Medicare Competitive Bidding

If this is your first time learning about Medicare competitive bidding, you are not alone.  Part of the reason why you may have never heard of the term is because it was part of an old piece of legislation called the Medicare Modernization Act, signed into law by President Bush in 2003.  It was finally implemented in 2011, and is aimed at “weeding out multiple companies selling the same products at higher prices, even though such products were not necessarily better.

There is little impact for seniors receiving Medicare.  The bill’s biggest effect has been on ironing out wasteful spending in government, saving more than $400 million in the first two years, across nine regions, alone.  Further savings are expected as the bill is implemented in 90 additional areas this year.

While the aim has been to make companies offering medical equipment to the government for Medicare more competitive, some have worried that the quality of equipment would decline in tandem with the prices.  So far, the opposite has happened, and the quality of medical equipment being provided to the government has actually remained the same.

Keep up-to-date with news on your Medicare and what it means for your individual plan.  SeniorQuote is always available to assist you.

Call us for a quote or for more information at (888) 278-5126

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Medicare Open Enrollment

Open enrollment for Medicare happens every year from October 15th to December 7th, with an individual’s coverage changes going into effect January 1st of the following year. Additionally, seniors are eligible for open enrollment three months before and after their 65th birthday. During these open enrollment periods, seniors who qualify are able to do the following

  • Change from Original Medicare to a Medicare Advantage Plan.
  • Change from a Medicare Advantage Plan back to Original Medicare.
  • Switch from one Medicare Advantage Plan to another Medicare Advantage Plan.
  • Switch from a Medicare Advantage Plan that doesn’t offer prescription drug coverage to a Medicare Advantage Plan that offers prescription drug coverage.
  • Switch from a Medicare Advantage Plan that offers prescription drug coverage to a Medicare Advantage Plan that doesn’t offer prescription drug coverage.
  • Join a Medicare Prescription Drug Plan.
  • Switch from one Medicare Prescription Drug Plan to another Medicare Prescription Drug Plan.
  • Drop your Medicare prescription drug coverage completely.

This information is courtesy of http://www.Medicare.gov.

For more information about Medicare enrollment periods, you can contact the Medicare experts directly at SeniorQuote by calling 888-278-5126.