Small, regional nonprofit insurers are feeling a negative impact from the Medicare Advantage program that could force them to raise premiums, cut benefits or even leave the market, Politico New York reported.Nonprofit insurers in New York reported tens of millions of dollars in underwriting losses last year. EmblemHealth suffered a net underwriting loss of more than $167 million from Medicare, Excellus Blue Cross Blue Shield and HealthNow New York reported losses of $31.91 million and $78.97 million, respectively. They largely attribute those losses to three elements–reimbursement reductions, taxes and fees–plus the rising cost of care and prescription drugs.
Understanding Your Health Insurance – Aug. 9, 2015: What is the Medicare Part D late enrollment penalty?AUGUST 9, 2015 LAST UPDATED: MONDAY, AUGUST 10, 2015, 12:16 AMBY IRENE & BETSY CARDSUBURBAN TRENDS PrintMedicare Part D is the prescription drug component to Medicare. If you enroll in a Part D plan after your 65th birthday, as you have been covered by group health insurance up to that time, you have a very good chance of receiving a letter stating that you will have a late enrollment penalty.What is the late enrollment penalty? It is an amount of money added to your Medicare Part D monthly premium. You may owe a late enrollment penalty if you go without Part D or creditable prescription drug coverage for any continuous period of 63 days or more after your initial enrollment period is over. Creditable coverage is coverage that is equal to or better than the benefits offered under Medicare Part D. If you have employer-sponsored coverage, it may or may not be creditable coverage. It is the employer’s responsibility to inform you each year if your coverage if considered creditable or not.