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Medicare 101

In just a few weeks, the Annual Election Period for Medicare Advantage and Medicare Part D plans will open, and when it does agents who had intended to start selling Medicare products this year, perhaps because of the instability in the individual market, but who failed to get certified to sell those products will have missed their opportunity. Sure, they can still sell supplements all year long, but the big opportunity that comes only once a year will be behind us and they’ll have to wait until October, 2018 for their next chance. To help those of you who are still deciding whether to expand your portfolio to include Medicare-related products or not, we thought we’d provide a short “Medicare 101” tutorial. And for those of you who already sell Medigap policies, Medicare Advantage plans, and Medicare Part D prescription drug plans, this should serve as a nice refresher. Since it’s often necessary to educate clients and prospects about what they currently have before explaining what their options are, knowing how to do that in concise terms may prove helpful. Here we go... What is Medicare? Let’s start off with the basics – what, exactly, is Medicare? Put simply, Medicare is a government-run health insurance program for people over the age of 65, people receiving Social Security Disability payments, and people with End Stage Renal Disease (kidney failure requiring dialysis). Medicare was signed into law back in 1965 and was originally created for older Americans who had trouble qualifying for insurance at the time. Over the years, Medicare has been modified on a number of occasions. In 1972, for instance, it was expanded to include the disabled and people with ESRD. In 1997, President Clinton signed the Balanced Budget Act, which created the Medicare + Choice program (now called Medicare Advantage). In 2003, President Bush signed the Medicare Drug, Improvement, and Modernization Act, which created the Medicare Part D drug program and expanded funding for Medicare Advantage. And the Affordable Care Act, signed into law in 2010 by President Obama, added a number of new preventive services to the program and began to close the unpopular Part D donut hole. While many lawmakers believe Medicare needs some serious improvements, others would like to expand the program to include those age 55 and older or even to cover all Americans. The government program does have a high approval rating among those who receive Medicare benefits.
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What’s Your Job Description? Is It Changing?

When a company is searching for a new employee, it often provides a “job description” that explains the qualifications for the position in terms of experience and education, highlights the big areas of responsibility the job would entail, and details the various tasks the employee would be expected to perform on a daily basis. It helps applicants determine if they meet the job requirements and sets expectations once they’re offered the position.
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Will they really let Obamacare fail?

By now, everyone’s heard the news: the Republican efforts to repeal and replace the Affordable Care Act have failed in the Senate. After three unsuccessful votes—first on the Better Care Reconciliation Act, then on a repeal and delay bill, then on a skinny repeal—majority leader Mitch McConnell declared on July 27 that “it’s time to move on.” For now, repeal & replace is dead, though the efforts could certainly be revived sometime in the future.
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What is Concierge Medicine?

As premiums continue to increase and plan designs are tweaked to keep costs under control, today’s health insurance policies are quickly turning into catastrophic coverage. They’re great if you have a big, unexpected medical expense but aren’t all that useful for some of the day-to-day needs like doctor visits and prescription drugs. Sure, members do get the benefit of the carrier’s negotiated rate if they stay within the insurance company’s shrinking provider network, but consumers are beginning to realize that there are other options outside the health plan that might help them save money while receiving better care. And as health insurance plans cover less and less, we’ll see more and more of these non-insurance solutions.
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HSA Limits for 2018

The Internal Revenue Service has announced the 2018 deductible, out-of-pocket, and contribution limits for Health Savings Accounts. Here they are:
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Is the Individual Mandate Going Away? (and what happens if it does?)

There are a lot of really good reasons to purchase health insurance:
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Is the AHCA good or bad for agents?

As lawmakers on both sides of the aisle debate the merits of the American Health Care Act and its possible effect on the poor, the sick, and the elderly, we thought we’d look at the proposed law from a different perspective: from the viewpoint of health insurance agents.
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Are you practicing law without a license?

As you know, there are a number of steps involved in running an agency and selling an insurance policy. Some of those steps, like answering incoming calls, explaining claims procedures when interpretation is not required, and tending to administrative matters can be handled effectively and legally by unlicensed personnel. Other tasks, though, require that an agent be properly licensed. Examples include providing insurance quotes, accepting an application, and receiving premium payments. The distinction is pretty clear, and most agents are careful about the duties they ask their unlicensed office staff to perform. There are some pretty stiff penalties for selling insurance without a license.
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A Quick Comparison of the House and Senate Bills

On May 4, the U.S. House of Representatives passed the American Health Care Act (AHCA), its version of the Obamacare “Repeal and Replace” legislation. The bill would, among other things, end the individual and employer mandate penalties, change the way premium tax credits are calculated, eliminate the cost sharing subsidies, roll back expanded Medicaid, kill most ACA taxes, and give states the option to charge more for pre-existing conditions while eliminating some of the essential benefits.
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Are your clients good healthcare consumers?

(and if not, who’s to blame?)
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