This week’s question from Tina
In last week’s column you mentioned Advantage Plans that provide a $50 per month refund of the Medicare Part B premium for Veterans. I’ve seen several commercials mentioning getting money added to your Social Security check as well. I’m hoping I qualify. Are there plans that offer this benefit to others besides Veterans?
Answer
Part B Premium Reduction Give Back
Let me first explain what Tina’s referring to. There will be several 2022 Medicare Advantage Plan HMO’s and PPO’s that provide what Medicare refers to as the “Part B Premium Reduction Give Back,” that literally increases one’s Social Security check. Commercials touting getting money added, refunded, given back, etc., are referring to this program. As I wrote in last week’s column, not only are the premiums $0, those who enroll in these plans could interpret it as being paid $600 a year to do so.
And yes Tina. There are plans available in Western PA for those who aren’t Veterans that offer a $50 per month Part B Premium Reduction Give Back. However, the best of them are designed for those who can get drug coverage from another source such as the VA, PACE, or PACENET because the plans I’m referring to don’t come with Part D prescription drug coverage. But they do provide some of the lowest co-pays and most generous ancillary benefits in the market. And there’s one in particular that has the lowest Maximum out of Pocket (MOOP) of any plan available in Western Pennsylvania.
More Competitive Than Previous Years
There’s only one plan, however, that provides both the Part B Premium Reduction Give Back and Part D prescription coverage. This would be the only plan that those who can’t get drug coverage from a source other than Medicare and want the Give Back should enroll in because there are zero circumstances where I would recommend someone choose a plan that would leave them without “creditable drug coverage.” And please be advised, Good Rx or other pharmacy discount programs are not creditable coverage and will not keep costs down on brand name medications like Part D does.
It’s my opinion that Medicare Advantage Plans in 2022 will be more competitive than ever and offer better value than at any other time in the 14 plus years I’ve been helping people select HMO’s and PPO’s. However, there are also more companies selling them and more plans to choose from than ever. We are close to as many as 100 options in Western PA, if not more. Out of those 100, there are only about 10 I feel are worthy of consideration. Trying to choose one on your own, calling an 800# and dealing with someone who isn’t local, as well as working with a company directly or an inexperienced agent are all a pretty easy ways to wind up with a plan that isn’t among those that will be in my top 10 for 2022.
When choosing a plan with the Part B Premium Reduction, or any other for that matter, there are many variables. Do you understand the differences between Advantage Plans and Supplements? Do you have or qualify for PACE or PACENET? Do you have other coverage available from a current or former employer? Do you travel frequently? These are just a few of the questions that need to be answered to match a client up with the right plan. Maybe the most important consideration is what medications one is taking. Some people might cost themselves money by enrolling in a plan that refunds them $50 per month because their drugs could be much more expensive. Only experienced and well-trained Medicare brokers like myself and the other licensed agents at The Health Insurance Store can be counted on to ensure the best possible plan is chosen. And we are always honest with those who consults us if the plan they currently have, or one they have access to from an employer or as a retiree benefit, is as good or better fit.
One Size Doesn’t Fit All
On the other hand, we’ve met or talked with thousands of people who were enrolled in a plan that wasn’t the best possible choice for their needs and circumstances. $0 premiums may be best for some while many others may be smart to choose a plan with a low premium. We have a group of people who do well with an HMO that has a deductible. We have another group of over 600 clients who have an HMO with no drug coverage. I can tell you one thing for sure, almost no one should have an Advantage Plan HMO or PPO with a premium higher than $40 in 2022.
I recommend anyone who bought a plan directly from a company, enrolled through an agent or agency who hasn’t contacted them in the last 12 months, or who just want the reassurance they’re on the right Advantge, Supplement, or Part D plan give us a call or send me an email. I’m guessing around half of the people that contact us to inquire are, and the other half aren’t. It’s wise to find out which 50% you’re in.
A reminder that all columns can be found on our website the day after they run in the Sunday Post-Gazette. You can also listen to or watch our podcast and webcast versions, where I go into a bit more detail on the week’s question and topic than I have space to do in the column.
Thank you!
If you have any questions or concerns regarding this column topic, or would like to make an appointment for a no-cost consultation, please feel free to give us a call – we would be happy to help. I’d like to remind everyone that I do a live call-in talk show called Medicare A to Z every 1st and 3rd Monday of the month on WMBS Uniontown, 590AM and 101.1FM, from 1 to 3 PM. You can listen in on their website, wmbs590.com.
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