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In this video, we’ll discuss the Medicare Access And Chip Reauthorization Act, or “MACRA”, a new law that made changes to Medicare Supplement Insurance plans which will only affect persons newly eligible for Medicare after December 31, 2019.
There's a lot of confusion about MACRA out there. So let's take a look at what it's all about. MACRA is short for Medicare Access and Chip Reauthorization Act. It was designed by the U.S. government to help reduce wasteful healthcare spending. So who does MACRA apply to? Well, if you're enrolled in a Medicare Advantage Plan, MACRA will have no impact on your planwhatsoever. It will also not affect those enrolled in a prescription drug plan also known as a PDP. (Updated script for clarity.) Additionally, if you're enrolled in any Medicare Supplement plans before December 31st, 2019, MACRA won't come into play for you. MACRA will only affect people who become newly eligible for Medicare AFTER December 31st, 2019. Now let's talk about what MACRA means for Medicare plans. One of the most significant components of MACRA is the elimination of “first dollar coverage” for any Medicare Supplement Plan. What that means is that Medicare beneficiaries who enroll in supplement plans in 2020 will have to pay their deductible BEFORE their plan kicks in. It's important to note that if you're enrolled in plan(s) C, F, or F high deductible, you will always have access to those three plans, as long as you're enrolled on or before December 31st, 2019. Just keep in mind that due to MACRA federal requirements, you won't be able to switch to plan(s) C, F, or F high deductible after that date. Those three plans will be “officially closed” to any NEW members. So that's MACRA in a nutshell. If you have a Medicare Advantage plan, or are enrolled in plan(s) C, F, F high deductible, or a prescription drug plan, you don't need to worry about it. If you still have questions, be sureto call the number on the back of your member ID card or visit this web address.
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