Affordable Health Insurance for Families & Individuals in Maine

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Stars… we like them! The more stars you get, the better you are. It goes back to nursery school and it continues to longevity. Medicare’s 5-Star rating system is all about ensuring that Medicare Advantage Plans and Stand Alone Prescription Drug Plans step up, raise the bar, compete, and do the best job taking care of you. The better the plans perform, the more stars they earn. Every plan’s performance is transparently displayed when you visit www.medicare.gov . When it comes to the cost of healthcare, everyone – that means you and me, along with insurance plans and healthcare providers, must do our part. The truth is, the more proactive we all are with our healthcare, the lower overall healthcare costs. Collectively – not only do we have a part in this, we also have a say in it! The Centers for Medicare and Medicaid (CMS) award all Medicare Advantage Plane and Stand-Alone Prescription Drug plans with a universal star rating system. Plans are awarded stars on a scale of 0 (too soon to tell) to 5 stars being the best. Visit www.medicare.gov and view all the Medicare plans in your area. All of those insurance carriers are competing for stars, and earning those stars, in part, is a result of customer satisfaction and health management. The star rating for Medicare Advantage Plans is based on 38 quality measures in five major categories as follows: Staying healthy: screenings, tests, and vaccines. Managing chronic (long-term) conditions. Plan responsiveness and care. Member complaints, problems getting services, and choosing to leave the plan. Health plan customer service. The star rating for prescription drug plans are rated on 12 quality measures, in four major categories as follows: Drug plan customer service Member complaints, problems getting services, and choosing to leave the plan Member experience with the drug plan Drug pricing and patient safety  When Plans compete for stars, the consumer benefits. Plans are always looking for ways to increase their star rating, especially with Medicare Advantage Plans. These managed care plans carefully balance how they care for chronic conditions while also incentivizing preventive care. In short – it is in the plans interest to get to know you; and what ails you. The more proactive they are with your care; the lower the healthcare costs and the better the healthcare outcomes of members. When plans hit these accountability measures, they get awarded with higher stars. We all know the old adage, an ounce of prevention is worth a pound of cure – this comes to bear in the star ratings of Medicare Advantage Plans. The more members participate in preventive care – screenings, etc., the more stars the plan earns. Members are often encouraged to earn extra rewards by practicing good preventive care. Plans are rated each year. Ratings come out in October for the upcoming year. If there is a 5-Star plan available in your market, Medicare Beneficiaries can join or switch to a 5-Star Plan outside of the Annual Enrollment Period (October 15 th – December 7 th ), by utilizing a one-time SEP (Special Enrollment Period) beginning December 8 th – November 30 th of the next year. Enrollments are effective the month following the enrollment request. There you have it. Stars – they are a good thing, even with Medicare! The star rating system creates competition, accountability, and transparency. The next time your plan calls and offers you a healthy home visit, take them up on it. Together, we can reduce the cost of healthcare by taking preventive steps. And who knows – the plan you are on may give you a reward for practicing good preventive and healthcare management.

Medicare Prescription Drug Coverage – some good news! If you are struggling with the high cost of prescription drugs, you are not alone. More than 5 million Americans are in the same boat. It has always seemed a bit odd that Medicare Prescription Drug plans never put a maximum out-of-pocket cap on Medicare beneficiaries prescription drug spending each year. The good news is, this is changing in 2024! There are four CMS (Centers for Medicare and Medicaid) stages to a Medicare prescription drug plan. Each year the thresholds change. For 2024, the thresholds are as follows: Stage 1 – Deductible: $545 Stage 2 – Initial coverage $5,030 Stage 3 – Coverage Gap (otherwise known as the donut hole) - $8,000 Stage 4 – Catastrophic coverage - $0 cost. New in 2024, prescription drug costs will cap at $8000.00. Putting an end in sight to run away prescription drug costs. That’s a start. In 2025, total prescription drug costs will cap at $2000. That’s a notable improvement. None the less, for Americans living on a fixed income, these cost are still daunting. The Federal Extra Help programs (LIS) is available to help beneficiaries by providing subsidies that result in $0 premiums and lower cost, fixed copayments for covered prescription drugs. In 2024, eligibility for this program is expanding from 135% of Federal Poverty Level, to 150% of federal poverty level . Eligible beneficiaries must also meet statutory resource limits. At last, insulin dependent diabetics will receive financial relief! In 2024, insulin will not be subject to a deductible in any Part D prescription drug plans. Beneficiaries will pay no more than $35/month for each insulin product in the Initial Coverage and Coverage Gap phase. And finally, rest easy. Any vaccines that are recommended by the Advisory Committee on Immunization Practices must be no deductible, and $0 cost. Whether you have your prescription drug coverage imbedded in your Medicare Advantage Plan, or you have a stand-alone prescription drug plan, you should always check your plan’s formulary to make sure your meds are in the formulary. When working with clients, I always use www.mediccare.gov . It is a great resource for consumers to objectively check plans and formularies. If you would like me to review your plan, click here. If you would like to compare plans that I offer and self-enroll, click here. If you would like to learn more about diabetic support programs or check eligibility for Extra Help, feel free to give me a call: 207-544-4119 Medicare disclaimer: Currently, we represent seven organizations which offer 65 products in your area. You can always contact Medicare.gov. 1-800-MEDICARE or your local State Health Insurance Program for help with your plan choices.