Medicare Supplement Plans Gives Seniors a Hand

According to an announcement by federal officials, Floridians on Medicare saved more than $ 96 million in prescription drug costs in 2011 all due to a provision in the Affordable Care Act.

Savings were made because generics medicines were cut by seven percent to help people who had no cover due to Medicare’s infamous “donut hole.” A discount of 50 percent on prescription branded drugs is also help them. The donut hole is the gap between regular and catastrophic coverage in Medicare’s prescription drugs.

In spite of a premium increase, the government also announced that private insurance companies are neither leaving the Medicare market nor raising prices for the plans. In fact, the average plan premiums have even fallen.

Nationwide, 2.65 million Medicare beneficiaries saved more than $ 1.5 billion on their prescriptions, which averages $ 569 per person. In Florida, people who saved up to $ 563 and 171 605 beneficiaries are currently affected by this gap in Medicare’s coverage.

It is expected that we will again have a 14 percent discount on generics this year. In addition, the government will continue to offer discounts on branded and generic drugs till 2020. At this time, the beneficiaries who are in the Medicare coverage gap will receive a 75 percent discount on all prescriptions, essentially closing the coverage gap.

 

The Health Ministry spokesman said that the average monthly premium for Medicare prescription drug plans in 2012 cost about $ 30, a reduction of 76 cents in 2011.

Can Medigap plans work with Medicare Part D plans?  Get a quote at https://www.medisupps.com/medicare-supplement-plans-2020/

Even if you supplement Medicare with a Medicare Part D Prescription Drug Plan, you can also enroll in any of the ten Medigap plans. For a period of six months starting on the first day of the month in which you turn 65 and you are enrolled in Part B, your application for a Medigap plan will be guaranteed regardless of your health problems. You can switch to a different plan during this time, and the acceptance which is guaranteed also applies to the application for the other plan.

Upon expiration of this open filing period, insurance companies will no longer need to accept your request for a Medigap Plan, but certain states will offer additional periods for similar open applications. Insurance companies may also offer random open registration types, but these may include certain restrictions.

If you are under 65, federal law does not require insurance companies to accept your request for a Medigap Plan, but certain states have that requirement.

You can also guarantee that your application will be accepted outside open enrollment if you lose your health insurance. If you are over the age of 65, this warranty applies to Medigap Plan A, B, C, F, K, and L. If you are under 65, this warranty applies only to Medigap Plan A. In general, this warranty applies only to 63 days from the date on which your insurance ends, or until the date of notification that your insurance ends.