MA NEWS! 2014 Plan Design!
There was MA news released late yesterday afternoon! Medicare Advantage plans after much push back from congress, Medicare Advantage enrollees and insurance companies will not be receiving a cut in 2014. The proposed 2.3% cut has now been removed and an increase was given to the Medicare plans run by private insurance companies.
MA NEWS
Also released was the 2014 Plan designs for Medicare Part D plans.The 2014 statutory updates to the annual parameters for the defined standard Part D prescription drug benefit are finalized as proposed:
| Part D Benefit Parameters |
2013 |
2014 |
| Defined Standard Benefit | ||
| Deductible |
$325 |
$310 |
| Initial Coverage Limit |
$2,970 |
$2,850 |
| Out-of-Pocket Threshold |
$4,750 |
$4,550 |
| Minimum Cost-sharing for Generic/Preferred Multi-Source Drugs in the Catastrophic Phase |
$2.65 |
$2.55 |
| Minimum Cost-sharing for Other Drugs in the Catastrophic Phase |
$6.60 |
$6.35 |
| Retiree Drug Subsidy (RDS) | ||
| Cost Threshold (Amount RDS sponsor must spend before claiming the RDS subsidy) |
$325 |
$310 |
| Cost Limit (Amount after which RDS sponsor claims no RDS subsidy) |
$6,600 |
$6,350 |
(Note: The changes from 2013 to 2014 are rounded to the closest appropriate level.)
One reason that this plan has received so much attention over the past few weeks is that one out of every four Medicare beneficiaries are in this plan. These numbers are similar to Medicare Supplement enrollments.
For more information on Medicare Advantage plans please go to our main website at Medicare Insurance Finders to learn more about these plans and what they offer. Understand that Medicare Supplements and Medicare Advantage plans are regulated totally different and provide different benefits.
The reverse in decision was not expected but with all the discord among seniors enrolled in these plans we knew something had to happen. For all Medicare Advantage plan members this is a sigh of relief for your benefits. Last week there was expected to be a mass exodus from these plans and now it appears that there is still viability for plan year 2014!
To Contact Medicare Insurance Finders please call 1-877-936-2991!
