This week, we outline the recently released Medicare Parts A and B deductibles from CMS, and provide an update on John Hancock’s exit from the Long-Term Care market.
2017 Medicare Parts A & B Premiums and Deductibles Announced | CMS, November 10, 2016
CMS also announced that the annual deductible for all Medicare Part B beneficiaries will be $183 in 2017 (compared to $166 in 2016). Premiums and deductibles for Medicare Advantage and prescription drug plans are already finalized and are unaffected by this announcement.
CSG Actuarial has developed the following tables to compare changes from 2016 to 2017:
Medicare Part A Hospital Inpatient Deductible & Coinsurance
|Part A Deductible||$1,288.00||$1,316.00|
|91+ Days (Lifetime reserve days)||$644.00||$658.00|
|SNF 21-100 Days||$161.00||$164.50|
Medicare Part B
|Part B Deductible||$166.00||$183.00|
|OOP Limit Plan K||$4,960.00||$5,120.00|
|OOP Limit Plan L||$2,480.00||$2,560.00|
John Hancock to Discontinue New Individual LTCi Sales | InsuranceNewsNet.com, November 11, 2016
John Hancock said Thursday it will no longer sell new stand-alone long-term care insurance (LTCi) policies in the individual market, dealing another blow to a declining industry product line.
In a notice to agents, broker/dealers and managing general agents, the company said the last day to submit “in good order” applications will be Dec. 2.
The last day for agents to complete paramedical exams is Dec. 16, and all long-term care policies must be issued and paid for by Feb. 10, 2017, the company said. Long-term care “quick quotes” will be discontinued immediately.
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