Medicare just made a big announcement regarding their Part B Premiums for 2023. These standard premiums will drop by 3% next year. The monthly premium for Medicare Part B will actually reduce by $5.20 by 2023. This will also lower the deductible for Part B.
What do lowered premiums mean for you?
Thanks to Medicare Part B’s projected spending on Aduhelm, a medication to battle the onslaught of Alzheimer’s, the premium for this program dropped more than expected. Medicare spent less than expected on Aduhelm, meaning they could spend more on Part B. This in turn led to a reduction in 2023 Medicare premiums!
Medicare Part A, on the other hand, raised its deductible per benefit period, which starts upon admission to a hospital, to $1,600 in 2023, from its current amount of $1,556. This amount applies to the first 60 days of inpatient hospital care.
If you are considering Medicare Part B with the lower premiums coming in 2023, now is the time to act as open enrollment season draws near.
Other changes to make note of
After the 61st day and through the 90th day, however, coinsurance will cost at least $400 a day. The price of coinsurance will go up by $11 from the current amount this year.
Moreover, IRMAAs are effective in January as well, for individuals with a gross income of over $97,000. Those filing jointly must expect an extra monthly charge if their net income is over $194,000 instead of 2022’s ceiling of $182,000.
These changes are announced just as open enrollment season approaches, so definitely consider these lowered premiums as you research health insurance plans.
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Today, Bright Health Group announced that it will no longer offer Individual and Family Plans through Bright HealthCare, or Medicare Advantage except for in Florida and California, starting in 2023.
What’s going on?
Bright Health Group will exclusively focus on making healthcare accessible to the elderly and lower-income populations. Bright Health hopes to accomplish this using its Fully Aligned Care Model in select states such as Florida, Texas, and California.
“We have demonstrated the power of the Fully Aligned Care Model in serving aging and underserved populations […]” Mike Mikan says, President and CEO of Bright Health Group. “The changes announced today give Bright Health a strong and stable platform for profitable growth at much lower risk. This is one more strategic step to building a differentiated and profitable business at scale.”
Bright Healthcare does intend to serve members affected by this change. They will meet any obligations for the rest of 2022’s plan period. The company promises to help those affected find a new health insurance plan during open enrollment periods.
After 2022, Bright HealthCare will no longer offer Individual and Family healthcare plans in Alabama, Arizona, Colorado, Florida, Georgia, Nebraska, North Carolina, Texas, and Tennessee.
Wait! Don’t panic.
If you are a consumer looking for a new health insurance plan during 2023 open enrollment, look no further than Healthedly. We are here to help.
Whether you are seeking a new insurance plan or you are switching from Bright Health to another provider, we’ve got your back.
Agility currently contracts ACA (individual and family) agents to offer plans with Aetna CVS Health, Ambetter, Blue Cross and Blue Shield, CareSource, CHRISTUS Health, Cigna Health, Friday Health Plans, Medica, Molina Healthcare, Oscar Health, and UnitedHealthcare.
So, you have no shortage of choices when it comes to health insurance. Our agents will guide you to the right provider that is best for YOU. Get a free quote today, or call 855-522-2201.
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It’s no secret that spending time in nature can improve your mental and physical health.
A cool breeze. Warm sunlight touches your face. Just a couple of minutes of looking at green space in your daily life can keep you healthy. Even if you are in a city setting surrounded by steel, you can still benefit from a brisk walk around the neighborhood.
Here are four ways that nature can improve your mental health:
1. Makes you more creative
Taking breaks outside can improve creativity because it allows us to be more open-minded. Just being out in nature also gives us more time to think about what we want to do next versus focusing on everyday tasks like checking email or answering phone calls at work (which often stifles creative thinking.) This means we get better results. So, unplug from tech every now and then and reset your own mental focus and creativity.
2. Improves your mood
Spending time outside makes us feel happier and more positive about life. “Spending time in nature has cognitive benefits, but it also has emotional and existential benefits…” says Cynthia Frantz, PhD, professor of psychology and environmental studies at Oberlin College. This is because natural environments make us feel connected with other people, animals, and plants around us. Going for walks with your favorite companions is a great way to maintain mental and physical health.
3. Makes you nicer
Sometimes sunshine and fresh air are exactly what the body needs to process data and communication. Many studies have shown that those who engaged in outdoor activity collaborated better afterward. These behaviors are present from grade school children to business professionals. They cooperated faster and made more empathic decisions.
4. Helps you relax
Quality time in nature creates a calming reaction that reduces stress, anxiety, and depression. Greatly decreasing the risk of mental illness and social and sleep disorders. Take a moment for yourself. Enjoy the sights, smells, and sounds produced by nature.
It’s so easy to get caught up with work and personal obligations. However, you need to remember to take breaks and go outside. So, get out there and explore! Your body and mind will thank you!
Another great way to get peace of mind? Knowing you have the best quote for the best insurance company in your network is a huge relief. Get your free quote at Healthedly or call 855-522-2201
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While you might be happy with your existing health insurance plan, it’s never a bad idea to explore your options and consider whether you might benefit from changing your coverage.
If you’re looking to update your health plan, you can make changes during certain months of the year known as “enrollment periods”. But how do the enrollment periods work, and when can you amend your existing coverage? At Healthedly, we understand the terminology can seem daunting, so here’s a breakdown of the difference between open and annual enrollment periods so you can see how they might apply in your situation.
Open Enrollment Period
The open enrollment period (OEP) is a time when you can change your health insurance. When is the open enrollment period? Well, the exact time frame depends on your provider, but it usually falls around October, November or December. Open enrollment for the ACA in 2022 runs from November 1st, 2022 to January 15th, 2023.
During the OEP, you can:
open a new policy
switch plans
amend your level of coverage
Who can use the OEP? Typically it applies to individuals who don’t have an employee-sponsored healthcare plan; for example, the self-employed. So, if you don’t have employee-sponsored health insurance and you want to change your plan to suit your evolving health needs, then this is your window of opportunity.
Medicare’s Annual Open Enrollment Period
Medicare has its own annual open enrollment periods. Here’s everything you need to know about it!
Medicare open enrollment period: If you have a Medicare policy, you can switch, change, or cancel your plan between October 15 and December 7.
Medicare Advantage open enrollment period: Individuals with Medicare Advantage plans can change, cancel, or switch their coverage between January 1 and March 31.
You could switch from Medicare Advantage to Original Medicare during this special enrollment period for Medicare customers.
Switch from a Medicare Advantage plan without prescription coverage to a Medicare Advantage with a Prescription Drug plan (or vice versa).
Switch to a new plan with a different provider
Annual Open Enrollment Period
The annual enrollment period (AEP) applies to individuals with employer-sponsored health insurance. During this window – which, again, usually falls between November and December – you can change your policy, join a new plan, amend your coverage, or cancel your insurance.
Check with your employer if you’re unsure when your annual enrollment period is.
Your employer may require you to take some affirmative action to renew your coverage each year, so double-check your policy to see if there’s anything you should do before the window ends.
Open Enrollment vs. Annual Enrollment
While you might sometimes see OEP and AEP used interchangeably, they are slightly different.
Anyone with an employer-sponsored health insurance plan can change their coverage during the annual enrollment period.
If you don’t have an employer-sponsored healthcare plan, you can change your coverage during the open enrollmentperiod.
Finally, if you have a Medicare plan, you can change it during the annual enrollment period which typically runs from October to December. And if you have a Medicare Advantage plan, you can make a one-time policy change between January and March.
Open Enrollment or Annual Enrollment: Which Is Right for You?
Ultimately, this comes down to your personal circumstances. Whether you use an open enrollment or annual enrollment period depends on:
what health insurance coverage you already have;
whether your employer covers your health insurance; and
what changes may be required to ensure your health insurance covers your needs.
At Healthedly, we know how confusing the health insurance market can be, and we’re committed to helping our clients choose the right coverage at the right time. Our friendly, experienced team can walk you through a range of health plans to suit your budget and your long-term care needs – and we can offer you free enrollment support when you need it most.
No one likes to talk about what happens after they die, but if you have dependents, you might want to think about how to protect them financially after your death. A life insurance policy can give your loved ones the peace of mind they need – but what is life insurance, and what does it cover? Let’s take a look.
What Is Life Insurance?
This insurance is a type of contract between you and your insurer. You make regular payments, known as premiums, and in return, the insurer agrees to pay out a lump sum to certain individuals – known as “beneficiaries” – upon your death.
Can you use this insurance money for anything? Sure – once your beneficiaries receive it, they can use it how they wish. However, it’s commonly used to cover expenses such as funeral bills or to supplement your income if you die before your spouse.
Types of Life Insurance
There are two types of this insurance: term life and whole life insurance.
Term insurance covers you for a fixed period of time e.g. 10 years and pays out if you die during this period.
Whole life insurance covers your lifetime, so regardless of when you die, it still pays out.
Regardless of your policy, it will only pay out if you keep up the premium payments.
What Does Life Insurance Cover?
So, what does this insurance cover? Here’s a breakdown.
Accidental death: Deaths caused accidentally e.g. drowning are usually covered by these insurance policies.
Natural death: If you die due to a natural cause e.g. heart attack or old age, your policy covers this.
Suicide: Most of these insurance policies cover suicide, but only after a qualifying period e.g. one year.
Medical conditions: Depending on your level of coverage, your policy may pay out if you die from a chronic or pre-existing condition such as cancer. You must declare these conditions when you apply, though, or contact your insurer if you’re later diagnosed with an illness which affects your policy – otherwise you could void your agreement.
What Does This Insurance Not Cover?
This insurance covers most – but not all – eventualities. Here’s when your insurer may not pay out to your beneficiaries.
Insurance fraud: If you lie on your application or deliberately omit information, your policy won’t pay out.
High-risk activities: Unless you take out high-risk life insurance, your policy may not pay if you die during a dangerous sport or pastime e.g. skydiving.
Criminal acts: While policies vary, benefits may not be paid out if a person dies while committing a criminal offense.
Murder: Under the so-called “Slayer Rule”, a beneficiary won’t receive proceeds from your insurance policy if they intentionally cause your death. Others from your estate, however, can still receive proceeds.
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