Part C – D
Rather than acquiring Medicare coverage directly, you can purchase an Advantage Plan through a private insurance company approved by Medicare. Part C Advantage Plans are legally required to cover the same coverage benefits as Original Medicare, and some will include other benefits such as vision, dental, hearing, and even prescription drug coverage. There is typically a monthly premium in addition to your Part B premium for purchasing a Medicare Advantage Plan. Types of Advantage Plans include: Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Private Fee-for-Service (PFFS), and Special Needs Plans (SNPs). Costs and coverage vary by each plan and carrier.
Medicare Part D, Prescription Drug Plan (PDPs)
Medicare offers prescription drug coverage to everyone with Medicare. If you decide not to join a PDP when you are first eligible, and you do not have other creditable drug coverage, you will likely pay a late enrollment penalty. To get prescription drug coverage, you must join a plan run by an insurance company approved by Medicare. Or you can add drug coverage to your Part C Medicare Advantage Plan, sometimes called “MA-PDs.” If you do not enroll during your IEP, then you can enroll in a Part D or Medicare Advantage Plan during open enrollment October 15th-December 7th. Costs and coverage vary by each plan and carrier.
The Department of Labor recently released their inflation-adjusted penalties for ERISA, the Family Medical Leave Act, and the Genetic Information Nondiscrimination Act.
With healthcare premiums continuously increasing year over year, many employers are searching for options to help reduce their benefit costs.
The Employee Retirement Income Security Act (ERISA) oversees group benefit plans, and with the onset of the Affordable Care Act, the ERISA Summary Plan Description (SPD) requirements are in the spotlight.