MEDICARE UPDATE :
News for 2022
INCOME RELATED M ONTHLY ADJUSTED AMOUNT
You may be able to affect your IRMAA by altering your investment portfolio, which is something to discuss with your financial and tax advisors if you have some time before turning 65.
2022 Late-Enrollment Penalties will increase slightly – max penalties reach $62.40
If you have accrued a Medicare Part D late-enrollment penalty, you can expect a slight increase in 2022. The late-enrollment penalty(LEP) is an additional monthly cost paid by Medicare Part D beneficiaries who were without some form of creditable prescription drug coverage for more than 63 days.
The LEP is calculated each year by Medicare using the annual base Medicare Part D premium, and the 2022 base premium is $33.37, a slight increase from the 2021 base premium of $33.06. You can click here to see how the 2022 Medicare Part D late-enrollment penalty is calculated and how the penalty has changed over the years.
Remember, people in certain situations are not assessed a late-enrollment penalty, including:
- People who qualify for Medicaid or the Medicare Part D financial Extra-Help program.
- People who have some other form of creditable prescription drug coverage, such as VA, TRICARE, or employer/union drug coverage.
If you are on Kidney Dialysis, you need to read this:
Begining in 2021 the only health question on a Medicare Advantage plan will be eliminated.
This means if you have End stage renal disease or youre on Kidney dialysis you will have the ability to join a MAPD Plan.
MAPD Plans are NOT Medicare supplements, These plans are called Medicare replacemnt plans and the " All in one " Plan
- You must live in the service area (manged Care, HMO PPO)
- You must have Medicare Part A nd Part B
- There is a lock in period from April till December
IF you are a diabetic and take insulin make sure you work with a professinal when choosing a Part D prescription Plan as new this year is a $35 insulin cap and here in Illinois of the 32 drug plans avaialable 7 companies are participating in the Insulin cap.
I dont take any Medications but I heard that if I dont buy a part D plan I could incur a lifetime penalty. COULD THIS BE TRUE?
Yes it is TRUE, (PAGE 77 In" Medicare and YOU 2020")
I heard that your first Medicare health plan choice is the most important, why ?
When you are first eligible for Medicare you are guaranteed a plan regardless of your health situation.So if you have a family health history or perhaps you are a high utilizer of health benefits, you may want to consider a cost effectibe plan. however after your General enrollment period you will have to answer health questions and you may not be able to join a Medicare supplement plan.
Question: I enrolled into a new Medicare Part D plan and still have not received my Member ID card. What should I do?
Category: Changing Medicare Part D Plans
Answer: After enrolling in a Medicare Part D plan, the Medicare plan provider (such as Aetna or Humana) will need about 10 business days to send you a letter confirming your enrollment or a new Member "Welcome" package.
Medicare plans may then need up to five (5) weeks to send you a new Member ID card.
If you enroll late in the annual Open Enrollment Period (AEP - October 15th through December 7th), your Medicare plan provider may need a little extra time to process your enrollment due to the higher volume of activity.
If you are still waiting for your Member ID card to arrive, there are still several things you can do to use your Medicare Part D prescription drug coverage:
(1) If you have received an enrollment confirmation or “Welcome” letter from your Medicare Part D prescription drug plan or Medicare Advantage plan, the letter should include your:
- (1) Member ID number,
- (2) PCN,
- (3) Rx BIN, and
- (4) Group ID (or Rx Group).
Places to go people to see
There are many choices
You need a professional Insurance Agent to help you sort through all the information to find the plans that work for you and Your situation
Individual and Family policies
Affordabale Insurance, it is available but you have to work with someone who can help you find the right policy that has your Physicians and Hospitals that you WANT.
NO healthplan regardless of the cost is valuable if you can't see your Doctor, or you can't afford the cost of using the plan because premium is low but nothing is paid till you pay down your Deductible. You may qualify for a subsidy. Work with a professional, work with me, because keeping you healthy is important Be Prepared
Not everyone wants to fish!
Retirement can be a great time. Depending on your situation you may want to Travel, you may want to move to another state or become a snowbird, or perhaps you want to spend time with your family and enjoy a hobby. All these ideas are so important when you are healthy enough and finacially able to enjoy them.
Let me show you the different ways you can protect yourself and all that you've worked for.