This week we are reading about a partnership between National Guardian Life and Insurance Capitol Group, the increase in Medicare Parts A & B premiums and deductibles and the emerging trends in Medicare Advantage enrollments.
National Guardian Life Insurance and Insurance Capital Group to Partner | Insurance News Net | November 21, 2019
A new strategic partnership was launched by National Guardian Life Insurance Company (“NGL”), a Madison-based life insurer with a rich heritage dating back to 1909 and assets of over $5 billion, and New York-based Insurance Capital Group (“ICG”), the leading strategic investor in the mutual insurance industry.
NGL and ICG, through its Federal Life Group, Inc. (“Federal Life”) affiliate, have jointly developed and launched a national dental and vision insurance business called BrightBenefits, which will be led by insurance industry veteran Danny Bentley. BrightBenefits policies will be issued by Commercial Travelers Insurance Company, an A.M. Best A- (Excellent) rated affiliate of NGL, in which Federal Life will make a significant equity investment, subject to receiving regulatory approval.
2020 Medicare Parts A & B Premiums and Deductibles | CMS | November 8, 2019
Each year the Medicare premiums, deductibles, and copayment rates are adjusted according to the Social Security Act. For 2020, the Medicare Part B monthly premiums and the annual deductible are higher than the 2019 amounts. The standard monthly premium for Medicare Part B enrollees will be $144.60 for 2020, an increase of $9.10 from $135.50 in 2019. The annual deductible for all Medicare Part B beneficiaries is $198 in 2020, an increase of $13 from the annual deductible of $185 in 2019.
The increase in the Part B premiums and deductible is largely due to rising spending on physician-administered drugs. These higher costs have a ripple effect and result in higher Part B premiums and deductible.
Open enrollment: 83% selecting Medicare Advantage choose plans with $0 premiums | Healthcare Finance | November 18, 2019
Medicare’s annual open enrollment period for 2020 healthcare coverage began on October 15, and among the emerging trends is that Medicare Advantage plans with $0 premiums are all the rage. So much so, in fact, that 83% of consumers are selecting these plans.
Data culled from the period between October 15 and November 8 found that $5.47 is the average monthly premium for Medicare Advantage plans selected by people enrolling in coverage, down 43% from $9.53 in the same period last year.
The 83% who are choosing $0 premium Medicare Advantage plans represents an increase from the 76% who did so during the same period last year.