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📚 Medicare 101 - The Series

📚 Medicare 101 - The Series

History of Medicare, Part A, Part B, Medigap, Value Based Care, SNPs.

Jared Strock
November 30, 2023

This week’s newsletter is Sponsored By: Telos Actuarial

Telos helps develop new Insurance products for the Medicare Market!

Here is what you’ll find in this week’s newsletter!

Important links 🔗 - the best articles we found this week about the Medicare Market along with links to Jared’s recent LinkedIn posts.
Deep Dive 📚 - This week’s deep dive combines past Deep Dives into our Medicare 101 Series.
Compliance Chatter 📢 - Medicare Supplement Changes are coming to Kentucky!
Sponsor Snapshot 🚀 - brought to you by Telos Actuarial.
Data Visual of the week 📊 - Data Visual highlighting percentage of MA enrollees selecting $0 premium plans.

It’s only a 5 minute read, but it will make you 10x smarter.

Here are IMPORTANT LINKS 🔗 for the week:

Chief Compliance Officer Sentenced for $50M Medicare Fraud Scheme - (link)
The Inflation Reduction Act And Its Medicare Part B Problem - (link)
Medicare Part D 2024 Drug Premiums Soar- (link)
Medicare paid out $31.2B in improper payments for FY23, CMS says - (link)
CMS 4205-P Proposed Rule: Top Five Takeaways - (link)

Jared’s recent LinkedIn posts:

MA Supp. Benefits proposed rule - link
SNPs are fastest growing part of MA - link
Happy Thanksgiving!- link
Don’t forget to get a copy of our eBook - link
Medicare Advantage 2024 Landscape for FL, CA & TX - link

DEEP DIVE 📚

Medicare 101 - The Series

This week’s deep dive doesn’t include any new content.

Instead, we’re pointing you to prior deep dives that provide Medicare 101 information.

All combined, this forms our Medicare 101 Series.

You can use this to brush up on your foundational Medicare knowledge.

Have your new employees read this to learn all about Medicare.

Or, you can read these out loud to your spouse if they are having trouble sleeping 😴.

Okay here we go….

1/ HISTORY OF MEDICARE

A look back to see how the program was originally created and some of the major changes that have taken place.

2/ MEDICARE PART A

A closer look at one of the parts of Original Medicare. This delicious batch of alphabet soup serves up Part A.

3/ MEDICARE PART B

This deep dive continues through the Medicare alphabet by looking at Part B.

4/ MEDICARE SUPPLEMENT

Medicare Supplement (“Med Supp”) policies are designed to help fill the gaps of Medicare Part A and Part B. This deep dive takes a look at Medicare Supplement.

5/ VALUE BASED CARE

Value Based Care is the buzz word in the Medicare provider space. What is it? Why is it important?

6/ SPECIAL NEEDS PLANS (“SNPs”)

SNP enrollment grew 24% in 2023. What are they? What are the recent trends?

That’s everything. I hope this is helpful!

P.S. - Let us know if there are any additional 101 topics you’d like to see covered in the future!

COMPLIANCE CHATTER 📢:

Medicare Supplement Changes are coming to Kentucky!

Earlier this year, Kentucky adopted HB345, becoming another state to implement a “birthday rule.”

Effective January 1, 2024, insurers cannot deny, condition the issuance or effectiveness of, or discriminate in the pricing of a Medicare supplement policy available for sale in Kentucky because of the health status, claims experience, receipt of health care, or medical condition of an applicant, if at the time of application the applicant is:

insured under a Medicare supplement policy; and
the application is submitted within 60 days of the applicant’s birthdate to an insurer who did not issue the applicant’s current Medicare supplement policy; and
The applicant wants to keep the same Medicare supplement plan type.

This act applies to all Medicare supplement policies available, issued, or renewed in Kentucky on or after January 1, 2024.

If you would like to learn more about our compliance services, reach out to [email protected].

Sponsor Snapshot 🚀: Telos Actuarial

Telos helps insurance carriers launch new products for the 65+ market.

Market Research → Pricing → Benchmarking → DOI Approval → LAUNCH 🚀

We help at every step.

Send us a note if you want to launch your own product: (link)

DATA VISUAL of the Week 📊

This week’s data visual comes from eHealth (link). It shows the percentage of MA enrollees selecting $0 premium plans during this year’s AEP (so far).

If you’re ready, here are some ways we can help you:

Newsletter Sponsorship opportunities: Promote your product or services to leaders in the Medicare space. Let’s discuss. (link)
Market Research: Reports that help you wrap your arms around the Senior focused insurance markets. (link)
Consulting: We can help you develop new insurance products for the Medicare market, appraise your books of business, and keep you compliant. Let’s discuss. (link)

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