A recent USTA Today article, written by Kaiser Health News reporter Susan Jaffe, details some of the changes that will impact Medicare coverage for 2014. With only one month to go before the end of the Open Enrollment Period, these changes will be important for you to consider as you review your options.
A list of the key changes listed in the article follow:
● Monthly premiums for 2014 are changing dramatically. For example, the cost for one AARP UnitedHealth plan will increase by 55%, while the cost of another popular plan from Wellcare will decrease by 38%.
● Another popular plan, SilverScript Basic, is now off limits to new members until Medicare officials are satisfied that the company has resolved operational problems.
● The coverage gap or “doughnut hole” in Part D is growing smaller in 2014. The Affordable Care Act shrinks the gap every year until it’s closed in 2020.
● Next year, drug coverage stops when the insurer and member together have spent $2,850 and resumes when the member has spent $4,550. This year, coverage stopped at $2,970 in spending and resumed at $4,750.
● Discounts on drugs that seniors buy while in the gap have also improved, and next year’s deductible is $310 instead of $325.
● The Open Enrollment Period will have 142 fewer Medicare Advantage plans, the private plans that are an alternative to traditional Medicare fee-for-service coverage,
● Officials expect average Medicare Advantage monthly premiums to increase by $1.64 to $32.60 next year, while the average prescription drug plan premium will remain roughly the same, at about $31.
These changes give you a lot to consider. And SeniorQuote is here to help.
Enjoy the USA Today article. And enjoy the saving money with SeniorQuote during the Open Enrollment Period.