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If you recently received a notification that your Medicare plan is being discontinued for 2025, you're not alone. According to Healthpilot, a digital Medicare broker, some insurers are exiting unprofitable markets, leading to approximately 1.5 million Medicare Advantage enrollees losing their plans. Whether your plan is being discontinued or not, it’s important to take action quickly to ensure continuous coverage and get the best fit for your healthcare needs. Why Are Medicare Plans Being Discontinued? Many Medicare Advantage plans are being discontinued due to rising costs and changes within the industry. Insurers are facing increasing medical expenses as members require more care, compounded by the effects of the Inflation Reduction Act. Additionally, as the healthcare landscape evolves, insurers are grappling with how to remain profitable while still offering competitive health plans. This combination of factors has led to many plans being discontinued, prompting members to seek new coverage options. My Plan is Being Discontinued – What Now? Act Quickly: With your current plan expiring, you need to enroll in a new one. The standard Annual Enrollment Period (AEP) runs from October 15 to December 7, but if your plan is discontinued, you have until December 31 to select a new one. Just be aware that waiting past December 7 may leave you with a gap in coverage. Review Your Notice: Unlike the standard Annual Notice of Change (ANOC), the notification you received is a crucial signal to start your search for new coverage. Take a moment to read through it carefully, as it contains important details about your current plan’s discontinuation and next steps. Research Your Options: Don’t wait until the last minute. Start evaluating different Medicare plans that align with your healthcare needs and financial situation. Consider factors such as coverage specifics, provider networks, and costs. Our licensed insurance agents are available to assist you in comparing your options and finding a plan that works best for you. Avoid Coverage Gaps: To avoid any interruptions in your healthcare services starting January 1, make it a priority to enroll in a new plan by December 31. Double-check that your new plan starts on January 1 to maintain continuous coverage. My Plan Isn’t Being Discontinued – Should I Still Act? Even if your plan will continue next year, you might still want to consider making a change. Medicare plan benefits, premiums, and coverage can change annually. Whether it's finding better coverage, more competitive premiums, or improved benefits, it’s worth exploring your options. You can still schedule a meeting with one of our licensed insurance agents to review your current plan and discuss potential alternatives. We’re Here to Help At Simco, we understand how overwhelming it can be to navigate Medicare, especially during enrollment periods. That’s why our licensed insurance agents are here to provide personalized support and help you make the best decision for your needs. Whether your plan is being discontinued or you’re just looking for better options, don’t hesitate to reach out. Contact us today to schedule a 1-on-1 meeting or for more information on Medicare options. We’ll help you find the right plan to keep you covered in 2025!
The cost of personal insurance—homeowners and auto policies—has seen significant increases in recent years. Between 2021 and 2023, the average annual rate for homeowners insurance jumped by nearly 20%, according to Insurify . Auto insurance premiums, too, have risen by 16.5% in just the last year, based on data from the Bureau of Labor Statistics . With these rising costs, staying with your current insurer without exploring other options could mean you're overpaying. Here’s what you need to know about why rates are increasing and how you can mitigate those costs. Why Are Insurance Rates Rising? Several factors are contributing to the rise in personal insurance rates: 1. Climate Change and Natural Disasters: Extreme weather events, including hurricanes, wildfires, and floods, have caused a surge in claims, leading insurers to raise premiums to cover future risks. 2. Increased Cost of Materials and Labor: Rebuilding or repairing homes and vehicles is more expensive today due to rising costs in construction materials and labor. 3. Higher Medical Costs: Auto insurance premiums are also influenced by the cost of treating injuries after an accident. As healthcare costs continue to rise, so do insurance premiums. 4. Supply Chain Disruptions: Global supply chain issues have made vehicle repairs and replacements more expensive, driving up auto insurance rates. What You Can Do to Manage These Costs 1. Shop Around Regularly: While many people tend to stick with the same insurer year after year, it’s always a good idea to shop around. Comparing quotes from different providers can help you find better rates or discounts that you may not be aware of. Often, new customers are eligible for introductory offers that can save you money in the short term. 2. Review and Adjust Your Coverage: It’s important to ensure your coverage accurately reflects your current needs. For instance, you may be paying for unnecessary add-ons or more coverage than is required for your vehicle or home. On the flip side, underinsuring can be costly in the event of a claim. A thorough review of your policies can help you strike the right balance. 3. Bundle Your Policies: Many insurance companies offer discounts for bundling multiple policies, such as home and auto insurance. Bundling can be a simple way to reduce your premiums without sacrificing coverage. 4. Take Advantage of Discounts: Insurance companies often provide discounts for things like installing a home security system, having a good driving record, or being a long-time customer. Be sure to ask about available discounts when reviewing your policy. 5. Reach Out to a Specialist (Us!): Navigating the world of insurance can be a daunting task, especially with the rising costs of homeowners and auto policies. That's where having a specialist on your side can make all the difference. At Simco, we’re committed to helping you find the best coverage at the most competitive rates. How Simco Can Help Our team works with multiple insurance carriers, allowing us to shop the marketplace for you. This means we can deliver not just the lowest rates but also maintain the coverage you already have or suggest any changes that better suit your needs. Plus, switching is a breeze! We handle the entire process for you, including canceling your old policies—no hassle on your end. Working with a specialist at Simco means you can also benefit from annual policy reviews. This proactive approach ensures that if you notice a significant increase in your rates, we can quickly explore other options to save you money and guarantee you’re getting the best deal available. You’re never stuck with the same company, and we’re here to help you find the right coverage for your unique situation. At Simco, we understand the frustration that comes with rising insurance costs, and we're here to support you every step of the way. If you’re looking for guidance or want to explore your options, don’t hesitate to contact us today!
Highlights The final rule’s changes are intended to help consumers differentiate between comprehensive health coverage and certain types of coverage that are not subject to the ACA’s consumer protections. These changes: Amend the federal definition of STLDI to reduce the initial contract period to no more than three months; Prohibit a practice known as “stacking” that allows issuers to evade the duration limits for STLDI; and Expand a consumer notice requirement to apply to fixed indemnity excepted benefits coverage sold in the group market. On March 28, 2024, the U.S. Departments of Labor, Health and Human Services, and the Treasury (Departments) released a final rule on certain types of health coverage that are not subject to the Affordable Care Act’s (ACA) consumer protections, namely short-term, limited-duration insurance (STLDI) and fixed indemnity coverage. This rule finalizes some of the changes included in a proposed rule from July 2023. The Departments are making changes to STLDI and fixed indemnity coverage to help consumers distinguish them from comprehensive health coverage and increase consumer awareness of coverage options that include the ACA’s consumer protections. These protections include, for example, the prohibition of discrimination based on health status, the prohibition of preexisting condition exclusions, and the prohibition of lifetime and annual dollar limits on essential health benefits. STLDI STLDI is a type of health insurance coverage designed to fill temporary gaps in coverage when an individual transitions from one plan or coverage to another. STLDI is specifically exempt from the definition of “individual health insurance coverage” and, therefore, is not subject to the ACA’s requirements for comprehensive coverage. Currently, STLDI is defined as coverage with an initial contract period of less than 12 months and a maximum total duration of up to 36 months, which includes renewals and extensions. Effective for coverage periods beginning on or after Sept. 1, 2024 , the final rule limits the length of the initial contract period to no more than three months and the maximum coverage period to no more than four months , taking into account any renewals or extensions. In addition, the final rule: Prohibits a practice known as “stacking,” where the same insurer issues multiple STLDI policies to the same policyholder within a 12-month period; and Amends the consumer notice requirement to further clarify the differences between STLDI and comprehensive coverage and identify options for consumers to obtain comprehensive coverage. The notice must be prominently displayed on the first page of the policy, certificate or contract of insurance—including for renewals and extensions—and included in any marketing, application and enrollment (or reenrollment) materials. The final rule also includes a reminder that coverage sold to individuals through a group trust or association, other than in connection with a group health plan, is not group coverage for purposes of federal law and must meet the federal definition of STLDI or it is subject to the federal consumer protections and requirements for comprehensive individual health insurance coverage. Fixed Indemnity Excepted Benefits Coverage Certain categories of coverage—called “excepted benefits”—are not subject to certain federal consumer protections, including the ACA’s requirement for comprehensive coverage. Fixed indemnity coverage is exempt from these protections because it is designed to provide a source of income replacement rather than full medical coverage. Effective for plan years beginning on or after Jan. 1, 2025 , the final rule requires a consumer notice to be provided when offering fixed indemnity excepted benefits coverage in the group market to ensure that consumers can distinguish between this coverage and comprehensive medical coverage. Health plans and issuers must prominently display the notice in marketing, application and enrollment (and reenrollment) materials. In the July 2023 proposed rule, the Departments proposed new standards regarding the payment standards and noncoordination requirement for fixed indemnity excepted benefits. The Departments are not finalizing these proposed standards at this time , but they intend to address the issues in future rulemaking after additional study and consideration. Tax Treatment of Fixed Indemnity Health Coverage In the July 2023 proposed rule, the Departments proposed to clarify that payments from employer-provided fixed indemnity health insurance plans are not excluded from a taxpayer’s gross income if the amounts are paid without regard to the actual amount of any incurred medical expenses and where the premiums or contributions for the coverage are paid on a pre-tax basis. This rule also proposed to clarify that the taxpayer must meet substantiation requirements for reimbursements for qualified medical expenses from any employer-provided accident and health plan to be excluded from the taxpayer’s gross income. To provide more time to study the issues and concerns raised by commenters, the Departments are not finalizing these proposed changes at this time.
