The Centers for Medicare & Medicaid Services (CMS) recently announced an important initiative to address the soaring medicare drug price of prescription drugs for Medicare beneficiaries. Under the Inflation Reduction Act, the CMS will begin negotiating prices for a selection of high-cost medications, marking a significant shift in Medicare’s approach. While Medicare has traditionally negotiated […]
If you’re looking to compare Medicare supplements, understanding the intricacies of each plan is crucial for both Medicare insurance agents and enrollees. Medicare supplements, also known as Medigap insurance, play a vital role in providing coverage to fill the gaps after Original Medicare pays its share of covered medical expenses. One key aspect to bear in mind […]
Medicare premiums are a crucial aspect for both beneficiaries and agents to comprehend. They tend to change annually, making it essential for enrollees and agents to stay informed about these adjustments. Failing to have the correct information can lead to costly mistakes. At Gr8 Medicare Solutions, we aim to provide comprehensive insights into Medicare premiums to […]
At Gr8 Medicare Solutions, we understand the importance of accessing the medications you need. If you find that your prescribed medication is not on your plan’s formulary, you can take action by requesting a “formulary exception” from your insurer. Here’s a step-by-step guide to help you through this process. Understanding Formulary Exceptions Health plans maintain a formulary, a […]
Medicare income limits play a significant role in determining costs for beneficiaries. Let’s explore the details of how income affects Medicare premiums and its impact on those enrolled in the program. Why Medicare Income Limits Matter Approximately 7% of Medicare beneficiaries are affected by income limits. Each year, the Social Security Administration establishes the income limit used for the Income-Related […]
Navigating the world of Medicare can be complex, but Hawthorne, New Jersey residents have a trusted ally in Gr8 Medicare Solutions. This local agency specializes in Medicare Supplements, also known as Medigap policies, which are designed to cover the costs not included in Original Medicare Parts A and B, such as copayments, coinsurance, and deductibles. Why […]
Over the last decade, Medicare Advantage (MA) has emerged as a prominent alternative to traditional Medicare. With more than 28 million beneficiaries currently enrolled in MA plans, it’s essential to understand the options available for 2023 and the key trends shaping this landscape1. What Are Medicare Advantage Plans? Medicare Advantage plans, also known as Part C, are private health insurance plans […]
Medicare Plan Premiums Premiums are the monthly charges paid for Medicare coverage. Part A Premiums Most beneficiaries receive Part A without a premium if they’ve worked in a Medicare-taxed job for at least 10 years (40 quarters). For those who don’t qualify for premium-free Part A, the 2024 monthly premiums range from $278 to $505, depending on […]
Introduction As the population ages, the need for quality healthcare services continues to grow. For many seniors and individuals recovering from illnesses or injuries, home healthcare plays a crucial role in maintaining their well-being. In this blog post, we’ll explore the intersection of Medicare and Home Healthcare, highlighting eligibility criteria, covered services, and what you […]
Supplemental Medicare Insurance: Your Guide to Medigap Coverage Supplemental Medicare insurance, commonly known as Medigap, Medicare Supplement, or Med Supp, is offered by private insurers to those eligible for Medicare. Typically, Medicare covers around 80% of approved medical expenses, leaving beneficiaries to handle the rest. Medigap plans aim to cover that remaining 20%, thereby reducing out-of-pocket costs […]
