Maximize Your Medicare Newsletter Mar 2 2015

Maximize Your Medicare Newsletter March 2, 2015 Medicare ABCs: Ann Arbor MI, March 16 2015 Ann Arbor Senior Center, 1320 Baldwin Ave 5:00—6:30PM What is Different I have given this presentation at a variety of places, always sponsored by another party (e.g. library, etc). At those locations, my comments must be muted to a degree. Of course, I am regulated, so I must follow certain rules, and they will be here, as well.

However, there are additional comments that will be important when considering the options that Medicare beneficiaries face. It may seem overwhelming, but it can be clearly explained.

Please Tell Someone Healthcare cost-planning/Medicare information is different than other financial information. Let's say you know a house is underpriced, and you are interested. You know someone else who is also interested. Telling that person isn't a very good idea, because the additional person can create upward price pressure, and thus, removing the notion that the house would be undervalued.

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From a client: Dear Mr. Jae Oh, My husband and I are so thankful for your help. We were in need of a special insurance program and could not figure out how to meet the government’s December 7 deadline without finding ourselves locked into the same program we had last year. You phoned after I had searched the Internet for an answer, heard my distress, and created a course of action to solve our concern. This was amazing since you know you would not receive any financial reward for this kindness. We are grateful to you.

Thank You! Sincerely, Robert and Phyllis Nulty Northville, MI

FREE ANDROID APP: You enter Date of Birth, and check some boxes. Depending on your answer, out comes a checklist of issues to consider.

A perfect place to start for those new to Medicare.

Maximize Your Medicare Newsletter March 2, 2015

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Medicare ABCs, Ann Arbor MI, March 16 Medicare is very different. By having fewer unpaid bills systematically, the healthcare system can find the correct prices. Some (not all) of the price levels are the result of unpaid bills. Much of this can be reasonably avoided.

There are further feedback effects, many of them academic, and may seem trivial, but the right information can save people money, eliminate unnecessary risks, thereby freeing the beneficiary to pursue other activities. It is financial fact: people don't spend money because they are worried about the medical costs. In many instances this worry is unfounded, or can be largely minimized. IF that person has the CORRECT information (hint).

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FREE Copy of Maximize Your Medicare You have a friend that requires Medicare enrollment assistance and contacts me directly via email. That person tells me your name.

I will send you a coupon code for an ebook copy of the book from Smashwords.com.

This offer will expire April 1. That’s no joke (get it?)

SEND JAE YOUR PERSONAL QUESTIONS and REQUESTS Jae [at] maximizeyourmedicare [dot]com or CLICK THE ICON FREE ANDROID APP: You enter Date of Birth, and check some boxes. Depending on your answer, out comes a checklist of issues to consider.

A perfect place to start for those new to Medicare.

Maximize Your Medicare Newsletter March 2 2015

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People don’t know how Medicare works. People you know may not discuss it with you for personal and private reasons.

This should NOT be mistaken as: “My friend doesn’t talk about it, so he/she get it.”

Help them: share this.

Charged a Late Enrollment Penalty?

The rules for enrolling in Medicare can seem complicated to many.

MyMedicareAnswers.com does a very good job of broadly explaining these rules. However, many know that life doesn’t always follow the “playbook,” and that at times, miscommunication or human error can occur.

Part D Late Enrollment Penalty The rules for enrolling in prescription drug coverage are pretty clear.

You cannot have a lapse in coverage, or you will be charged 1% per month, for every month that you were entitled to enroll in a creditable prescription drug benefits program.

Examples exist throughout this website, but there are a couple of additional points not made here. First, the penalty can change through time, because the penalty is calculated using the national average by the CMS (Centers for Medicare and Medicaid Services).

So, the penalty for 2015 is $0.01 higher than in 2014. Second, rounding occurs (up or down) to the nearest $0.10. If the calculated penalty was $5.51, then you would be penalized $5.50 per month, not $5.51 per month.

Back to the point: you are required to provide evidence of creditable prescription drug benefits coverage. The “small print” here is that the plan providing prescription drug benefits must be ruled to be “creditable” by the CMS. If you are covered by an employersponsored plan, there will certainly be a statement within the Summary of Benefits that addresses this.

SEND JAE YOUR PERSONAL QUESTIONS and REQUESTS Jae [at] maximizeyourmedicare [dot]com or CLICK THE ICON FREE ANDROID APP: You enter Date of Birth, and check some boxes. Depending on your answer, out comes a checklist of issues to consider.

A perfect place to start for those new to Medicare.

And...It’s FREE.

Maximize Your Medicare Newsletter March 2, 2015

Connect and Share Maximize Your Medicare everywhere:

People don’t know how Medicare works. People you know may not discuss it with you for personal and private reasons.

This should NOT be mistaken as: “My friend doesn’t talk about it, so he/she get it.”

Help them: share this.

Late Enrollment Penalty?

Given this, can you be charged Part D Late Enrollment Penalties erroneously? The answer is yes.

Simple Example of Erroneous Late Enrollment Penalty Let’s say that you have had creditable drug coverage, and you are an active employee. You may have elected to continue with your employer-provided health and prescription drug benefits plan, beyond the age of 65. After some period, for whatever reasons (there are many possible reasons), your employer-provided plan ends, or you decide that you want to enroll in Medicare.

When you cancel, it is important to have the enrollment dates of your prior (in this case, employer-provided), plan, and the statement that the prescription drug benefits you received were creditable. The (understandable) problem occurs because this evidence is usually not available in advance, so it is very easy to forget to provide this to your Medicare Part D or Medicare Advantage Prescription Drug (MAPD) plan provider. If you do not provide this to the relevant carrier, you can (and most likely will be) assessed the Part D Late Enrollment Penalty.

What To Do Maximus is the name of a company that currently handles appeals for the Part D Late Enrollment Penalty. The contact information is here. You will almost certainly need to provide historical information to prove that you have not had a lapse in prescription drug coverage. In addition, you can appoint someone else, to speak on your behalf, to Maximus.

SEND JAE YOUR PERSONAL QUESTIONS and REQUESTS Jae [at] maximizeyourmedicare [dot]com or CLICK THE ICON FREE ANDROID APP: You enter Date of Birth, and check some boxes. Depending on your answer, out comes a checklist of issues to consider.

A perfect place to start for those new to Medicare.