What is MACRA and how does it affect me? by Laura Sedlacek
LENOIR, NC (May 31, 2019) — MACRA is the Medicare Access and CHIP Reauthorization Act of 2015. It is a federal law that affects plans that can be sold to those newly eligible for Medicare aka Medicare beneficiaries. For the effective date of January 1, 2020 those newly eligible for Medicare benefits won’t be able to purchase plans that cover the Medicare Part B deductible.
So, what does that mean for someone currently on a Medicare Supplement plan? It means that for current policyholders their plan won’t change, and they are not required to take any action.
What does it mean for someone eligible for Medicare benefits on or before the end of the year, 12/31/19? It means that the Medicare plan choices (for most companies) will remain the same as they are today until then and that they can purchase a Medigap plan that does cover the Medicare Part B deductible if they so choose.
What does it mean for someone eligible for Medicare benefits after 12/31/19? It means that the Medigap plan choices will change and that they can’t purchase a plan that covers the Medicare Part B deductible. The guaranteed issue plans that will be available at that point are Plans D, G, and High Deductible G, which is a brand-new plan.
What does it mean to be newly eligible for Medicare? It means someone that first becomes eligible due to turning age 65, disability or end-stage renal disease.
What should I do now if I’m an existing Medicare Supplement customer? Your plans and policies options aren’t changing, and you can keep your existing coverage (unless otherwise notified by your carrier.)
Medicare choices can be complicated. Get in touch with Bush and Associates today for more information about these upcoming changes and/or a free quote comparison always with no obligation.
~Bush and Associates has been offering Medicare Supplement and Other Medicare Products to the Unifour Area for over 35 years. We also service the policies we offer. Find out more: Bush and Associates, 916 Wilkesboro Blvd. Lenoir, (828) 754-2601, firstname.lastname@example.org