Latest news with #Medigap
Time Business News
2 days ago
- Health
- Time Business News
How Chapter Helps Employers and Healthcare Providers Support Retirees More Effectively
Navigating healthcare in retirement can be overwhelming. With multiple Medicare options, complex enrollment timelines, and a barrage of confusing terms, retirees often feel lost. This confusion doesn't just affect individuals—it places a burden on employers and healthcare providers striving to offer the best support to their retiring employees and patients. Enter Chapter, a tech-enabled platform that's transforming how organizations guide retirees through their Medicare journey. By partnering with Chapter, employers and healthcare providers can provide accurate, unbiased, and highly personalized Medicare guidance, making the retirement transition smoother, more confident, and cost-effective for all parties involved. As millions of Americans approach retirement age every year, the demand for trustworthy Medicare support is at an all-time high. For employers managing retirement benefits or healthcare providers coordinating care, ensuring retirees make the right Medicare choices is crucial for long-term wellness and financial security. Unfortunately, Medicare is not one-size-fits-all. Between Original Medicare, Medicare supplement plan (also known as Medigap plans), Medicare Advantage, and Part D prescription drug plans, the system can be overwhelming. Retirees often end up paying more than necessary or signing up for plans that don't meet their healthcare needs—unless they receive proper guidance. Chapter's B2B platform was created to bridge this gap. It empowers organizations to deliver tailored Medicare navigation services at scale. Whether you're an HR director, a hospital administrator, or a retirement plan advisor, Chapter makes it easy to ensure your retirees receive expert, up-to-date Medicare guidance. Here's how Chapter stands out: Chapter works across all major insurance carriers nationwide. Its licensed Medicare advisors are fiduciary-like in approach, offering objective advice without steering clients toward commission-based plans. This means retirees can explore a full range of Medicare supplement plans, including Medigap plans, with full transparency. Every retiree receives one-on-one assistance from a dedicated Medicare advisor. These experts take into account each individual's health needs, prescription medications, doctor preferences, and financial situation to recommend the most suitable plan. This level of support helps eliminate stress and misinformation during the Medicare enrollment process. Chapter's advanced technology platform compares over 24,000 plan combinations in real time. This allows retirees to view their best Medicare options quickly and clearly—whether they're considering Medigap plans, Part D prescription drug coverage, or Medicare Advantage. By partnering with Chapter, organizations unlock several advantages: Reduced Administrative Burden : HR teams and healthcare staff no longer need to field complex Medicare questions outside their expertise. : HR teams and healthcare staff no longer need to field complex Medicare questions outside their expertise. Improved Retiree Satisfaction : Employees and patients feel supported during one of the most confusing phases of life—retirement. : Employees and patients feel supported during one of the most confusing phases of life—retirement. Stronger Long-Term Relationships : Providing helpful, value-added services like Medicare guidance enhances trust and loyalty. : Providing helpful, value-added services like Medicare guidance enhances trust and loyalty. Better Health Outcomes: When retirees are on the right plan, they're more likely to access the care and medications they need without financial hardship. Many retirees opt for Medicare supplement plans, commonly known as Medigap plan, to cover costs that Original Medicare doesn't—like copayments, coinsurance, and deductibles. Chapter helps retirees understand if a Medigap plan is right for them and compares all available options, ensuring the most value for their health and budget. What sets Medigap apart is its flexibility. Unlike Medicare Advantage, which typically limits provider networks, Medigap plans allow access to any doctor or hospital that accepts Medicare nationwide. This is especially valuable for retirees who travel frequently or need specialized care. Supporting retirees during Medicare enrollment doesn't have to be difficult. With Chapter's B2B solutions, employers and healthcare providers can ensure their retirees get the expert help they need—while saving time, building trust, and improving a world where confusion around Medicare can lead to poor choices and unnecessary expenses, Chapter provides clarity. Whether helping retirees choose a Medigap plan or walking them through the full Medicare supplement plan landscape, Chapter's mission is simple: empower retirees with confidence and clarity. TIME BUSINESS NEWS
Business Insider
3 days ago
- Health
- Business Insider
7 lessons I learned about end-of-life planning when my mother died, as a financial advisor
This as-told-to essay is based on a conversation with Melissa Shaw, a 46-year-old financial advisor in Palo Alto, California. It has been edited for length and clarity. I've been a financial advisor since 2011 and have worked at Teachers Insurance and Annuity Association of America, or TIAA, as a wealth management advisor for over seven years. I help clients with estate and incapacity planning, but I encountered completely different issues when my own mother became terminally ill and I became her primary caregiver in October 2024. Her diagnosis was sudden. Doctors found stage four cancer that had metastasized to her back, causing a fracture. Within weeks, my family moved her from Las Vegas to Northern California to be closer to me. She died by the end of December — it was a two-month ordeal. Becoming her caregiver was emotionally intense Initially, she seemed fine, but she declined rapidly. It was shocking and unexpected. I visited the hospital daily and took on the bulk of decision-making responsibilities. Thankfully, TIAA offers generous caregiver benefits and flexibility, and I had savings to help cover unexpected costs. I've learned many valuable lessons through this experience about end-of-life planning. 1. Medicare supplemental plans are essential Since enrolling in Medicare at the age of 65, my mom opted for a Medigap (Medicare Supplement Insurance) plan instead of a Medicare Advantage plan, and that decision proved vital. Her Medigap plan covered 20% of medical costs that original Medicare didn't, including any doctor or procedure approved by Medicare, without referrals or prior authorizations. Every doctor she saw was relieved she had it. If you or a loved one is approaching 65 — especially with ongoing health issues — I strongly recommend researching Medigap options during the Medigap Open Enrollment Period, when insurers can't deny coverage or charge more due to pre-existing conditions. 2. Assign a designated healthcare decision-maker ASAP My mom didn't assign a designated decision-maker, and I couldn't make health decisions for her. When her health rapidly declined in the last three weeks of her life, she became barely cognizant and luckily was able to manage a scribbled signature for a necessary procedure. I started to prepare a POA and healthcare proxy, but by the time it was ready, she was no longer mentally competent enough to sign it. She signed an advanced directive form with the hospital when she started the cancer treatment, which allowed me to make some decisions on her behalf. I learned how imperative it is to name a health proxy at any age. 3. Banking may not be easily accessible After she died, we were unable to access her bank account funds for 45 days due to a waiting period intended to protect creditors. Luckily, she had a term life insurance policy that paid out quickly to help cover immediate expenses. Additionally, she didn't name a beneficiary for the bank accounts, which is a common mistake. Many assume that checking accounts don't need beneficiaries, but even modest balances may end up in probate, which can be a significant hassle. Also, the bank was unable to share her transaction history, so I had no way of knowing which bills had already been paid. 4. Sign up for life insurance We received her life insurance proceeds quickly; all that was required was a death certificate. Clients may want to consider insurance as a liquidity measure at death to cover immediate expenses, such as funeral costs and bills. 5. Prepare for end-of-life costs I was surprised by how expensive it is to bury someone. We were quoted up to $25,000 for burial plots in California. Even cremation, which we chose, came to around $23,000 after including the niche (a final resting spot to house cremated remains) and the funeral. Prepaying or researching in advance can prevent financial issues. 6. Prepare for the difficulties of caretaking I spent many nights in the hospital with my mom. Her condition changed from day to day; it was an emotional roller coaster. Balancing work, caregiving, and my own emotional health was difficult. I'm married, and my kids were 5 and 7 years old. I wasn't seeing them regularly during the two months she was sick. Luckily, TIAA offered eight weeks of caregiver leave. Many caregivers only have access to unpaid leave through the Family Medical Leave Act (FMLA), so it's important to plan for potential income loss. If you can take paid leave, do it, because it's tough to balance the emotional toll it takes. 7. Wills aren't everything Wills are essential for securing guardianship and expressing personal wishes, but they don't guarantee that all your assets will be transferred correctly. Retirement accounts, such as IRAs or 403(b)s, are typically passed by beneficiary designations, rather than through wills or trusts. Many other assets are passed via trusts. You should work with both a financial advisor and an estate attorney to discuss your needs. I did the best I could, but if I could do things differently, I would've taken an official leave from work to focus solely on caring for my mother.
Forbes
5 days ago
- Health
- Forbes
Why People Leave Medicare Advantage Plans And Why It Matters To You
Over half of Medicare beneficiaries opted for Medicare Advantage plans in 2024, and the percentage is expected to climb to 60% by 2030, according to the Kaiser Family Foundation. Medicare beneficiaries can choose between Medicare Advantage plans (also known as Part C) and original Medicare. Original Medicare is coverage under Parts A and B of Medicare. Beneficiaries in original Medicare are encouraged to also have Medicare supplement (Medigap) insurance policies and Part D prescription drug policies. Medicare Advantage plans essentially bundle all that coverage into one plan and typically add benefits such as vision, dental, and hearing care. Medicare Advantage plans increased in popularity partly because of the additional benefits. Relatively healthy members of Advantage plans also tend to have lower out-of-pocket costs because they aren't paying premiums for Medigap and Part D policies. But about half of beneficiaries left their Advantage plans within five years, according to data from 2011-2020 published in the JAMA Health Forum. Some opt for a new Advantage plan while others switch to original Medicare. Before deciding to sign up for a Medicare Advantage plan, it's a good idea to know why people leave their Advantage plans. Some analysts believe the high turnover among Advantage plan members can influence how the plans are operated. If an Advantage plan's managers know most enrollees won't stick around for the long term, the plan might have less incentive to address long-term or chronic conditions of beneficiaries. The quality of an Advantage plan seems to have a significant effect on turnover. Plans that had five-star ratings lost only 23% of members after five years. While plans with four-star ratings lost over 41% of members after five years, and lower-rated plans had even higher turnover rates. Another study concluded cost wasn't a major factor in decisions to leave Advantage plans. Beneficiaries were more likely to be concerned about difficulties in accessing and receiving high-quality medical care. Another difference between original Medicare and Advantage plans is that an Advantage plan only covers care by a provider in the plan's network. In addition, some care must be approved by the plan before it will be covered. In original Medicare, the beneficiary can choose any provider who accepts Medicare and rarely needs approval from Medicare before receiving a treatment or care. Limits on the medical providers included in a plan's network as well as required approvals for treatments and care cause dissatisfaction among Advantage plan beneficiaries. The study found that beneficiaries in poor health were more likely to switch plans because of dissatisfaction about limits on providers and the need for approval of care. That finding is consistent with anecdotal reports I've heard from Medicare insurance agents over the years. They find that in the early years of retirement when people are relatively healthy, Medicare beneficiaries are happy with Medicare Advantage plans. The plans cost them less, and they don't need to visit doctors often. But when serious health conditions arise or more frequent care is needed later in retirement, people are likely to want to switch from an Advantage plan to original Medicare. Once the need for medical care increases, the limits on providers and approval requirements become more important. Generally, you can switch from an Advantage plan to original Medicare each year during open enrollment. But there's a catch. During a person's initial enrollment period for Medicare, insurers offering Medicare supplement policies are required to sell the policies without regard to a person's health history. But after the initial enrollment period, insurers generally can review an applicant's medical history and use it to decline coverage or charge higher premiums. Though a person legally can switch from an Advantage plan to original Medicare, the absence of guaranteed issue for a Medigap policy after the initial enrollment period might make the change impractical.
Health Line
07-07-2025
- Business
- Health Line
Medigap Plan N Pros and Cons: What to Know
Medigap Plan N offers a balance of comprehensive coverage and affordable premiums. It is one of the more robust Medigap offerings, but there are some gaps in its coverage. Medicare supplement insurance, also called Medigap, is private insurance that helps cover the out-of-pocket costs of Original Medicare (parts A and B). With Original Medicare, beneficiaries incur various expenses despite Medicare's coverage. These include deductibles, coinsurance, and copayments. Third-party insurance companies sell Medigap policies to help cover these additional expenses. Medigap plans are not available to people enrolled in Medicare Advantage plans. Medigap Plan N is one of 10 Medigap plans offered in 2025. Although many companies can sell Plan N policies, their coverage is standardized nationwide (except in Massachusetts, Minnesota, and Wisconsin, which have unique Medigap rules). What is Plan N? Plan N is the third most popular Medigap offering behind plans G and F. It accounted for roughly 10% of Medigap plans sold in 2023, according to health policy research nonprofit KFF. As with Plan G, Plan N covers most of the costs of Original Medicare. But there are a couple of notable differences: Plan N does not cover Part B excess charges. Excess charges are fees you may pay if you visit a doctor who does not accept Medicare assignment. They may be up to 15% more than the Medicare-approved amount for a given service. Plan N does not cover all Part B copayments. With Plan N, you still have copayments of up to $50 for emergency room visits and $20 for some office visits. Since Plan N and other Medigap plans only help cover costs associated with Original Medicare, they do not cover costs related to vision, dental, or hearing care, nor do they cover drug costs. To receive these types of benefits, you would need a Medicare Advantage (Part C) plan. Medigap Plan N pros and cons Pros of Medigap Plan N comprehensive coverage of major medical expenses no restrictions on provider access lower premiums than Plan G despite offering similar coverage complete coverage of Part A deductible predictable out-of-pocket expenses coverage of 80% of emergency care during foreign travel What Plan N covers Plan N offers coverage for a wide range of costs. These include: 100% of the Part A deductible 100% of the Part A coinsurance and hospital costs 100% of the Part A coinsurance or copayment for hospice care 100% of the skilled nursing facility coinsurance 100% of Part B coinsurance the first 3 pints of blood 80% of foreign emergency care What Plan N does not cover Despite Plan N's extensive coverage, there are a few things it does not cover. These include: the Part B deductible Part B excess charges dental, hearing, and vision care prescription drugs long-term skilled nursing care Who should consider Plan N? No single Medicare plan is right for every person. Coverage decisions depend on personal factors, such as your medical needs and financial constraints. Plan N may be right for you if you have moderate healthcare needs and want predictability in your costs. Although you'll have higher monthly premiums with Plan N than with most Medicare Advantage plans or Original Medicare alone, you'll have very few out-of-pocket expenses for the care you receive. Those seeking a balance between premiums and coverage may also wish to consider Plan N, particularly if they visit healthcare professionals who accept Medicare assignment. Plus, if you're willing to incur small copayments in exchange for lower monthly premiums, Plan N may be right for you. How to purchase Medigap Plan N You're only eligible to buy a Medigap policy if you're enrolled in Original Medicare. If you have a Medicare Advantage plan, companies are prohibited by law from selling you a Medigap plan. The best time to sign up for Plan N is during your Medigap open enrollment period. This is a 6-month window that begins when you sign up for Part B and are 65 years or older. If you wait until after this period, insurance carriers can charge you higher premiums or deny coverage based on preexisting conditions. To see Plan N options in your area, use the coverage finder tool on After entering your ZIP code, you'll see plans from different insurance carriers in your area. Scroll down to Plan N at the bottom and select 'View Policies.' To see the most accurate pricing information, contact the company offering your desired plan and enroll directly with a representative. Alternatively, you can use a third-party insurance broker to help you sign up. Summary Medigap Plan N is supplemental insurance for individuals who have Original Medicare. It covers most out-of-pocket costs associated with Original Medicare. Plan N is a popular Medigap option. Some of its benefits include comprehensive medical coverage, lower premiums, no restrictions on provider access, and predictable out-of-pocket expenses. Some drawbacks of Plan N include copayments for office visits and emergency room visits and no coverage of Part B excess charges. Plan N may be right for individuals seeking a balance between robust coverage and lower monthly premiums than similar plans. The information on this website may assist you in making personal decisions about insurance, but it is not intended to provide advice regarding the purchase or use of any insurance or insurance products. Healthline Media does not transact the business of insurance in any manner and is not licensed as an insurance company or producer in any U.S. jurisdiction. Healthline Media does not recommend or endorse any third parties that may transact the business of insurance.
Medical News Today
03-07-2025
- Health
- Medical News Today
Understanding Medigap Plan N: Pros and cons
Medigap Plan N is a supplemental insurance policy for Medicare. It offers a balance of extensive coverage and affordable or Medicare supplement insurance, is a form of private insurance that helps cover the out-of-pocket expenses that come with Original Medicare pays its share for a given service, beneficiaries still have various out-of-pocket costs for the services they receive. These include deductibles, copayments, and plans will cover these additional costs for people who would like more predictability in their healthcare costs in exchange for a monthly premium payment, which a person pays on top of the Part B of Medicare termsOut-of-pocket cost: This is the amount a person must pay for care when Medicare does not pay the total amount or offer coverage. Costs can include deductibles, coinsurance, copayments, and This is the amount of money someone pays each month for Medicare coverage. Deductible: This is an annual amount a person must spend out of pocket within a certain period before Medicare starts to fund their This is the percentage of treatment costs that a person must self-fund. For Medicare Part B, coinsurance is 20%.Copayment: This is a fixed dollar amount a person with insurance pays when receiving certain treatments. For Medicare, this usually applies to prescription Plan NMedigap Plan N is one of 10 Medicare supplement insurance plans available in the United different insurers offer Plan N policies, the coverage of these plans is standardized across the country, except in Massachusetts, Minnesota, and Wisconsin, which have different rules regarding to the health policy research nonprofit KFF, Plan N is one of the more popular Medigap policies. In 2023, the most popular plans (and their corresponding percentages of all policies sold that year) were:Plan G, with 39%Plan F, with 36%Plan N, with 10%Plan N offers similar coverage to plans G and F, although it is not quite as comprehensive. As a result, Plan N typically carries a lower monthly premium cost than these and cons of Plan NAll Medigap plans have advantages and disadvantages. Plan N is no different. The following list highlights some of the pros and cons of Plan N as it relates to other Medigap of Plan N:It offers comprehensive coverage for most major medical services and procedures, including the Part A deductible and coinsurance and the Part B covers the coinsurance for skilled nursing facility care and hospice has a lower monthly premium than Plan G, which offers similar (though slightly more extensive) of Plan N:It does not cover Part B copayments. With Plan N, a person will still have copayments for some doctor's visits and emergency room visits that do not result in hospital does not cover Part B excess charges. If a person's doctor does not accept Medicare assignment, they may charge up to 15% more than the Medicare-approved amount for given services. This is called a Part B excess does not cover the Part B deductible. Only plans C and F cover this cost, and these plans are not available to people who became eligible for Medicare after January 1, Medigap works with Original Medicare, all plans include flexible provider access, allowing beneficiaries to see any healthcare professionals nationwide who accept N coverageWhat Plan N coversWhat Plan N does not coverPart A coinsurance and hospital costs Part B copayments Part B coinsurance Part B excess charges blood (up to 3 pints) Part B deductible Part A hospice care coinsurance dental, vision, and hearing care skilled nursing facility care coinsurance prescription drugsPart A deductible —emergency care while abroad— offers a useful chart that compares the benefits of Medigap plans should consider Plan NPlan N may appeal to people with Original Medicare who are looking for broad coverage with slightly lower monthly premiums than other similar Medigap individuals may have moderate medical needs and would accept making modest copayments when they visit a healthcare may also suit those who routinely visit healthcare professionals and medical facilities that accept Medicare assignment, as they would not face excess charges for the services they to buy Plan NWhen people ages 65 years or older sign up for Medicare Part B, their Medigap open enrollment period (OEP) begins. This is a 6-month window during which they can sign up for any Medigap plan they wish without being denied or charged more due to a preexisting health process of examining an applicant's health status and lifestyle to determine whether to offer coverage, and at what rate, is known as medical a person wishes to sign up for Medigap Plan N, the best time to do so is during the Medigap OEP. If they wait until after this period, there is no guarantee that an insurer will accept their if someone does miss the Medigap OEP, they can still apply for Plan N by contacting the insurance carrier offering their desired offers a tool that individuals can use to compare Medigap plans available in their area.»Learn more:When is the Medigap open enrollment period?TakeawayMedigap Plan N is a supplemental insurance policy. It covers a wide range of expenses related to Original Medicare, including the Part A deductible and coinsurance, and Part B Plan N's coverage has some gaps. It does not cover Part B excess charges, and it requires copayments for certain doctor visits.A person may wish to consider the pros and cons of Plan N as they weigh their insurance options.
