September 25, 2016

Useful Information

2017 Prescription Drug Plan (PDP) Cost Changes vs. 2016The Centers of Medicare and Medicaid (CMS) increased the 2017 Medicare Part D standard defined benefit amounts vs. 2016.  The chart below highlights the 2017 levels for the 4 coverage periods: Deductible Period, Initial Coverage Period, Coverage Gap (the Donut Hole), and Catastrophic Period.  For additional details and comparison to 2016 levels, click the link for an article prepared by Segal Consulting, a National Benefits, Compensation, and Human Resources Consulting firm.  LINK**to PDF of article

Medicare Part D Cost Sharing in 2017

Your Medicare Supplement / Medigap Plan – reminder about your benefits 
When you enrolled in a Medigap Plan, it was for a reason.  While the advertisements and mail you receive over the next few months may be confusing and even misleading, I’ve listed some of the key features of your Medigap plan as a reminder of the value your policy provides.

Some key benefits of your plan are:

• All Medicare Supplement Insurance (Medigap) Policies are standardized and must follow federal and state laws designed to protect you.
• Low Predictable Out-of-Pocket Costs: Plans pay most or all deductibles, co-payments, and co-insurance costs that Medicare doesn’t cover.
• No Provider Networks or Referrals: Freedom to visit virtually any doctor that accepts Medicare (approximately 95% of providers)
• Guaranteed Renewable Coverage: As long as you pay your premium.
• Coast-to-Coast Coverage: Just like Medicare, your supplement insurance plan covers health care needs anywhere in the United States…and most plans provide emergency coverage when travelling abroad.
• Bills are Processed Automatically:  So you don’t have to keep track or pay them during your doctor visit.
• You are in a good place.  Don’t be misled by advertisements.  With that said, if you think there is a better option for you, please don’t hesitate to call to discuss and we can review the pros and cons to help you make an informed choice.