For the third year, there will be no increase to Medicare Supplement monthly costs.
The Board of Pensions is pleased to announce that, for the third consecutive year, the monthly cost for
Medicare Supplement coveragewill remain at $275 per individual. Medicare Supplement coverage supplements Medicare and may be right for you when you retire, and your medical coverage ends.
Medicare’s annual enrollment period is October 15 through December 7, 2019. If you are enrolled in Medicare, it’s important to review your coverage options this time each year to determine the coverage that’s right for your personal situation.
How Medicare Supplement works
The monthly cost represents only part of the actual cost of coverage; Medicare Supplement continues to qualify for a federal subsidy.
The 2020 Medicare Supplement individual deductible will be $305; the annual out-of-pocket maximum, also known as the medical copayment maximum, will be $2,435 per individual.
You are responsible for deductibles and other out-of-pocket amounts under Medicare Parts A and B.
After Medicare pays its portion, any covered expenses that aren’t paid in full will be paid by Medicare Supplement at 80 percent (after the annual deductible).
When you reach the Medicare Supplement medical copayment maximum ($2,435), Medicare Supplement will pay 100 percent of eligible expenses for the rest of the year (after Medicare has paid its share).
The prescription drug coverage provided with Medicare Supplement is a Medicare Part D plan, administered by OptumRx. The cost of prescription drug coverage is included in the monthly cost of Medicare Supplement.
The prescription drug program has a $2,500 copayment maximum. This means that each individual will not pay more than $2,500 a year for all covered prescriptions (both generic and brand-name).
If you are enrolled in Medicare Supplement, you will receive the 2020 OptumRx drug formulary by the end of October. Remember to share the formulary with your physician(s) so you and your doctor can consider your coverage when deciding on medications.
Coverage for preventive care
In addition to preventive care coverage through Medicare (annual physicals, flu vaccines, and specified tests and screenings), Medicare Supplement provides a $125 preventive care benefit you can use for a routine eye exam with a Medicare-participating ophthalmologist or optometrist.
Prescription drug coverage in Medicare Supplement includes a shingles vaccine for each enrolled person. To be covered by the Medicare Supplement prescription drug coverage, this vaccine must be administered through a pharmacy.
For more information about Medicare Supplement coverage, call the Board of Pensions at 800-773-7752 (800-PRESPLAN).