On October 15, 2019, the 2020 Medicare Annual Election Period will begin. It ends on December 7, 2019.
There are several changes for 2020, some expected, others were not expected.
The Expected: CVS bought Aetna and had to sell off their standalone drug plans. That was done and WellCare will now have all those standalone PDP’s (Prescription drug plans). More to come as their 2020 plans are made available.
The unexpected: We have two new entries in the Medicare space in Nevada for 2020.
- Lasso Healthcare Insurance Company is bringing a new MAPD product to the Nevada marketplace for 2020. It’s called an MSA MAPD plan. MSA stands for Medical Savings Account. (Similar in most aspects to an HSA for under 65-year old’s, except you cannot add your own money to the account.)
- Essentially, CMS partners with private insurance to offer a high deductible health plan covering Medicare Parts A & B expenses with an IRS approved trust/custodial savings account. The plan gives you $3420 each year to pay for out of pocket medical expenses. This is your money and you get to keep in in most circumstances. It grows each year you don’t use it and is available for qualified medical expenses.
- There are many options with this type of account including the ability to invest any money over $2000.
- There is no monthly premium with this plan for 2020. The maximum out of pocket varies by state but is in the $7400 range.
- There is no network of Doctors or Hospitals because like Original Medicare you can see any Doctor and any Hospital that takes Medicare.
Suggest anyone who is healthy and wants the freedom of a Medicare Supplement but doesn’t want to pay the monthly premiums might consider this new entry into the Nevada marketplace.
The 2nd entry into the Nevada Medicare marketplace is a company called Allwell. They are owned by Centene which already has the underage (under 65) on exchange coverage with Ambetter.
They will be offering a new HMO MAPD plan which has a strong Physician network with a maximum out-of-pocket of only $2150 and many additional benefits. All the information is not available as of this writing so more to come shortly.
So, to recap we will be adding an additional two MAPD plans to the already crowded list of 18 different plans and will be adding an additional drug provider.
The Barend Agency Inc.
Len Barend, Broker