixed copay may in 2025 be quoted a percentage of the drug cost.
Tips for Getting Ready Now!
   
enroll now in a New York program based on your Income 
Program Individual Couple
1. Medicare Savings < $2,426 mo < $3,279 mo
2. NY EPIC < $75,000 / yr < $100,000 / yr
  1. Medicare Savings Program. If eligible, you will receive help paying the Medicare Part B premium, and automatically get Extra Help, the federal program that helps with prescription drug (Part D) costs such as monthly premium, drug deductible and prescription copays.  Click for more information and MSP Application Form.
  2. For individuals with annual income greater than the above MSP levels, but under $75,000 (up to $100,000 for a couple) the New York State EPIC program is secondary drug coverage – meaning EPIC will, after meeting a deductible, help with your prescription copay.  If you take brand name medications and your 2025 cost sharing is based on percentage of the drug cost, you will want this EPIC secondary coverage in place to start the new year.  (Another benefit to being an EPIC member is having the ability to change your Part D plan one time per year outside of the Annual Enrollment Period.) You can now apply for NY State EPIC online or download, print, complete and mail the EPIC application to their office in Albany:
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3. Questions? Please feel free to contact any of our local, licensed and independent agents using the inquiry form below. We’ve even included a worksheet for you to use when researching which 2025 plans match your medications and providers.
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Provider-and-Medication-Worksheet:
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Medicare Part D Prescription Drug

The New Law and Medicare Part D

Well, just as we are finishing up the annual federal and carrier Medicare Advantage and Part D certifications for 2023, the US House and Senate passed a bill (H.R. 5376 titled Inflation Reduction Act of 2022) which includes some important changes to the Medicare Part D prescription drug coverage.

Some of these changes take effect next year and others over the next several years. I have looked over the text, studied several analysis and have summarized below the 4 changes most likely to Medicare beneficiaries:

  1. Insulin – Effective 2023
  2. Adult Vaccines – Effective 2023
  3. Cap on Out of Pocket Drug Costs – Effective in 2024 and 2025
  4. Medicare to Negotiate Part D and Part B Drug Prices – Effective 2026

Please note: If you are receiving Part D financial assistance through state Medicaid or the Social Security Extra Help program, your benefits may already exceed what is becoming effective in this new bill. Also, if your medications are covered through your VA benefits, you may want to compare these new benefits to what VA covers and compare your options in the years ahead.

1. Insulin – Effective 2023 Beginning in 2023, for Medicare Part D beneficiaries who need insulin, monthly out-of-pocket costs will be capped at $35, and starting in 2026, the cap would be $35 or 25% of the negotiated price if that is lower. And insulin products will no longer subject to a Part D deductible.

2. Adult Vaccines – Effective 2023
Beginning in 2023, Medicare Part D cost-sharing will be eliminated for adult vaccines that are recommended by the Advisory Committee on Immunization Practices. For most clients, the most significant change will be the new $0 Part D copay for the two shot Shingles vaccine, previously covered through Part D however frequently subject to a deductible and higher Tier copay.

3. Cap on Out of Pocket Drug Costs – Effective in 2024 and 2025
For clients with drug costs placing them in the “Coverage Gap” (aka Donut Hole) and Catastrophic Coverage Phase, this change will be very welcomed although phased in over time.

In 2024, that 5% coinsurance payment that now kicks in after someone reaches the catastrophic drug spending level in Medicare will end. As you may imagine, 5% on some of those expensive drugs that cost thousands monthly can be a lot of money. That ends in 2024.

And in 2025 your Medicare Part D out-of-pocket spending will be capped at $2,000 a year.

4. Medicare to Negotiate Part D and Part B Drug Prices
CMS (Centers for Medicare & Medicaid Services) will be authorized and required to negotiate maximum prices for brand-name drugs that do not have other generic equivalents and that account for the greatest Medicare spending.

There is not yet an official, publicly available list of drugs that Medicare plans to target for negotiations. However Kaiser Family Foundation reports how just a handful of drugs represent the lion’s share of Medicare drug costs. Some likely candidates, based on how much Medicare spent on them in 2020: Eliquis, Xarelto and Januvia.

Today, those brand name drugs that do not have generic equivalents and represent the greatest cost are typically listed as Tier 4 or Tier 5 specialty medications under Medicare Part D coverage.

CMS will begin by negotiating the prices of 10 drugs in 2026, 15 drugs in 2027 and 2028, and 20 drugs in 2029 and each year thereafter. The negotiations would apply first to drugs people get at the pharmacy (Part D), but in the later two years, drugs administered in doctors’ offices (Part B) could also be covered.

If you have any questions or would like for me to review with you your plan benefits please schedule a telephone or Zoom conference convenient for you and direct to my calendar, call us at (518) 346-2115 or send a note to one of our licensed and carrier certified agents closest to you:

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Categories
Case Studies Part C Medicare Advantage Part D Prescription Drug

“Thank you for helping me change my insurance!”

This month I received this wonderful thank you note from Nancy. She had recently relocated and needed to find new doctors along with a Medicare Advantage plan covering those doctors and her medications.

Nancy was concerned that she would have to remain on her current plan and wait until the Annual Open Enrollment Period in order to find a new plan effective January 1 of next year!

Nancy was relieved when I let her know she was eligible for a plan change due to a Special Enrollment Period.

A Special Enrollment Period allows eligible individuals like Nancy who are enrolled in Medicare Parts A and B to make a Medicare Advantage or Prescription Drug Plan selection or change outside of the normal October 15 – December 7 time frame.

When are you eligible for the Special Enrollment Period? The 5 most frequent examples I see:

Summary:

The initial, annual and special enrollment periods are when individuals enrolled in Medicare Parts A and B can make Medicare Advantage, Medicare Supplement or Medicare Part D prescription drug plan. Please feel free to call Dan at (518) 346-2115 for a no-cost no-obligation consultation.

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Case Studies Part D Prescription Drug

Medicare Extra Help: “The savings are a godsend…”

Medicare Supplement Testimonial

Medicare Extra Help

I was delighted to assist this New York based beneficiary who is on a limited income and was not aware of the Medicare Savings Program available through a New York State program for Medicare Part B premium or that Social Security offers “Extra Help” with Part D premium and prescription drug co-pay.

Call 518-346-2115 for a confidential review of your Medicare Part B or Part D costs.

Extra Help for Medicare Part B and Medicare Part D
Extra Help for Medicare Part B and Medicare Part D

Categories
Case Studies Part D Prescription Drug

“Thank you again for giving me my life back.”

Medicare Supplement Testimonial

…. it’s great to hear results.

Just before Thanksgiving I met with a recently widowed woman who was reeling from her loss and struggling to make sense of her health plan costs and dramatically reduced monthly income.

When she disclosed her assets and monthly income, I explained to her some programs she was likely eligible for and provided assistance with the enrollment process.

For starters, the easy one. I enrolled this client in the New York State Elderly Pharmaceutical Insurance Coverage (EPIC) program. EPIC helps with Medicare Part D premiums, prescriptions co-pays and the Part D “donut hole.”

Then, we confirmed she was eligible for Social Security Extra Help – available to Medicare participants with limited resources.

Third, New York State offers Part B premium assistance to Medicare participants with limited income and resources.

I love what I do.

When I received this note with the closing “Thank you again for giving me my life back” it reminds me of why we serve – to add some value to another’s life.  This is fulfilling and rewarding in its own way.

2016 0215 Thank you note