Grand Valley Senior Benefits (970) 773-0220

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Important Tip: Read Your Annual Notice of Change

Medicare Cafe

READ YOUR ANNUAL NOTICE OF CHANGE

As we approach the Medicare annual election period (AEP) that runs from October 15 thru December 7, you will receive a ton of mail from Medicare and prescription drug plans.

What you do with all this mail is up to you, but there is one piece of mail you need to pay attention to and read: your Annual Notice of Change.

(ANOC) Annual Notice of Change

Your Annual Notice of Change will include information about changes in your plan’s service area, coverage, or cost. All changes noted in the letter will take effect on January 1 2023.

What to look for in your Annual Notice of Change (ANOC)

Costs

Is your monthly premium increasing? Last year one of the companies increased its premium by almost $50.00 a month.

Pharmacy Network and Drug Formulary

Is your preferred pharmacy still in the plan’s network? Are the costs of any of your prescription drugs increasing?

Make sure you take the time to understand any of your plan changes to avoid surprises on January 1. If you would like to make any changes, call or email me.

You will also be bombarded with information regarding Medicare Advantage Plans. Unfortunately, there are many half-truths in this advertising.

When a person enrolls in a Medicare Advantage Plan, the plan is now 100% responsible for that person’s health care. Because of this, the plan receives cash payments from the federal government, which is why you will see so much advertising.

If you have questions or concerns, call (970) 773-0220 or email me at
gvsb65@gmail.com.

Lew Barr
www.YourMedicareGuy.com

Independent Insurance Agent

Medicare And Travel Outside The United States?

Medicare and Foreign Travel In most situations, Medicare won’t pay for health care or supplies you get outside the United States, which can pose problems when traveling. But your Medigap (Medicare Supplement) policy may offer additional coverage for emergency health care services or supplies you get outside the U.S.

Standard Medigap Plans C, D, F, G, M, and N provide foreign travel emergency health coverage when you travel outside the United States.

Plans E, H, I, and J are no longer for sale, but if you bought one before June 1, 2010, you might keep it. All of these plans also provide foreign travel emergency health coverage when you travel outside the U.S.

The coverage from your Medicare Supplement plan only applies to the first 60 days of foreign travel. There is a $250.00 deductible, then an 80/20 split, with the plan paying 80% and you pay the other 20%, up to a lifetime maximum of $50,000.

When planning extended travel (more than 60 days) or you are concerned about the $50,000 limit, you may want to consider a separate travel insurance policy.

For more information on Medicare coverages while abroad, see the following articles from the Medicare website.

Travel Outside the United States

Medigap (Medicare Supplement) and Travel

If you have questions or concerns, call (970-773-0220) or email me. (gvsb65@gmail.com)

Medicare explained in plain English

Mark Cuban Cost Plus Drug Pharmacy

I recently heard about the Mark Cuban Cost Plus Drug Pharmacy website, and for those dealing with high prescription drug costs, this may be of help.

The Basics
Mark Cuban (billionaire owner of the Dallas Mavericks basketball team) started an online cost-plus pharmacy in January 2022. He started offering 100 prescription drugs and currently has over 800 generic drugs. According to his website, Cost Plus Drugs, they mark up their cost for the drug by 15%, then add a $3.00 pharmacy fee and then a $5.00 shipping fee.

Who Can Benefit?
If you take low-cost generic drugs, you will probably not benefit from this. If you use expensive inhalers or have high prescription drug costs, it would not hurt to see if they offer the inhalers or prescriptions you currently use at a lower price.

How it Works
* First, make sure your medication is available at a lower price.
* If you have found your medications create an account.
* Your doctor will need to send your prescription to their online pharmacy.
* Place your order, and your medication will be mailed to you when ready.

Notes
I have not affiliated in any way with the Mark Cuban drug plan. The Mark Cuban drug plan cannot be used with your Medicare Prescription drug plan or any other insurance.

Medicare Part B Premiums

Medicare Part B Premium History_smOriginal Medicare consists of two parts Medicare Part A (hospital insurance) and Medicare Part B (medical insurance). If you or your spouse have paid Medicare taxes for 40 quarters (ten years) or more, you will not pay a premium for Medicare Part A. However, you will pay a monthly premium for Medicare Part B, and people with higher incomes will pay higher premiums.

For 2022 the Medicare Part B premium can vary between $170.10 to $578.30 a month, depending on your income. For 2022 the standard monthly premium for an individual making $91,000 or less or a couple filing a joint return making $182,00 or less is $170.10.

Medicare will send you a bill if you are not collecting Social Security or Railroad Retirement benefits. If you are collecting Social Security or Railroad retirement payments, your monthly Part B premium will be deducted from your check.

Notes

If you are signing up for Medicare Part B in 2022, Medicare will use your tax return from two years previous or 2020.

Click on the link below to see the complete Medicare Part B premiums table.

Medicare Part B Premiums 2022

Your Questions and Concerns are my Business

I specialize in Medicare plans for seniors and represent all Medicare Supplement plan types.

Medicare Explained in Plain English