Protect Your Clients from Medical Costs
Medicare Advantage Plans can help reduce your client’s monthly premiums and protect them from uncapped medical costs. With nearly one-third of all Medicare beneficiaries enrolled in Medicare Advantage plans in 2016, there is ongoing interest in the evolution of this marketplace and how well it is working for beneficiaries.
31% of the Medicare population enrolled in a Medicare Advantage Plan. Total Medicare Advantage enrollment grew by about 0.9 million beneficiaries, or 5%, between 2015 and 2016. As has been the case each year since 2007, about two-thirds of the Medicare Advantage enrollees are in HMOs, one–third are in PPOs, and the remainder is in the PFFs plan option.
Medicare Advantage enrollees are responsible for paying the Part B premium, in addition to any premium charged by the plan. The Medicare Advantage premium paid by enrollees reflects the difference between the plan’s costs of providing Part A and B benefits and any supplemental benefits offered and the federal payment to the plan for Part A and B benefits. Plans receive a percentage of the difference between their bid and the maximum federal payment (known as a rebate) and are required to use this amount to offer extra benefits, reduce cost sharing, or reduce the Part B premium. If the plan includes the Medicare Part D prescription drug benefit, as most plans do, the plan may also use the rebate to reduce the Part D premium.
Agent Pipeline Regional Sales Staff performs comparisons on plans available in your market, provides compliant marketing pieces and assistance, and much more. Give us a call to learn more about the opportunities available for you to grow your Medicare Advantage business. To get certified to sell Medicare Advantage Insurance Plans, click here to locate your Regional Sales Director.
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