MACRA – THE REAL CHANGES COMING TO MEDICARE 2020

What is MACRA? Medicare Access And Chip Re-Authorization act of 2015:

MACRA has many components, one of which is a limit on first dollar coverage in certain Medicare supplement insurance plans for individuals considered “newly eligible” and a transition away from using social security numbers as identifiers.

“Newly eligible” is defined as anyone who is turning 65 on or after January 1, 2020 or anyone who is eligible for Medicare benefits due to age to disability as defined by CMS (Medicare).

What does this really mean?

  • The government is issuing new Medicare cards that will no longer include your social security number.
  • Anyone who turns 65 on or after 01/01/2020 will not be able to purchase Medicare supplement Plan F or plan C.

New Medicare Card:

  • MACRA mandates the removal of Social Security Number’s being used for Medicare Claim Numbers.
  • Beginning in April of 2018 new cards will be issued and will continue through April of 2019.
  • The new Medicare card contains a unique, randomly-assigned number.
  • There will a transition period, so you can continue using your current card until you receive your new Card.

If I have Plan F should I keep it???

  • Plan F is the “Guarantee Issue plan:
  • Some situations allow people to join plan f without medically qualifying.
  • Over the past few years, The part B deductible has increased from $147 to $183 ($36.00).
  • If a carrier has 1 million people on plan f, it is now costing the Carrier $36 million dollars more per year to cover the same 1 million people.
  • No one that turns 65 after 01/01/2020 will be able to purchase plan F.

Medicare Supplement Plan G is what I recommend.

  • Plan G offers a greater value than plan f, easy math:
  • Plan F costs around $700 More than plan g per year. So why pay an insurance company $700 just to pay your $183.00 deductible??? You shouldn’t choose plan f, you should choose plan G.
  • Since the announcement of the macra changes in 2015, Plan G has offered more rate stability than plan f. almost every carrier has had lower premium increases with Plan g compared to plan f since these changes have been announced.

Facts about all Medicare Supplement Plans:

  • You are allowed to shop your Supplement plan all year.
  • Pricing is based on your zip code, age and gender.
  • If your doctor accepts Medicare, they will accept all Medicare supplement plans.
  • Unless you are new to Medicare, you must medically qualify for a supplement.
  • If you have had the same supplement plan for more than 2 years, you are overpaying.

How MedicareBob’s Office can help:

  • Senior Healthcare Direct, MedicareBob’s Office represents all of the top Medicare supplement carriers. we help our clients get the best Value.
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