SPONSORED: Medicare Newsletter: Brought to You By Licensed Medicare Broker, Mark Graham

This Medicare newsletter is brought to you by licensed Medicare Broker, Mark Graham.

New Laws Expand Income Eligibility for PACENET Enrollees

The PA Department of Aging announced that a new law has been passed to renew the Pharmaceutical Assistance Contract for the Elderly (PACE) and the Pharmaceutical Assistance Contract for the Elderly Needs Enhancement Tier (PACENET), and to expand income eligibility in response to the 5.9% social security cost of living increase.

What does this mean?

PACE and PACENET are creditable drug coverage programs available to Pennsylvanians 65 and older who have limited income. These programs are sponsored by the PA lottery and help lower out of pocket prescription costs for those who qualify. Beneficiaries with PACE or PACENET enjoy lower drug copays, and can avoid the donut hole by filling prescriptions through PACE or PACENET rather than Part D. The new law expands PACENET income limits by $6,000, meaning more Pennsylvanians will qualify. Single PA residents with $33,500 or less in income and married PA residents with $41,500 or less in household income can now take advantage of the PACENET program. They do not look at assets or resources, just income – meaning it’s easy to apply. Call 1-800-225-7223 (TTY 1-800-222-9004) or visit www.pacecares.magellanhealth.com to find out more.

Medicare and International Travel – What You Need to Know!

Medicare generally doesn’t cover health care while you’re traveling outside the U.S.or U.S. territories. There are some exceptions, but for the most part, Medicare is simply not enough coverage if you plan to travel abroad! But there are some things you can do.

Certain Medicare supplement plans covers foreign travel emergency care if itbegins during the first 60 days of your trip. They pay 80% of medically necessary emergency care outside the U.S. after you meet a $250 annual deductible. Foreign travel emergency coverage with Medigap policies has a lifetime limit of $50,000. Certain Medicare Advantage (Part C) plans also include international travel programs so that you can safely book that cruise without fear of unforeseen medical needs breaking the bank. It depends on which plan you choose so adventurers beware! Make sure to ask us which plans offer global travel coverage before you set sail! For more info, visit https://www.medicare.gov.

Protecting Yourself For Less with Ancillary Coverage

Medicare Advantage plans have come along way with low premiums, low copays, and generous extra benefits. But no matter which plan you choose, there are still a few major areas of financial exposure. For example, chemotherapy, skilled nursing, and recovery can still be costly and cause you to hit your maximum out of pocket limit.

There are ways to protect yourself without overspending. Pairing your Medicare Advantage plan with affordable lump sum ancillary coverage is a great way to maximize coverage for less.

Ancillary policies offer coverage for critical illnesses like cancer or stroke, home health care, accidents, and more. Most pay a lump sum cash benefit upon qualifying occurrence, and typically you can budget as much or as little coverage as you can afford. Ancillary policies protect against unforeseen healthcare costs, so you do not have to deplete your hard-earned retirement. No one should have to choose between surviving physically or financially.

If you found this newsletter helpful and know a friend who needs our help, please pass it along! The greatest compliment I can receive is a referral from a valued client like you!

For more information, contact Mark Graham at 814-226-6505.