Medicare Supplement Plans Lend A Helping Hand To Seniors
According to a statement made by federal government authorities, Floridians on Medicare saved more than $96 million in prescription medication expenses in 2011 as a result of a provision in the Affordable Care Act.
It was possible to save money since generic medications were reduced by seven percent in order to assist persons who were unable to get coverage because of Medicare’s famed “donut hole.” A 50 percent discount on brand-name prescription medications is also beneficial to them. The donut hole is defined as the gap between ordinary and catastrophic coverage in Medicare’s prescription medication benefits.
Although there would be no increase in rates, the government also declared that private insurance providers would not be leaving the Medicare market and that they would not be raising the costs of Medicare supplement plans. In reality, typical plan premiums were actually declining.
Across the country, 2.65 million Medicare beneficiaries were able to save more than $1.5 billion on their medications, equating to an average savings of $569 per person. In Florida, consumers saved up to $563, and 171,605 Medicare recipients are now restricted by a coverage gap in Medicare’s coverage.
It is projected that we will see a 14-percent savings on generic pharmaceuticals this year as well. In addition, the government will continue to provide discounts on both brand-name and generic pharmaceuticals until the year 2020. Beneficiaries who are now in the Medicare coverage gap will be eligible for a 75 percent discount on all prescription drugs at that time, thereby closing the coverage gap.
According to a spokeswoman for the Department of Health and Human Services, the average monthly premium for Medicare Prescription Drug coverage would be around $30 in 2012, a decrease of approximately 76 cents from 2011.
Can Medigap Plans Be Used In Conjunction With Medicare Part D Plans?
Even if you supplement Medicare with a Medicare Part D Prescription Drug coverage, you may be eligible to enroll in one of the 10 Medicare supplement plans. If you apply for a Medigap plan within the six-month period that starts on the first day of the month in which you turn 65 and are enrolled in Part B, your application will be assured to be approved regardless of your health concerns. During this period, you have the option of switching to a new plan, and your application for the other plan will likewise be assured approval.
After this open enrollment period has ended, insurance providers are not compelled to accept your application for a Medigap plan; however, some states offer further periods of open enrollment that are identical to the one that has ended. Insurance companies may also provide varieties of open enrollment at random, although they may be subject to specific limits. If you are under the age of 65, federal law does not compel insurance providers to accept your application for a Medigap plan; however, many states do have this obligation.
For those who have lost their health insurance coverage, you may also be assured that your application will be approved outside of your open enrollment period. If you are above the age of 65, this guarantee applies to Medigap plans A, B, C, F, K, and L. If you are under the age of 65, this guarantee applies solely to Medigap Plan A. In most cases, this guarantee is only valid for 63 days from the day on which your coverage expires or the date on which you get notification that your coverage is ending.