If your modified adjusted gross income is $85,00 or more a year (or $170,00 for couples), the cost of Part D prescription drug plans will be higher in 2011. Premiums will cost from $12 to $69.10 more per month, but there’s a way to keep prescription coverage and still pay less.
Medicare Advantage Plans typically include prescription coverage with lower premiums than Part D plans. Advantage Plans are not standardized like Medigap Insurance and plans do not all cover the same medicines, so you’ll have to analyze each plan carefully to be sure your prescriptions are covered.
Advantage Plans also usually restrict which doctors and hospitals you can use with the exception of emergency or urgent care needs, and approximately 16 percent of 2010 Advantage Plans will no longer be available.
According to the federal Centers for Medicare & Medicaid Services, Medicare Advantage Plan premiums, on average, will remain similar to 2010 rates, though. These plans will also offer some new protection because out-of-pocket costs will be capped at $6,700. In 2011, Advantage Plans can no longer charge higher co-insurance or co-pays for chemotherapy or dialysis than those enrolled in Original Medicare would be charged. You can see what plans are available in your area at our website, or request a personal consultation, at no charge, just by calling us at 1-866-323-1441.
Jim McFadden has over 11 years of executive-level experience in the health insurance industry, is a youth baseball, softball and football coach, and has one of the worst fantasy football records in the world.