Bring it on 2021!
A new year has finally arrived! With 2020 behind us and a new year of learning and growing ahead, it is time to review your position on personal protections. When it comes to Health Insurance for Individuals, Medicare Beneficiaries, and Self-Employed Small Businesses, it is more important than ever to understand your coverage as well as understand your exposure.
The new year of the Affordable Care Act has brought us higher deductibles and higher out of pocket maximums. Some plans have increased the number of doctors and hospitals they will cover, and some plans have had across-the-board rate reductions.
The new year for Medicare Beneficiaries comes with a small increase to the cost of Pt B to $148.50 per month as well as what must be record-breaking amounts of marketing! I mean, have you noticed more than ever? Between Broadway Joe Namath & Iron Mike Ditka the commercials seem to be nonstop. Wisconsin is seeing some new options and there may be Special Election Codes available to allow you make changes to your plan. Please reach out if you have questions about your Medicare plan.
Small Businesses (restrictions apply) get some updated rules and opportunities regarding Health Reimbursement Arrangements (HRA’s) as an alternative to group insurance. If your small business has a QSE-HRA in place it is critical to review the strategy for 2021 and if your small business has questions, now is the time to ask.
Understanding supplemental insurance and how it can help you is an important part of a well-rounded strategy for 2021. One thing everyone seems to agree on is that our healthcare system is fundamentally flawed. A good example of that is when/if you have a dramatic medical claim the health insurance simply pays the doctor and hospital bills. Health Insurance protects doctors and hospitals from you and your inability to pay the ever-increasing cost of care. Supplemental Insurance benefits are designed to help you by providing tax free cash directly to your pocket. This allows us to use that money to pay down your high deductible or use it to make the car payment. Supplemental Insurance empowers you financially while your health insurance is simply limiting the burden of the medical bills.
We all ask for the serenity to accept the things we cannot change, the courage to change the things we can, and the wisdom to know the difference. When it comes to your personal Health Insurance strategies, please know that you can make changes, and it does not take much courage to explore the options. In fact, I (Jim Larson) specialize in making that process simple and pain free! Scheduling a policy review to gain some wisdom on the options is as easy is as dialing 262-7-INSURE.
Call today and Geneva will help you schedule a free telephonic or zoom consultation at your convenience.