Benistar Issues Reminder On Medicare Changes In 2016

(Newswire.net — January 13, 2016) Stamford, Connecticut — Benistar is issuing a reminder to retirement age individuals of upcoming changes planned for certain sections of Medicare. Focused mainly on Part D of the Medicare plan, the changes are set to take effect this year.

Some of the most significant changes to be implemented in the plan involve the premiums to be paid by Medicare members. According to the new guidelines, members who opt to maintain their current drug plans will have to pay higher premiums. Similar changes will take effect for beneficiaries of most other prescription drug plans as well.

The changes to the plan were outlined in a joint report released by the Kaiser Family Foundation and Georgetown University. The report also detailed increases in deductibles and other cost-sharing arrangements related to Part D of Medicare. For most plan beneficiaries, the most feasible course of action to take in order to avoid higher rates is to switch to another plan.

Still other changes that Medicare beneficiaries could expect to see when the new guidelines are implemented over the year are fewer options for prescription drug plans. In 2015, beneficiaries could choose from an average of 30 approved drug plans. This year, the number will be reduced to 26. The actual number of approved drug plans will vary from state to state; in Alaska, plan members only have 19 plans to choose from, while Pennsylvania and West Virginia Medicare beneficiaries have as much as 29 options available. A total of 886 plans will be available all over the country. This represents an 11% decrease from 2015, and is the lowest number of plan options offered since Medicare was implemented ten years ago.

Still other changes to payable premiums will be realized when the changes come into effect. High-income beneficiaries–individuals who make more than $85,000 a year and couples with a combined income in excess of $170,000 a year–will be required to pay a monthly surcharge which will be added to their Part D premiums. From a minimum of $12.70 to a maximum of $72.90 per month, seniors could expect to pay higher additional charges the higher their incomes are. According to Kaiser Family Foundation estimates, additional charges will be paid by nearly 6% of drug plan members.

The company assists Medicare members with a range of services specifically dealing with Part D of the plan. With its extensive consultancy and advisory services, the firm can help retirement age individuals conform to the new regulations. They can be contacted here. 

About:

Benistar is one of the leading authorities on medical insurance benefits for retirement age individuals. Offering a wide range services catering to the health insurance needs of the 65-and-above age group, the company specializes in the design, implementation, and administration of such plans to clients from all over the United States. Read an interview with the CEO here.