27 November MACRA - Medicare Access and CHIP Reauthorization Act November 27, 2019 By Co-Editor Industry News, Medicare Supplement MACRA, medicare, medicare supplement, medigap, seniors 0 What is MACRA? MACRA stands for the Medicare Access and CHIP Reauthorization Act. This Act represents major reform for how individuals receive Medicare treatment and what Medicare Supplement options are available. What does MACRA do? Changes for Physicians and Patients Congress passed MACRA to promote better physician accountability and overall healthcare quality. MACRA required the Centers for Medicare and Medicaid Services (CMS) to implement the Quality Payment Program. The Quality Payment Program affects how physicians are paid for providing services to individuals covered by Medicare. Changes for Medicare Supplement Coming January 1, 2020 MACRA will also start a “phasing out” process of Medicare Supplement Plans that cover Original Medicare’s Part B deductible. The phasing out process will stop insurers from enrolling NEWLY eligible individuals into Medicare Supplement Plans C, F, and high-deductible F, but individuals ALREADY eligible will still have these options. Conclusion: Who does MACRA affect? Individuals eligible for Medicare BEFORE January 1, 2020 will have Medicare Supplement Plan options A, B, C, D, F, high-deductible F, G, K, L, M, and N. If you are eligible for Medicare ON or AFTER January 1, 2020, you will have the following Medicare Supplement Plan options: Plans A, B, D, G, K, L, M, and N – Plans C, F, and high-deductible F will no longer be part of your options. Currently, Medicare Supplement Plan G offers the coverage closest to Plans C, F, and high-deductible F. View a quick comparison chart of the current Medicare Supplement Plans here. Related Posts Medicare Supplement Plans and You - Know Your Options If you return to Original Medicare during the Annual Election Period (October 15th – December 7th), you could be eligible for a Medicare Supplement plan. Know your options. 17 Reasons Consumers Choose Medicare Supplement Over Medicare Advantage A list of the main reasons consumers choose a Medicare Supplement plan over a Medicare Advantage plan. What the 2020 Medicare Annual Election Period (MAEP) Means for You Also called Fall Open Enrollment, the Medicare Annual Election Period is one of two important periods for individuals eligible for Medicare. A Brief History of Medicare and Medicaid On July 30th, 1965, President Lyndon B. Johnson signed the bill that would lead to the implementation of Medicare and Medicaid. Back then, the program included Medicare Part A, hospital insurance, and Medicare Part B, medical insurance. Today, Parts A and B are called “Original Medicare”, and continue to help Americans with their healthcare costs. How Much Can a Medigap Plan Save You When Medical Bills Stack Up? We Did the Math. A Medicare Supplement plan, also called a Medigap plan, is designed to cover the healthcare costs that Medicare won't. In order to show how important a Medigap plan can be in protecting you from out-of-pocket costs, we calculated how much money a Medigap plan would save you in the event of an unlikely, yet completely possible, serious medical issue. The 2018 Medicare Annual Election Period and How to Take Advantage of It The first period is The Annual Election Period (October 15th through December 7th). In this period eligible individuals may enroll or disenroll from a Medicare Advantage plan. The second period is The Medicare Advantage Disenrollment Period (January 1st through February 14th). In this period Medicare Advantage enrollees have the opportunity to disenroll from their plan and acquire a Medicare Supplement plan, if they so choose. Comments are closed.