2010 Medicare beneficiaries receive a $250 rebate check from Medicare once they hit the coverage gap 2011 A 50% discount will be provided on brand-name drugs and a 7% discount on generic drugs for prescriptions filled during the coverage gap. Federal subsidies will begin to be phased in for generic drug costs for prescriptions filled [...]
{ 0 comments }
Explaining the coverage gap: The prescription drug coverage can experience a gap in their coverage, also called the “donut hole”. This takes place when an individual’s total drug costs reach $2,830. These costs are calculated by adding what the individual and the individual’s insurance plan have paid. 2007 14% of all Medicare enrollees reached this [...]
{ 0 comments }
Yes HR managers we are referring to you. It’s that time of year again to make sure that you have provided your employees with their Medicare Part D creditable coverage notice. The only employers exempt from this notice requirement are those that establish their own Part D plan or who contract with a Part D [...]
{ 0 comments }
The new healthcare reform has an emphasis on preventive care especially for Medicare beneficiaries. One of the main aspects of the new healthcare law is the annual physical exam with no copay. in the past, Medicare only allowed one physical exam at the onset of Medicare benefits. It was a hardship for seniors. The law [...]
{ 0 comments }
Here is some further information about increases in Medicare prescription plans. The Centers for Medicare and Medicaid Services (CMS) has released clear information that everyone can expect an increase in prescription part D plans. There will also be fewer plans available. Throughout the country, premiums will rise across the board. In 2010, the average premium [...]
{ 0 comments }
The Internal Revenue has recently issued Notice 2010-59 that clarifies the under the Patient protection and Affordable Act on what is an eligible over -the –counter drug and medicines. There seems to be much confusion as to how the new system will work and who is subject to the new rules. Anyone who has a [...]
{ 0 comments }
As healthcare reform begins to take shape, employers are reassessing healthcare benefits for employees and retirees. The National Business on Health released a survey in August 2010,”Large Employers 2011 Health Plan Design Changes”. This survey revealed some interesting trends in the industry. Although not mentioned, it shows that VEBAs are primed and well positioned to [...]
{ 0 comments }
The federal government has recently issued a warning in regards to Medicare scams related to prescription drug plans. People have reported calls from companies providing reduced premiums for prescription plans. The telemarketer then requests the person’s Medicare number and sometimes credit card. These are scammers. All official contracted Medicare prescription D providers do not make [...]
{ 0 comments }
The Center for Medicare is planning to implement a policy of streamlining the number of prescription plans to be offered in the open enrollment season this fall. The government will limit similar plans or identical plans from individual companies. The reason Medicare is reducing plans is because many companies like CVS-Caremark and AARP offer duplicate [...]
{ 0 comments }
Nobody is sure exactly how the new laws under the Affordable Care act for preventive care will impact insurers. The clarification of this aspect was submitted to the Federal Register for review. Comments from the industry and consumers can be submitted to the HHS. The final writing will be submitted on September 23,2010 with the [...]
{ 0 comments }
