Medicare Insurance Plans 2008
There are new Medicare Advantage Plans for 2008. Eligible participants are individuals who have Medicare Part A & B. Medicare Advantage Plans may provide additional medical and pharmacy benefits that are currently not covered by Medicare Part A and B.
Some companies offer Private Fee-For Service Medicare Advantage Plans. These plans do not require participants to use an in-network provider. Fee-For-Service plans are becoming more popular because of flexibility and ease of use. These plans offer nationwide coverage with no referrals needed. Premium costs are usually lower than Medicare Supplement plans.
If you stay near home most of the time you may want to enroll in an Health Maintenance Organization (HMO) These plans usually require you to use in-network providers and you may need referrals for a specialist. If you decide to enroll with an HMO plan be sure to obtain a list of providers in order to check the quality and availability of Doctors and Hospitals in your area.
One other type of Medicare Advantage Plan is commonly referred to as a PPO Also known as a Preferred Provider Organization. Generally speaking, this is a network program that may allow you to use out of network providers with a higher co-pay or a co-insurance. Rates will vary.
Medicare Part D Plans
Medicare Part-D is a federal prescription drug program for Medicare eligible participants. Plan premiums and coverage vary depending on where you live and the plan that you select.
Generally Part-D plans include generic, brand and preferred drugs up to $2,510 per year. Most plans will have co-pays or co-insurance for a one or three month supply. Some plans include generic drugs through the “donut hole” which is between $2,510 and $4,050 in 2008. These numbers are subject to change each year as determined by The Centers For Medicare and Medicaid Services also referred to as CMS.
It is important to review the insurance companies prescription drug formulary prior to selecting a plan to be sure that your drugs are covered. Each company’s formulary may be different or cover certain Rx drugs on a different tier level, which may affect your overall cost.
You may qualify for a Part-D subsidy program if you have a low annual income. Each state has different programs. You may make changes in your Part-D plan annually between Nov. 15 and Dec. 31. You can find useful information and compare plans at www.todaysmedicare.com

Michael King CRSP is the owner of Century Benefits Group Inc. Michael is a Certified Retirement Service Professional and a mamber of the NY State Employee Benefits Conference