Due to federal funding pressure, insurance companies have struggled to keep premiums low. However, as the 2016 Medicare Advantage plan spreadsheet plan reveals, they’re increasing out-of-pocket costs to keep monthly premiums down. Are you interested in learning more about Medicare supplements in Rockford? We can help! Call us today and one of our financial professionals will assist you.
For years, the Centers for Medicare & Medicaid Services (CMS) has been squeezing financial support for MA plan issuers in order to close the gap between what the government spends on traditional Medicare enrollees and what it spends on Medicare Advantage plan enrollees.
CMS officials say providers have been able to keep premiums low, but. When the plan data for 2016 was released by the agencies, it showed that 95% of all enrollees will have access to a “zero-premium” plan option.
According to a LifeHealthPro analysis, the number of zero-premium plans will increase by 2% to 9,751 of the 34,930 ordinary plan options. Additionally, the number of plan members with a monthly premium of $100 or less will increase 2.9%, to 27,238.
The spreadsheet also lists in-network out-of-pocket (OOP) annual spending maximum for most plan options. This caps the amount a plan issuer expects a beneficiary to spend on deductibles, co-payments, coinsurance, and other amounts for in-network medically necessary care.
LifeHealthPro analysis also shows that the median OPP maximum will increase by 3.5% this year, to $5,800. The highest annual OPP caps are set to $6,700 for the 2016 year, which is same limit as this year.
The overall number of plan options with the highest OOP maximums will increase by 16%, to 12,800.
If you are still confused or would like to learn about Medicare supplements in Rockford, it may be beneficial to speak with a financial planner to see what options are available and receive a full explanation. Remember, we are here to help!
The SAIL Group Inc.
5301 E State St #106
Rockford, IL 61108