Medicare Supplement Changes in June 2010

They say it is best to be forewarned about something important that is going to happen. There are some big changes that will be happening when it comes to Medicare Supplement Insurance – also known as Medigap. It is important for those who need Medicare Supplements to begin to learn about these changes now so that they will know and understand what they need when the time comes next year. This will give people enough time to ask questions, find information, talk to professionals and attend meetings regarding the changes well in advance.

In an effort to protect individuals covered by Medicare Supplements, the National Association of Insurance Commissioners suggested these changes to protect consumers in many ways. One way will be to eliminate duplicate coverage and add additional coverage that will be beneficial.

The new changes include:
*Plans E, H, I and J will be eliminated
*The lower cost Plan M and Plan N will be released and co-pays will be included in these newer plans
*The Home Care benefit will be rmoved from plan G and the 80% coverage will be increased to 100% coverage
*Plans A and Plans C and F must be sold by all insurers offering Plan A
*A hospice benefit will beincluded in all new plans being released

There will be new pricing available by all companies with these new plans. This means that companies that are not selling supplements now will likely begin to sell them in addition to the companies already selling them. This should create more competition and lower prices for premiums.

These changes should help most consumers enrolling in Medicare for the first time. People with chronic or serious health problems may have to stay on their current plans, though this may not be the case.

The way to determine what your situation will be is to start researching. Check with your current agent. One important thing to do is to be sure that he/she is familiar with and understands these new changes. Regardless of whether he/she does or not, check on the internet under Medicare Supplements, Medicare Supplement Changes 2010, and CMS (Centers for Medicare and Medicaid Services). You will find pages and pages of entries under each of those categories including explanations, calculators that will help you determine what is best for you and more.

Updating products to help consumers is not a bad thing. The bad thing is to be left at the last minute without the information you need to make an informed decision. There is a year to do this research so you can do it a little at a time- a half hour here and a half hour there – and you will learn what you need to know when the time comes.

Since the idea is to protect consumers, a little homework will go a long way in protecting you and helping you to get the coverage that is right for you.