230 S. Bemiston; Suite 900 Clayton, MO (314) FAX (314)

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "230 S. Bemiston; Suite 900 Clayton, MO 63105 (314)727-5522 FAX (314)727-5568 www.mrctbenefitsplus.com www.mrctquote.com"

Transcription

1 Life & Health Insurance Advisor MRCT Benefits Plus is a comprehensive employee benefits, wellness and Human Resources consulting firm offering a variety of financial services to businesses and individuals Health Insurance November 2012 Volume 5 Number 11 Choosing Your Medicare Prescription Drug Plan Even if you don t use a lot of prescription drugs now, joining a Medicare drug plan as soon as you re eligible can help lower your prescription drug costs now and help protect against higher costs in the future. If you re currently enrolled and your costs have gone up, now s the time to evaluate your options. The Medicare open enrollment period ends on December 7. In most cases, this may be the one chance you have each year to make a change to your Medicare health and prescription drug coverage. If you want a new plan during 2013, act quickly! To get Medicare drug coverage, you must either join a Medicare Advantage (MA) plan that includes drug coverage, or join a Medicare prescription drug plan (Part D). Neither Original Medicare (Parts A and B) nor newer Medicare supplement ( Medigap ) plans cover prescription drugs. Although many Medicare Advantage plans cover prescription drugs, not all do. Check your plan 230 S. Bemiston; Suite 900 Clayton, MO (314) FAX (314) documents for details. People in most regions of the country have access to an average of 31 Medicare prescription drug plans (PDPs), also known as Medicare Part D. With this much selection, how do you choose the best one? Keep in mind that the plan with the lowest premiums isn t always the cheapest. The following factors will determine what your PDP ends up costing you over the course of a year. 1 Premiums. The Centers for Medicare & Medicaid Services (CMS) predicted the monthly fee for a basic Medicare PDP will average $30 in While premiums for basic plans will re- This Just In If you have original Medicare, you might want to look at a Medicare Advantage (MA) plan during this year s open enrollment. Since the Affordable Care Act was passed in 2010, MA premiums have fallen by 10 percent and enrollment has risen by 28 percent. The Department of Health and Human Services (HHS) predicted that enrollment will increase by 11 percent in the next year. HHS projects the average MA premium in 2013 will increase by only $1.47 from last year, to $32.59 per month. However, if beneficiaries choose lower-cost plans at the same rate in 2013 as they did in 2012, average projected premium will increase by

2 Health Insurance Life & Health Insurance Advisor November 2012 main essentially unchanged from last year, premiums for some of the more popular plans will increase more than 20 percent. If your plan costs will jump considerably, you might want to shop around. Monthly premiums can vary from plan to plan, even within the same area. 2 Deductbles. You must pay a deductible, a specific dollar amount, for covered drug expenses before the plan will begin to pay. For 2013, no Medicare PDP may have a deductible exceeding $325, up $5 from Copayments or coinsurance. These are amounts you will pay each time you fill a prescription after you meet the annual deductible (if your plan has one). If your plan requires coinsurance, you will pay a percentage of the cost (such as 25 percent) of the drug. With a copayment, you pay a set amount (for example, $10) for all drugs on a tier. Some Medicare PDP have different copayment or coinsurance tiers for different types of drugs. Many plans have lower copayments for generic drugs than brandname drugs. If you currently take any drugs on a regular basis, check the plan s copayment or coinsurance levels for them. 4 Networks. Medicare PDP and Medicare Advantage prescription drug (MA-PD) plans contract with pharmacies that are part of the plan s network. Check a plan s network before enrolling to ensure there is a network pharmacy nearby. If you go to a pharmacy that isn t in your plan s network, your plan may not cover your drugs. Along with retail pharmacies, your plan s network may include a mailorder program. 5 Formularies. Each Medicare PDP and MA- PD has a formulary, or list of prescription drugs that it covers. The formulary must include a range of drugs in the most commonly prescribed categories and classes, including both brand-name and generic drugs. The formulary might not include your specific drug, but in most cases, a similar drug should be available. This Just In only 57 cents. Access to the Medicare Advantage program will remain strong, with 99.6 percent of beneficiaries having access to a plan. Additionally, the number of plan choices will increase by 7 percent in A Medicare Advantage plan (Part C) covers all the services that original Medicare includes in hospital insurance (Part A) and medical insurance (Part B), except hospice care and some care in research studies. Private insurers offer these plans, rather than the federal government. Many plans include services not covered by original Medicare. For information, please contact us. 6 Managed care provisions. You will also want to check what kind of steps you need to take to get the medications you need. Some plans require prior authorization and/or step therapy. Under prior authorization, the patient or physician must obtain the plan s approval before filling certain prescriptions, or demonstrate that the drug is medically necessary. In step therapy, an insured must try one or more similar, lower-cost drugs before the plan will cover a higher-cost prescribed drug. Failing to follow these provisions could lead to lack of coverage for that prescription. We can help you evaluate different Medicare prescription drug plans and Medicare Advantage plans. For more information, please contact us.

3 Life & Health Insurance Advisor November 2012 Health Insurance Consumer-Driven Health Plans Growing in Popularity Enrollment in health savings account (HSA)-eligible insurance plans has increased more than 18 percent since 2011, reported America s Health Insurance Plans (AHIP). Why are these plans growing in popularity? This article will discuss some of the advantages of HSA-eligible health plans. HSA-eligible health plans are a type of so-called consumerdriven health plan (CDHP), so named because they put many healthcare decisions in the hands of insureds. CDHPs combine a high-deductible health insurance plan (HDHP) with some form of tax-advantaged health savings account. The high deductibles in these insurance plans (a minimum of $1,250 for single-only coverage in 2013) force insureds to pay for a greater share of routine healthcare expenses than other types of insurance plans. However, plans include a tax-favored savings or spending account that insureds can use to pay at least some of their out-of-pocket expenses. CDHPs rely on a simple idea: If people spend their own money, they will become more frugal consumers of healthcare. They will think twice before running to a specialist for a minor complaint and compare costs whenever possible. In theory, consumers will take their business to providers who give better care at lower cost. In this way, CDHPs will allow providers, instead of insurers, to set prices for their services and reap the benefits of innovation. And that, proponents argue, will significantly lower healthcare costs. Some types of CDHPs are available only through an employer. However, individuals can obtain a health savings account (HSA), a tax-advantaged account specifically for paying healthcare costs. Particularly if you are relatively healthy and able to budget for your routine healthcare expenses, you might find that a CDHP has several advantages over traditional health plans. These are: Y Lower health insurance premiums. The HDHP typically has lower premiums than other types of health plans, since the insurer doesn t have to pay for more frequent, lower-cost claims. Y Funds in your HSA can grow year to year. Most types of health plans have a use it or lose it structure: you forfeit any funds or benefits you don t use in the plan year. With an HSA, unused funds roll over from one year to the next, allowing you to build a nest egg for potential catastrophic health costs or to fund healthcare in retirement. Y Tax-advantaged savings for health expenses. Health savings accounts are triple tax advantaged: 1) you deduct contributions from your taxable income; 2) your money will grow

4 Life & Health Insurance Advisor November 2012 tax-free (funds can be invested); and 3) you can make withdrawals without incurring income taxes if you spend funds on a qualified medical expense whether you withdraw the money immediately after deposit or 20 years later. To qualify for an HSA, you must meet the following requirements. Y You must be covered under a high-deductible health plan (HDHP), described later, on the first day of the month. Y You have no other major medical coverage. Y You are not enrolled in Medicare. Y You cannot be claimed as a dependent on someone else s tax return. Dental Plans: Something to Smile About Dental Insurance Preventive dental care saves an estimated $4 for every $1 spent, by eliminating the need for expensive and invasive procedures. Having dental insurance encourages people to go for regular checkups and get needed preventive care. That s important, because researchers have proven a link between poor dental health and heart disease, low birth weight and other illnesses. Your HSA-qualifying high-deductible health plan must have a minimum deductible of $1,250 for single-only coverage for $2,500 for family coverage in It will have an out-of-pocket maximum of $6,250 for selfonly coverage or $12,500 for family coverage. The out-of-pocket amounts include deductibles, co-payments and coinsurance, but not premiums. Once you pay the maximum outof-pocket amount, the policy will act as a traditional major medical policy, paying all your healthcare costs, except for co-payments and coinsurance. We can help you compare consumer-driven health plans to other types of plans. For more information, please contact us. If you do not have employer-provided dental coverage, many types of plans exist on the individual market. As with medical insurance, traditional fee-forservice plans are becoming less common. In addition to a fee-for-service or indemnity plan, you can find a wide variety of managed care dental plans, through which insurers manage the cost and quality of care using different delivery systems. These include: 1 Dental preferred provider organizations (PPOs): Under a PPO plan, a network of providers agrees to treat plan members

5 Dental Care Life & Health Insurance Advisor November 2012 for an agreed-upon payment usually a percentage of the reasonable and customary charges of dentists in your geographic area. As with medical PPOs, dental PPO plans give members financial incentives to use these preferred providers. For example, your plan might pay 100 percent of your visit to a preferred provider for covered preventive services, but only 60 percent when you use a nonpreferred provider. You would have to pay the uncovered portion and possibly a higher deductible out of pocket. 2 Dental health maintenance organizations (DHMOs): DHMOs operate on a capitation basis that is, they contract with dentists who agree to provide covered dental services to members in return for a payment based on the number of members in the plan. Payments do not depend on the number or type of services rendered, and the DHMO accepts the financial risk for providing covered dental services to members. Most plans require members to use a dentist who is a member of the DHMO in order to have their services covered. Some plans provide reduced benefits when a participant uses an out-of-network provider. Dental HMOs can be less expensive than indemnity or PPO plans. If you buy an HMO plan, make sure there is a member dentist in your area. 3 Dental point-of-service (POS) plans: The POS plan combines features of a traditional fee-for-service plan and managed care plans. DHMO or PPO plans may offer a point-of-service option to allow participants to use out-of-network providers. However, POS plans usually offer lower benefits or reimbursement percentages and participants may have to do their own paperwork, including submitting bills to the insurer for payment. 4 Dental referral plans: Also known as a dental discount plan, a DRP consists of a panel of dentists who have agreed to provide services for members according to a fee schedule. The fee schedule usually reflects a discount off the usual charges for the service. Members pay a membership fee (usually monthly) and handle all payments to the provider directly. This is not insurance, but rather a membership program. For more information on dental coverage, please call us. more on next page

6 Life & Health Insurance Advisor November 2012 Good News on Medicare Deductions for the self-employed. Self-employed individuals can now deduct Medicare premiums using the self-employed health insurance deduction on their Form A memorandum from the IRS s office of chief counsel issued earlier this year reverses a long-held IRS stance by stating, All Medicare Parts are insurance that constitutes medical care under section 162(l). Section 162(l) allows an individual who is an employee within the meaning of section 401(c)(1) to deduct health insurance premiums when computing adjusted gross income. Sole proprietors, partners in a partnership, and 2 percent shareholders in an S corporation are employees for this purpose. The insurance plan must be established under your business, and if you were eligible to participate in any subsidized health plan maintained by your or your spouse s employer for any month during the tax year, you cannot use amounts you paid for health insurance coverage for that month to figure the deduction. Self-employed individuals who failed to deduct Medicare premiums for prior years may file an amended return to claim the deduction. For information, please consult your tax professional. Donut hole shrinking. As a result of the Affordable Care Act, coverage for both brand name and generic drugs in the Medicare Part D donut hole coverage gap will continue to increase until 2020, when the donut hole will be closed. This year, people with Medicare received a 50 percent discount on covered brand name drugs and 14 percent coverage of generic drugs in the donut hole. In 2013, Medicare Part D s coverage of brand name drugs will begin to increase, so people with Medicare will receive approximately 53 percent off the cost of brand name drugs, and coverage for 21 percent of the cost of generic drugs, in the donut hole. SmartsPro MARKETING The information presented and conclusions within are based upon our best judgment and analysis. It is not guaranteed information and does not necessarily reflect all available data. Web addresses are current at time of publication but subject to change. SmartsPro Marketing does not engage in the solicitation, sale or management of securities or investments, nor does it make any recommendations on securities or investments. This material may not be quoted or reproduced in any form without publisher s permission. All rights reserved SmartsPro Marketing. Tel

Multiple sclerosis and health insurance: How to choose a plan that is right for you

Multiple sclerosis and health insurance: How to choose a plan that is right for you Multiple sclerosis and health insurance: How to choose a plan that is right for you What are the different types of health insurance? Choosing a health insurance plan is important, especially if you have

More information

UNDERSTANDING HEALTH INSURANCE TERMINOLOGY

UNDERSTANDING HEALTH INSURANCE TERMINOLOGY UNDERSTANDING HEALTH INSURANCE TERMINOLOGY The information in this brochure is a guide to the terminology used in health insurance today. We hope this allows you to better understand these terms and your

More information

Life & Health Insurance Advisor

Life & Health Insurance Advisor Life & Health Insurance Advisor MRCT Benefits Plus is a comprehensive employee benefits, wellness and Human Resources consulting firm offering a variety of financial services to businesses and individuals

More information

Health Savings Accounts & High Deductible Health Plans

Health Savings Accounts & High Deductible Health Plans Health Savings Accounts & High Deductible Health Plans Definitions Consumer Driven Health Plan ( CDHP ) A health insurance plan designed to give you more control over your health care spending. CDHPs incorporate

More information

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA)

Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Interact with this ebrochure. Here s how. This ebrochure is designed for onscreen viewing, allowing you to navigate through the document

More information

Harvard University 2015 Medical Benefits. High Deductible Health Plan with Health Savings Account Introduction

Harvard University 2015 Medical Benefits. High Deductible Health Plan with Health Savings Account Introduction Harvard University 2015 Medical Benefits High Deductible Health Plan with Health Savings Account Introduction Topics for Discussion High Deductible Health Plan (HDHP) Why Consider? High Deductible Health

More information

Effective Date: The date on which coverage under an insurance policy begins.

Effective Date: The date on which coverage under an insurance policy begins. Key Healthcare Insurance Terms Agent: A person who represents an insurance company and solicits or sells the company s insurance products. An agent may represent a single company or multiple companies.

More information

IU High Deductible Health Plan Health Savings Account. Get Healthy and Get Ahead with the HDHP PPO Plan

IU High Deductible Health Plan Health Savings Account. Get Healthy and Get Ahead with the HDHP PPO Plan IU High Deductible Health Plan Health Savings Account & Get Healthy and Get Ahead with the HDHP PPO Plan 2014 PLAN 1Plan Advantages Medical Coverage ADVANTAGE The HDHP PPO & HSA has several advantages

More information

230 S. Bemiston; Suite 900 Clayton, MO 63105 (314)727-5522 FAX (314)727-5568 www.mrctbenefitsplus.com www.mrctquote.com

230 S. Bemiston; Suite 900 Clayton, MO 63105 (314)727-5522 FAX (314)727-5568 www.mrctbenefitsplus.com www.mrctquote.com Life & Health Insurance Advisor MRCT Benefits Plus is a comprehensive employee benefits, wellness and Human Resources consulting firm offering a variety of financial services to businesses and individuals

More information

Life & Health Insurance Advisor. Invest in Your Health: Choosing the Best Health Insurance Plan. This Just In Affordable Care Act consumer protections

Life & Health Insurance Advisor. Invest in Your Health: Choosing the Best Health Insurance Plan. This Just In Affordable Care Act consumer protections Life & Health Insurance Advisor MRCT Benefits Plus is a comprehensive employee benefits, wellness and Human Resources consulting firm offering a variety of financial services to businesses and individuals

More information

Medicare. What you need to know. Choose the plan that s right for you GNHH2ZTHH_15

Medicare. What you need to know. Choose the plan that s right for you GNHH2ZTHH_15 Medicare What you need to know Choose the plan that s right for you GNHH2ZTHH_15 Choosing a Medicare plan is a lot like buying a car. There are lots of options to consider. And what s right for you may

More information

Your complimentary Medicare Guidebook

Your complimentary Medicare Guidebook Learn Protect Assess Enroll Your complimentary Medicare Guidebook About this Guidebook If you or someone you care for is new to Medicare or will be soon, this Guidebook will help make Medicare easier to

More information

CENTERS FOR MEDICARE & MEDICAID SERVICES. Cost

CENTERS FOR MEDICARE & MEDICAID SERVICES. Cost CENTERS FOR MEDICARE & MEDICAID SERVICES Things to Think about when You Compare Medicare Drug Coverage You have two options to get Medicare coverage for your prescription drugs. If you have Original Medicare,

More information

Health Coverage with More Choices

Health Coverage with More Choices Health Coverage with More Choices Get ready for a different approach to health coverage with flexibility to choose a plan that fits your needs. This brochure explains the health coverage for Medicare-eligible

More information

Your complimentary Medicare Guidebook

Your complimentary Medicare Guidebook Learn Protect Assess Enroll Your complimentary Medicare Guidebook Learn Original Medicare... 4 Medicare Prescription Drug Coverage.............. 6 Medicare Supplement Insurance... 8 Medicare Advantage...

More information

Managing Your Health Care Costs in Retirement. Plain Talk Library

Managing Your Health Care Costs in Retirement. Plain Talk Library Managing Your Health Care Costs in Retirement Plain Talk Library If you re approaching retirement or you re already retired, you probably have many questions about the financial issues the years to come

More information

As of March 2010, a record 11.1 million people

As of March 2010, a record 11.1 million people Life & Health Insurance Advisor Los Angeles San Diego San Francisco Sacramento 1-800-334-7875 Licence #s: CA: 0294220c NV: 53484 AZ: 124074 GA: 556644 TX: 1220240 WS: 2431931 OR: 713105 Medicare Advantage

More information

Straight Facts About the Advantage+ Health Plan

Straight Facts About the Advantage+ Health Plan Benefits and Compensation Annual Enrollment Straight Facts About the Advantage+ Health Plan The Advantage+ health plan has unique features that can appeal to a wide range of employees. The key features

More information

A comparison of your health plan choices. Your Health.

A comparison of your health plan choices. Your Health. Decisions, Decisions A comparison of your health plan choices. Your Health. Chevron s health plans offer something for wherever you are in life whether you re single and starting a new career, raising

More information

High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FREQUENTLY ASKED QUESTIONS

High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FREQUENTLY ASKED QUESTIONS High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FREQUENTLY ASKED QUESTIONS Part I HIGH DEDUCTIBLE HEALTH PLAN (HDHP) Q. What is the HDHP? A. The High Deductible Health Plan (HDHP)

More information

Understanding Private Health Insurance Plan Choices and Provider Networks

Understanding Private Health Insurance Plan Choices and Provider Networks Understanding Private Health Insurance Plan Choices and Provider Networks Definitions Deductible Out-of-Pocket-Maximum Embedded Deductible Aggregate Deductible Networks PPO EPO HMO POS - HDHP HSA Catastrophic

More information

List of Insurance Terms and Definitions for Uniform Translation

List of Insurance Terms and Definitions for Uniform Translation Term actuarial value Affordable Care Act allowed charge Definition The percentage of total average costs for covered benefits that a plan will cover. For example, if a plan has an actuarial value of 70%,

More information

Individual Family FAQ s

Individual Family FAQ s Individual Family FAQ s Frequently Asked Questions By Topic Individual and Family Health Insurance Why will individual and family health insurance work for me? What kinds of individual and family insurance

More information

Summary of benefits. 2009 idaho, utah. Health Net orange prescription drug plan

Summary of benefits. 2009 idaho, utah. Health Net orange prescription drug plan Health Net orange prescription drug plan Summary of benefits 2009 idaho, utah Benefits effective January 1, 2009 (S5678-064) PDP Option 1 (S5678-063) PDP Value Option 2 Section I INTRODUCTION TO SUMMARY

More information

Things to think about when you compare Medicare drug coverage

Things to think about when you compare Medicare drug coverage Things to think about when you compare Medicare drug coverage Revised September 2015 There are 2 ways to get Medicare prescription drug coverage. You can join a Medicare Prescription Drug Plan and keep

More information

Individual Health Insurance

Individual Health Insurance Individual Health Insurance Plans that fit every need, lifestyle and budget. Through It All. 866-303-BLUE (2583) bcbsok.com SM Call 866-303-BLUE (2583), visit bcbsok.com, or contact an independent Blue

More information

What s a Medicare Advantage Plan?

What s a Medicare Advantage Plan? Revised April 2015 What s a Medicare Advantage Plan? You can get your Medicare benefits through Original Medicare, or a Medicare Advantage Plan (like an HMO or PPO). If you have Original Medicare, the

More information

Introducing OneExchange.

Introducing OneExchange. RETIREE BENEFITS Introducing OneExchange. OneExchange provides you with plan advice and enrollment assistance to choose Medicare supplemental healthcare and prescription drug coverage that s right for

More information

CENTERS FOR MEDICARE & MEDICAID SERVICES

CENTERS FOR MEDICARE & MEDICAID SERVICES CENTERS FOR MEDICARE & MEDICAID SERVICES Things to think about when you compare Medicare drug coverage There are 2 ways to get Medicare prescription drug coverage. You can join a Medicare Prescription

More information

Understanding Medicare Fundamentals

Understanding Medicare Fundamentals Understanding Medicare Fundamentals A Healthcare Cost Planning Overview By Mark J. Snodgrass & Pamela K. Edinger JD July 7, 2012 Money Tree Software, Ltd. 2430 NW Professional Dr. Corvallis, OR 98330 2012

More information

Medicare. Prescription Drug Plan Guide. Simple steps to help you choose the right prescription drug coverage

Medicare. Prescription Drug Plan Guide. Simple steps to help you choose the right prescription drug coverage Medicare Prescription Drug Plan Guide An educational resource developed by Simple steps to help you choose the right prescription drug coverage and published by Rite Aid Corporation. Rite Aid pharmacists

More information

Getting Started with Medicare Beginning Medicare Training

Getting Started with Medicare Beginning Medicare Training Getting Started with Medicare Beginning Medicare Training This Medicare Counselor Training program was developed under a grant from UnitedHealthcare through a joint project with the National Association

More information

WikiLeaks Document Release

WikiLeaks Document Release WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RS21974 Federal Employees Health Benefits Program: Available Health Insurance Options Hinda Chaikind, Domestic Social Policy

More information

Understanding a Health Savings Account

Understanding a Health Savings Account From Roper Insurance & Financial Services Understanding a Health Savings Account Type of Coverage Minimum Annual Deductible Individual $1,300 for 2015 $1,300 for 2016 Family $2,600 for 2015 $2,600 for

More information

Solutions for Today Flexibility for Tomorrow.

Solutions for Today Flexibility for Tomorrow. Solutions for Today Flexibility for Tomorrow. Medicare Products and Services For More Information call our Senior Care Specialist, Raun Lynch at 856.380.5079 Or visit us on the web at www.cbdi-inc.com

More information

Medicare Quick Reference

Medicare Quick Reference Medicare Quick Reference 2016 Income Investment Estate Retirement Social Security NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE This guide provides general Medicare information. Part A Part C (Medicare

More information

Summary of Benefits. (PDP), Blue MedicareRx Plus SM. (PDP) and Blue MedicareRx Premier SM

Summary of Benefits. (PDP), Blue MedicareRx Plus SM. (PDP) and Blue MedicareRx Premier SM Summary of Benefits for SM, Plus SM and Premier SM Available in Maine and New Hampshire A -approved Part D sponsor. Anthem Insurance Companies, Inc. (AICI) is the legal entity who has contracted with the

More information

5. HEALTH SAVINGS ACCOUNTS AND THEIR ADVANTAGES

5. HEALTH SAVINGS ACCOUNTS AND THEIR ADVANTAGES 5. HEALTH SAVINGS ACCOUNTS AND THEIR ADVANTAGES Clients who are attracted to the premium savings of a ConnectiCare SOLO High-Deductible Health Plan (HDHP) may wish to combine it with a Health Savings Account

More information

Copayment: The amount you must pay for each medical visit to a participating doctor or other healthcare provider, usually at this time service.

Copayment: The amount you must pay for each medical visit to a participating doctor or other healthcare provider, usually at this time service. Basic Terms How to calculate Out of Pocket Costs on a Hospital Stay: If you have a $2000 deductible and 30% coinsurance health insurance plan. If you have a $10,000 emergency room or hospital stay your

More information

Your Retiree Medical Transition Guide

Your Retiree Medical Transition Guide Your Retiree Medical Transition Guide What you need to know. Prepare for your enrollment. Partner with your own dedicated Benefits Advisor. Get help paying for your coverage. A New Way to Find the Right

More information

Questions and Answers About Health Insurance

Questions and Answers About Health Insurance Questions and Answers About Health Insurance A Consumer Guide Agency for Healthcare Research and Quality Advancing Excellence in Health Care www.ahrq.gov Note to reader: This guide offers general information

More information

Health Savings Accounts

Health Savings Accounts 1 Health Savings Accounts Health Savings Accounts Our agenda: Basics about HSAs. Eligibility for an HSA. Contribution, deductible & out-of-pocket limits. Account tips. 2 HSAs The Basics What is a Health

More information

SMART Humana Group Medicare

SMART Humana Group Medicare SMART Humana Group Medicare Group Medicare GHHHNYFEN 0813 Overview of Humana Medicare Medicare is the largest government-sponsored health insurance program in the United States, serving more than 49 million

More information

New Health Coverage with More Choices

New Health Coverage with More Choices New Health Coverage with More Choices Get ready for a new approach to health coverage with more flexibility to choose a plan that fits your needs. Effective January 1, 2015, health care benefits offered

More information

Health Savings Accounts: Innovative Health Care Financing

Health Savings Accounts: Innovative Health Care Financing Health Savings Accounts: Innovative Health Care Financing Would you be interested in a health insurance program that puts you in control of your own health care dollars, while protecting you and your family

More information

Choosing the Right Health Insurance Plan What is the different between PPO, HMO, POS and HSA plans?

Choosing the Right Health Insurance Plan What is the different between PPO, HMO, POS and HSA plans? Choosing the Right Health Insurance Plan What is the different between PPO, HMO, POS and HSA plans? Choosing the right health insurance plan can be confusing. When open enrollment rolls around at your

More information

Account Based Health Plan with Health Savings Account Guide

Account Based Health Plan with Health Savings Account Guide Account Based Health Plan with Health Savings Account Guide Lead the way Page 1 2016 ABHP with HSA Guide You re in control with an Account-Based Health Plan Philips believes an Account Based Health Plan

More information

It s Time for Medicare

It s Time for Medicare It s Time for Medicare med-waageinbook-1214 Medicare What you need to know. You re turning 65. Or you re already 65 and getting ready to retire and lose your healthcare coverage. You re almost ready for

More information

2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees

2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees 2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees Which retirees are eligible for the Health Savings PPO medical plan option? Pre-Medicare retirees are eligible to enroll

More information

YOUR CIGNA CHOICE FUND HEALTH SAVINGS ACCOUNT

YOUR CIGNA CHOICE FUND HEALTH SAVINGS ACCOUNT YOUR CIGNA CHOICE FUND HEALTH SAVINGS ACCOUNT Your health plan plus a Health Savings Account PLAN YEAR: January 1,2014 838559 d Offered by: Connecticut General Life Insurance Company or Cigna Health and

More information

Medicare Explained (For the rest of us!) A plain English version

Medicare Explained (For the rest of us!) A plain English version Produced by & Not affiliated with any Government Agency A Brief History of Medicare Medicare is a national social insurance program, administered by the U.S. federal government since 1965, that guarantees

More information

ElderCare Medicare Health Plan Analyzer

ElderCare Medicare Health Plan Analyzer ElderCare Medicare Health nalyzer 1999 Prism Innovations, Inc. All Rights Reserved ElderCare Medicare Health nalyzer Table of Contents Introduction 2 Explanations of New Health Plan Options 3 Analysis

More information

Consumer Choice Plan, Health Savings Account and Health Care Flexible Spending Account Frequently Asked Questions

Consumer Choice Plan, Health Savings Account and Health Care Flexible Spending Account Frequently Asked Questions Consumer Choice Plan, Health Savings Account and Health Care Flexible Spending Account Frequently Asked Questions Information on how the plan and the accounts work The Consumer Choice Plan 1. How is the

More information

An Introduction to Health Savings Accounts (HSAs)

An Introduction to Health Savings Accounts (HSAs) An Introduction to Health Savings Accounts (HSAs) This document provides some basic information about Health Savings Accounts, including: HSA eligibility HSA contributions HSA distributions How the account

More information

Insurance Payment Terms

Insurance Payment Terms increases from Bronze to Platinum, so does the amount that the plan covers (coinsurance). A Bronze plan usually has a lower premium (what you pay each month) and a higher out-of-pocket cost (what you pay

More information

Medicare doesn t have to be complicated. This guide is provided to help you better understand Medicare and how a Medicare Advantage plan may offer

Medicare doesn t have to be complicated. This guide is provided to help you better understand Medicare and how a Medicare Advantage plan may offer clarity YOUR GUIDE TO MEDicare AdvantaGE Medicare doesn t have to be complicated. This guide is provided to help you better understand Medicare and how a Medicare Advantage plan may offer the coverage

More information

Manage Health care choices and expenses. The EmblemHealth Consumer Direct Program

Manage Health care choices and expenses. The EmblemHealth Consumer Direct Program Manage Health care choices and expenses The EmblemHealth Consumer Direct Program 1 Employees can manage their health care expenses today and save for their future. There s an alternative for people who

More information

Things you need to know about Medicare.

Things you need to know about Medicare. Things you need to know about Medicare. 1 2 3 1OPTION Original Medicare We re here to help. Approaching 65 is an important milestone in life, and becoming eligible for Medicare is part of that. Whether

More information

Closing the Coverage Gap Medicare Prescription Drugs Are Becoming More Affordable

Closing the Coverage Gap Medicare Prescription Drugs Are Becoming More Affordable MEDICARE PRESCRIPTION DRUG COVERAGE Closing the Coverage Gap Medicare Prescription Drugs Are Becoming More Affordable The Affordable Care Act includes benefits to make your Medicare prescription drug coverage

More information

Understanding your. Medicare options. Medicare Made Clear TM. Get Answers Series. Y0066_120629_084915 CMS Accepted

Understanding your. Medicare options. Medicare Made Clear TM. Get Answers Series. Y0066_120629_084915 CMS Accepted Understanding your Medicare options. Medicare Made Clear TM Get Answers Series Y0066_120629_084915 CMS Accepted learning about Medicare Choices. Eligibility Coverage options When to enroll Next steps and

More information

Employee Benefits Report

Employee Benefits Report Employee Benefits Report 1000 25th Street North Great Falls, MT 59406 (406) 727-4969 (800) 406-4097 Fax (406) 727-4979 www.bphealthmt.com Health Benefits October 2011 Volume 9 Number 10 Consumer-Driven

More information

THE A,B,C,D S OF MEDICARE

THE A,B,C,D S OF MEDICARE THE A,B,C,D S OF MEDICARE An important resource for understanding your healthcare in retirement What you need to know for 2014 How Medicare works What Medicare covers How much Medicare costs INTRODUCTION

More information

Health Insurance Basics

Health Insurance Basics Page 1 of 26 Course 2 Topic: 01 Page: 01 Course Introduction 1 of 3 Course Introduction Text Description of Image or Animation Long Description: Animation. Welcome to the Course. The Department of Health

More information

Frequently Asked Questions By Topic

Frequently Asked Questions By Topic Small Business FAQ s Frequently Asked Questions By Topic Small Business Health Insurance Why should I provide group health insurance to my employees? How much of the employees' premium is the employer

More information

In-Network Benefits. NationalOne 2600/5200 HDHP- HSA. NationalOne 200-25. Available to: Deductible. Medical Out-of-pocket Maximum

In-Network Benefits. NationalOne 2600/5200 HDHP- HSA. NationalOne 200-25. Available to: Deductible. Medical Out-of-pocket Maximum 2 In-Network Benefits Available to: Deductible Medical Out-of-pocket Maximum NationalOne 200-25 ALL Units $200 individual $600 family $500 individual $1,000 family NationalOne 2600/5200 HDHP- HSA Clerical,

More information

your guide to health INSURANCE reform

your guide to health INSURANCE reform CURRENT LOGO your guide to health INSURANCE reform for This guide explains how Health Reform will affect Individual and Family health plans, helps you understand different types of health insurance and

More information

GLOSSARY OF MEDICAL AND INSURANCE TERMS

GLOSSARY OF MEDICAL AND INSURANCE TERMS GLOSSARY OF MEDICAL AND INSURANCE TERMS At Westfield Family Physicians we are aware that there are lots of words and phrases we used every day that may not be familiar to you, our patients. We are providing

More information

Cabrillo College Retiree Benefits and Medicare Frequently Asked Questions

Cabrillo College Retiree Benefits and Medicare Frequently Asked Questions Cabrillo College Retiree Benefits and Medicare Frequently Asked Questions Table of Contents What is Medicare?... 3 What are the different parts of Medicare?... 4 What does Medicare help cover Part A?...

More information

Health Savings Account/High Deductible Health Plan FAQs re: HSA plan offering

Health Savings Account/High Deductible Health Plan FAQs re: HSA plan offering Health Savings Account/High Deductible Health Plan FAQs re: HSA plan offering 1. What services are considered preventive care? See the Open Enrollment website for a complete list of covered services. 2.

More information

If you decide to retire or have been laid off from your job before you turn 65 and you are not yet eligible for Medicare, what do you do?

If you decide to retire or have been laid off from your job before you turn 65 and you are not yet eligible for Medicare, what do you do? CONTENTS Health Insurance Considerations for Empty Nesters Medicare Considerations Long-Term Care Insurance Considerations Health Insurance Considerations for All Life Situations Disability Insurance Considerations

More information

Through It All. Health Coverage for Individuals and Families. Plans that fit every need, lifestyle and budget. 800-531-4456 bcbstx.

Through It All. Health Coverage for Individuals and Families. Plans that fit every need, lifestyle and budget. 800-531-4456 bcbstx. Health Coverage for Individuals and Families Plans that fit every need, lifestyle and budget. Through It All. 800-531-4456 bcbstx.com SM Call 800-531-4456, visit bcbstx.com, or contact an independent Blue

More information

Your Questions Answered

Your Questions Answered Your Questions Answered 1. GENERAL 1.1 What is happening to my retiree medical and prescription drug benefits for Medicare-eligible participants as of January 1, 2015? Effective December 31, 2014, CIGNA

More information

HEALTH SAVINGS ACCOUNT (HSA)

HEALTH SAVINGS ACCOUNT (HSA) HSAs Triple Tax Advantage Public Employees Benefits Program HEALTH SAVINGS ACCOUNT (HSA) HSAs can be especially beneficial at tax time! One of the key benefits of an HSA is a triple tax advantage! An HSA

More information

Once you have an understanding of your health needs, you need to understand your Medicare options so you can decide which one best suits your needs.

Once you have an understanding of your health needs, you need to understand your Medicare options so you can decide which one best suits your needs. Medicare Options It is important for you to think about your particular health care needs. Do you have a doctor you prefer to see? Do you have a condition that requires frequent doctor visits? How many

More information

Health. Savings. Accounts. See the difference.

Health. Savings. Accounts. See the difference. Health Savings Accounts See the difference. Better manage and control your rising healthcare costs and premiums with a Seven Seventeen Health Savings Account. As an employer, providing healthcare benefits

More information

MEDICARE BASICS WHAT TO KNOW AND WHAT TO EXPECT WITH MEDICARE

MEDICARE BASICS WHAT TO KNOW AND WHAT TO EXPECT WITH MEDICARE MEDICARE BASICS WHAT TO KNOW AND WHAT TO EXPECT WITH MEDICARE AGENDA What is original Medicare? The A, B, C, and D s of Medicare Enrollment periods Medicare Advantage star rating system Where you can find

More information

NO DEDUCTIBLE FOR MANY SERVICES

NO DEDUCTIBLE FOR MANY SERVICES KAISER PERMANENTE FOR INDIVIDUALS AND FAMILIES Deductible Plans How Deductible plans work Deductible plans generally offer lower monthly premiums in exchange for higher out-of-pocket payments for covered

More information

Frequently Asked Questions: Medicare Supplement & Medicare Advantage

Frequently Asked Questions: Medicare Supplement & Medicare Advantage Frequently Asked Questions: Medicare Supplement & Medicare Advantage Who is eligible for CBIA s Medicare program? A CBIA Health Connections participant is eligible for either plan if they are qualified

More information

Understanding Health Savings Accounts (HSAs): An Innovative Alternative to help you manage your health care costs.

Understanding Health Savings Accounts (HSAs): An Innovative Alternative to help you manage your health care costs. Understanding Health Savings Accounts (HSAs): An Innovative Alternative to help you manage your health care costs. HSAs are an affordable, innovative way to pay for and manage your health care costs. Anthem

More information

I Have Health Insurance! Now What?

I Have Health Insurance! Now What? I Have Health Insurance! Now What? A Guide to Using Your Private Health Insurance Plan Brought to you by: Congratulations on Your New Health Plan! This guide is an overview of private insurance plans and

More information

EVERY AMERICAN NEEDS TO KNOW

EVERY AMERICAN NEEDS TO KNOW 8 HEALTH INSURANCE TERMS EVERY AMERICAN NEEDS TO KNOW Health insurance has a language all its own. Understanding how your insurance plan works is something every American needs to master. These terms are

More information

HSA 101. A Quick Overview of Health Savings Account Basics

HSA 101. A Quick Overview of Health Savings Account Basics HSA 101 A Quick Overview of Health Savings Account Basics Agenda Health Savings Account Features HSA Eligibility Contributions Tax Information Distributions HSA-Qualified Expenses Paying for Medical Services

More information

What is a Medicare Advantage Plan?

What is a Medicare Advantage Plan? CENTERS FOR MEDICARE & MEDICAID SERVICES What is a Medicare Advantage Plan? A Medicare Advantage Plan (like an HMO or PPO) is a way to get your Medicare benefits. Unlike Original Medicare, in which the

More information

Closing the Coverage Gap

Closing the Coverage Gap MEDICARE PRESCRIPTION DRUG COVERAGE REVISED MAY 2013 Information Partners Can Use on: Closing the Coverage Gap The Affordable Care Act includes provisions to close the Medicare Part D prescription drug

More information

What to Expect When Buying Individual Medical Coverage

What to Expect When Buying Individual Medical Coverage Life & Health Insurance Advisor MRCT Benefits Plus is a comprehensive employee benefits, wellness and Human Resources consulting firm offering a variety of financial services to businesses and individuals

More information

Reflecting changes from 2010 health reform laws. Health Insurance Buyer s Guide Five Steps to Buying Your Own Health Insurance

Reflecting changes from 2010 health reform laws. Health Insurance Buyer s Guide Five Steps to Buying Your Own Health Insurance Health Insurance Buyer s Guide Five Steps to Buying Your Own Health Insurance Reflecting changes from 2010 health reform laws Individual and Family Health Insurance Introduction When you purchase a health

More information

Medicare Part D Prescription Drug Coverage

Medicare Part D Prescription Drug Coverage Medicare Part D Prescription Drug Coverage Part 3 Version 6.0 September 25, 2012 Terms and Conditions This training program is protected under United States Copyright laws, 17 U.S.C.A. 101, et seq. and

More information

2013 SUMMARY OF BENEFITS

2013 SUMMARY OF BENEFITS 22222 2013 SUMMARY OF BENEFITS Plus Prescription Drug Plans S5670 S5768 Y0022_PDP_2013_S5670_036_S5768_009_S5768_129SBa Accepted FH13SB06VP2 22 SECTION I INTRODUCTION TO SUMMARY OF BENEFITS Thank you for

More information

Brookhaven Science Associates, LLC. 2016 Guide To: Medical Programs Health Savings Account Health Care Reimbursement Account

Brookhaven Science Associates, LLC. 2016 Guide To: Medical Programs Health Savings Account Health Care Reimbursement Account Brookhaven Science Associates, LLC 2016 Guide To: Medical Programs Health Savings Account Health Care Reimbursement Account 1 2 Here s What You ll Find In This Booklet ITEM PAGE # OVERVIEW... 5 MEDICAL

More information

I Have Health Insurance! Now What?

I Have Health Insurance! Now What? I Have Health Insurance! Now What? A Guide to Using Your Private Health Insurance Plan Brought to you by: Congratulations on Your New Health Plan! This guide is an overview of private insurance plans and

More information

Medicare 101 Guide Your Guide to Medicare Basics

Medicare 101 Guide Your Guide to Medicare Basics Medicare 101 Guide Your Guide to Medicare Basics Y0013_16_MEDGUI Accepted 11232015 bcbstmedicare.com Get More from Your Medicare This guide helps you understand how Medicare s different parts work and

More information

For some reason, a majority of individuals

For some reason, a majority of individuals Life & Health Insurance Advisor info@mmibi.com momentousins.com Your future Our commitment Long-Term Care December 2010 Volume 8 Number 12 How to Get Long-Term Care Coverage Without Buying an LTC Policy

More information

Medicare Part D Prescription Drug Coverage

Medicare Part D Prescription Drug Coverage Medicare Part D Prescription Drug Coverage Part 3 Version 9.0 June 22, 2015 Terms and Conditions This training program is protected under United States Copyright laws, 17 U.S.C.A. 101, et seq. and international

More information

Medicare Part D Amounts Will Increase in 2016

Medicare Part D Amounts Will Increase in 2016 April 9, 2015 Medicare Part D Amounts Will Increase in 2016 The Medicare Modernization Act (MMA) requires the Centers for Medicare & Medicaid Services (CMS) to announce each year the Medicare Part D standard

More information

Guide to Medicare MEDICARE BASICS. Presented by

Guide to Medicare MEDICARE BASICS. Presented by Guide to Medicare MEDICARE BASICS Presented by 14 Medicare Basics What Is Medicare? Medicare is health insurance for the following: People 65 or older People under 65 with certain disabilities People of

More information

Choose the Medicare Advantage Plan That s Right for You

Choose the Medicare Advantage Plan That s Right for You Choose the Medicare Advantage Plan That s Right for You Indiana University Health Plans is a Medicare Advantage organization with a Medicare contract. Other pharmacies/physicians/providers are available

More information

Frequently Asked Questions. High Deductible Health Plan (HDHP) with Health Savings Account (HSA)

Frequently Asked Questions. High Deductible Health Plan (HDHP) with Health Savings Account (HSA) Frequently Asked Questions High Deductible Health Plan (HDHP) with Health Savings Account (HSA) There are two components to the High Deductible Health Plan (HDHP) with HSA Medical Plan the HDHP Health

More information

Medicare At A Glance. State Health Insurance Assistance Program (SHIP)

Medicare At A Glance. State Health Insurance Assistance Program (SHIP) 2015 Medicare At A Glance Indiana 2015 State Health Insurance Assistance Program (SHIP) Who runs the Medicare Program? The Centers for Medicare & Medicaid Services (CMS) is the Federal agency that runs

More information

Preparing for Retirement Healthy Directions for Medicare Retirees

Preparing for Retirement Healthy Directions for Medicare Retirees Preparing for Retirement Healthy Directions for Medicare Retirees Introduction Eligibility Healthy Directions for Medicare Retirees is designed for John Deere U.S. Flex retirees* who: Are eligible for

More information

2016 Health Savings Plan and Health Savings Account Questions

2016 Health Savings Plan and Health Savings Account Questions 2016 Health Savings Plan and Health Savings Account Questions Health Savings Plan (HSP) What is the Health Savings Plan? The HSP is a High Deductible Health Plan (HDHP) with coverage that starts after

More information