Mutsko Insurance

Hunting Down Lost Money

It’s possible that there is money waiting for you to claim. It could be a long-forgotten utility deposit or proceeds from an inheritance that never found you. While most people won’t find a small fortune, you may be surprised at what’s waiting for you!

To begin looking,  go to MissingMoney.com. It is important to start with the state entity that holds citizens’ forgotten property to avoid paying fees to a third party to reclaim your money. You can connect to other states and Canada from this website, too.

Search for unclaimed money under all variations of your name, including maiden name, nickname or alias.

Here’s a tip: If you have trouble proving that you lived at an address long ago, try to verify it with your credit report address history. It may be just what you need to prove that you are the rightful owner of long forgotten funds.

Happy hunting!

Six Steps to Smooth Your Transition to a New Plan

So, do you feel pretty good about the changes you made during Medicare’s Open Enrollment period? Perhaps you switched from one Medicare Advantage Plan to another. Or, you changed to a plan that has better coverage for your prescriptions. Congratulations on making these changes. But, there are still a few things to do before your work is done.

Here are six steps you can take now to smooth the transition to your new Plan.

Cancel your supplement coverage. Your Supplement is not automatically cancelled when you switch to an Advantage Plan. Did you cancel your Supplement coverage? Although some companies will cancel and make changes over the phone, others require a written request so ask what your insurer requires.

 Cancel your automatic withdrawals. Were your premiums being automatically withdrawn from your checking or savings account? Cancel your withdrawal with the insurance company and then follow up with your financial institution to make sure the automatic withdrawal is cancelled.

Tell your doctor. If you changed from one Advantage Plan to another, let your doctors know the first time you see them in the new year. If your doctor unknowingly files for reimbursement with the wrong insurance company, it will cause confusion and delays in payment.

Tell your pharmacy. Present your new insurance cards to your pharmacy before you need your next prescription. Don’t wait until you need a refill or have an emergency before you make this change.

Check any new requirements. Some medications require a pre-authorization from your physician. If you have needed this in the past, check your coverage and then contact your doctor before you need a prescription refill.

Questions on a Supplement Plan?  Unlike other Medicare Plans, you can make changes in your Medicare Supplement Plan outside the Open Enrollment Period. In fact, you can make changes or purchase Medicare Supplement Insurance any time during the year. Call me to help you find the best Supplement for your situation.

While you are checking on these insurance matters, take some time to review all your other insurance coverage, too. Look over your life insurance beneficiaries and make sure all other information is up to date. Do you have adequate life insurance coverage? What about disability insurance? Are you ready to look into purchasing long term care insurance? If you find some gaps, call me. I will put together a comprehensive plan that brings your coverage up to par.

Initial Coverage

Medicare Part D coverage starts with the first prescription you fill. When a member’s 2012 total drug costs exceed $2930 the member enters the coverage gap referred to as the “donut hole.’ 

Coverage Gap

When you enter the Part D coverage gap in 2012 you will pay 50% of name brand medications and 83% of generic medications. Once your total drug costs exceed $4700, you will go into the Catastrophic Coverage.

Catastrophic Coverage:

The catastrophic coverage period for 2012 begins once one exceeds $4700 in true out of pocket costs and covers 95% of a member’s drug costs.

The chart below shows your estimated prescription drug plan monthly premium based on your income. If your income is above a certain limit, you will pay an income-related monthly adjustment amount in addition to your plan premium.

If your yearly income in 2011 was

Individual Return              File Joint Return          You Pay

$   85,000 or less                  $ 170,000 or less               your Plan Premium

$   85,001 – 107,000          $ 170,000 – $214,000      $11.60 + Plan Premium

$ 107,001 – 160,000          $ 214,001 – 320,000         $29.90 + Plan Premium

$ 160,001 – 214,000          $ 320,001 – 428,000         $48.10 + Plan Premium

Above $214,000                   Above $428,000                 $66.40 + Plan Premium

Medicare deductibles and co-payments will be changing in 2012 as follow:

Part B deductible……………………………………….. $ 140/annual

Part A deductible per benefit period…………………..$ 1,156

Co-payment for hospital stay

61-90 days ……………………………………………….$ 289/day

91-150 days………………………………………………$ 578/day

Skilled nursing co-payment

21-100 days………………………………………………$ 144.50/day

Medicare Supplement plans will automatically be adjusted to cover these increased amounts.  Your Medicare Advantage co-pays will not be affected.

This year, when you sit down to review your Medicare health and drug plan choices, give some consideration to the following:

Travel Plans.  If you are planning to travel extensively in 2012 or spend part of the year in a different state, make sure you know if your coverage travels with you.

Does Your Plan Still Work at Your Pharmacy?  Even if you’re not changing plans, make sure your pharmacy will still be in your plan’s network next year. Plans can change their network pharmacies each year.

Are the Services You Need Covered? Change happens. Maybe your family situation is different this year, or you have different health concerns. Make sure you look at the services and benefits in your plan and what you may need in the coming year.

Don’t wait until the last minute. Call me today if you think you will need a different plan for 2012.

It’s always your option to switch your Health Care Plan instead!

Many people  in Lake County were recently surprised to receive a letter informing them that their physicians or other Lake Health Care providers will no longer be a part of their Health Insurance Network for 2012. They were advised that they will need to choose a new doctor, one that is within the plan.

I’m sure there are many very good doctors in the plan, but some people are like that old TV commercial; they’d rather fight than switch!  Maybe they have been seeing the same doctor for years. Maybe they are in the middle of a course of treatment. Maybe they simply prefer to stay with their current doctor because changing would mean starting their doctor/patient relationship all over again from scratch.

The good news is that you don’t have to change doctors.

You can switch to a new insurance provider instead. I can help you find a health care plan that allows you to continue to see the doctors you know and like. As an insurance broker, I have the option of comparing coverage from many of the nation’s most respected insurance companies, including Aetna Medicare, Anthem Senior Advantage, and United Healthcare among others.

If you would like to find an insurance plan that includes your preferred physicians, please call me, Laura Mutsko, at Mutsko Insurance Services, LLC in Mentor. I can be reached at 440-255-5700.

But, please don’t put this off. This year’s open enrollment period for 2012 Medicare Advantage Plans and Part D Prescription Drug Coverage ends on December 7^th. 

If you used to be a smoker, you may want to check your old life insurance policise to see if they still list you as a smoker. You may save some money by letting them know you no longer smoke.

Here’s a real surprise – We have some good Medicare new!

Medicare Part B monthly premium, which helps to pay for physicians’ services, outpatient hospital services, certain home health services and other items is rising by only $3.50, despite earlier projections for a much bigger jump.

In 2012, Medicare Part B premiums will be $99.90 for the average Medicare recipient. 

Those seniors who have seen increases in the past two years will see premiums decrease, from $115.40 in 2011 to $99.90 in 2012.

Most people will pay the standard premium amount. However, if your modified adjusted gross income as reported by your IRS tax return is above a certain amount, you may pay more.

 If Your Yearly Income in 2011

Was:                                                                                                                  You pay:

File Individual Return                         File Joint Return

$ 85,000 or less                                   $ 170,000 or less                    $    99.90

    85,001 – 107,000                               170,001 – 214,000                     139.90

  107,001 – 160,000                              214,001 – 320,000                    199.80

  160,001 – 214,000                              320,001  -  428,000                  259.70

Above $214,000                                     above    $428,000                     319.70

It’s Time to Shop and Save

Medicare Open Enrollment is already in progress. This is the time of year when those on Medicare Advantage Plans or Medicare Prescription Plans can join, drop or switch to a different plan. For those who have Medicare Supplements with a Prescription Drug Plan, this is the time when they can move to an Advantage Plan.

Experts suggest that even if you are completely satisfied with your plan, you should take some time to review and compare your coverage for 2012. Sometimes a subtle change in your plan – a drug or doctor dropped – can make a big difference.

If you find that your physicians, prescriptions or pharmacy are no longer in your plan, it’s time to look for a different one. Coverage and costs can vary widely from plan to plan. Some offer money-saving enhanced benefits such as mail order benefits or will cover you for generics only if you fall into the ‘donut hole.’ Call me at 440-255-5700 and I will help you find a plan that suits your needs and your budget. 

Part D Prescription Plan Changes for 2012.

Each year the government makes some changes that affect all plans. The changes for 2012 include:

 ▪     Initial Deductible:
            will be increased by $10 to $320

 ▪   Initial Coverage Limit:
     will increase from $2,840 in 2011 to $2,930 in 2012

 ▪  Out-of-Pocket Threshold: 
     will increase from $4,550 to $4,700 in 2012

 Coverage Gap (donut hole):
begins once you reach your Medicare Part D plan’s initial coverage limit ($2,930 retail cost in 2012) and ends when your true out of pocket exceeds $4,700 in 2012.

In 2012, Part D enrollees will continue to receive a 50% discount on the total cost of their brand-name drugs while in the donut hole. Enrollees will pay a maximum of 86% co-pay on generic drugs while in the coverage gap.