The Medicare supplement plans available through GuideStone Financial Resources of the Southern Baptist Convention will provide prescription drug benefits that exceed the minimum standard set by Medicare.
Beginning Jan. 1, all individuals with Medicare will be eligible for a new Medicare-approved prescription drug benefit also known as Medicare Part D.
The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA) created the voluntary program for seniors and disabled persons with Medicare.
A provision of the MMA permits Medicare recipients who currently receive health-care and drug coverage through entities such as GuideStone Financial Resources to keep that coverage instead of enrolling in a separate Part D Plan.
By continuing prescription drug coverage for individuals with Medicare, GuideStone qualifies to receive a subsidy that ultimately will be passed on to participants in the form of reduced monthly costs for the GuideStone senior plans.
“This is really a win-win situation for everyone involved” said Doug Day, GuideStone’s executive officer of benefit services.
Improved benefits
“With the subsidy provided by Medicare and the cost of savings GuideStone has realized as a result of our negotiated drug discounts with our pharmacy benefits manager, we are able to make our health plans much more affordable for our seniors,” Day said.
“The rates for both the GuideStone Senior Plan and GuideStone Senior Plus Plan will be reduced for 2006.”
In addition to reducing rates, benefits will improve for both of GuideStone’s Medicare supplement plans.
For the Senior Plan, the $5,000 cap for brand name drugs will be removed for 2006. There will be no limit on generic or brand name drug benefits.
For the Senior Plus Plan, Part B benefits will increase from $2,500 to $5,000.
“Our Senior Plus Plan offers a great benefit for the price,” Day said. “With the increase in our Part B benefit, participants can now receive $25,000 in health-care services and pay only the Medicare Part B deductible, $110 for 2005.”
Participants enrolled in one of GuideStone’s Medicare supplement plans don’t need to do anything to continue their health-care and prescription drug coverage with GuideStone.
As long as they do not enroll in a Medicare Part D plan, their current medical coverage at GuideStone can continue.
However, it is important to understand that because GuideStone receives the subsidy for retirees enrolled in its Medicare supplement plans, GuideStone is unable to offer the plans to individuals enrolled in a Medicare Part D plan.
Members who enroll in a Medicare Part D will lose GuideStone’s medical coverage and may not be able to return to the plan at a later date.
(BP)
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