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When an individual reaches the age of 65 in the US, thoughts naturally turn to securing future health and wealth. Unfortunately, many who have to contend with spiraling costs of medical care and cannot afford private health insurance have to choose between the two. Many South Dakota senior citizens, as in the majority of that population have to make do with the coverage provided by Medicare and/or Medicaid, where the so called "coverage gap" (the difference between medical costs paid for by the government and actual medical expenses) is becoming wider.
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In 2003, the Medicare Prescription Drug, Modernization and Improvement Act (MMA) was passed by Congress which enabled private insurance providers in the South Dakota area to essentially take over the health management of its enrollees through supplemental Medicare plans such as a Medical Advantage plan. Medicare Advantage plan providers are paid a fixed amount by Medicare every month for benefits covered by the policy as dictated by the standard guidelines whether the enrollee in question (who are Medicare Plan A and B beneficiaries, residents of South Dakota, and do not have End-Stage Renal Disease) availed of any of these benefits in that period or not. When the need does arise, the provider then pays out accordingly.
Currently, there are 41 Medicare Advantage plans to choose from, including:
Which are Medicare Advantage plans with prescription drug coverage*. Except for Sterling Option I ($25), the aforementioned Medicare Advantage prescription drug plans carry no monthly premiums.
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Advantra
Aetna
Avera
Universal American
WellCare
Coventry
DakotaCare
Humana
Medica
Blue Cross
UniCare
SecureHorizons
Sterling Options
Team Care Advantage
Today’s Options
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* You may be able to get extra help to pay for your prescription drug premiums and costs. To see if you qualify for getting extra help, call:
1-800-MEDICARE (1-800-633-4227). TTY/TDD users should call 1-877-486-2048, 24 hours a day/7 days a week;
The Social Security Administration at 1-800-772-1213 between 7 a.m. and 7 p.m., Monday through Friday. TTY/TDD users should call, 1-800-325-0778; or Your State Medicaid Office
Dental or vision options can be added to your
coverage.
Living longer means paying more for health care.
A woman who retires at 65 can expect to maintain her health until the age of 84, on average.2
Men who expect high health costs after they turn 65 end up retiring – on average – 13 months later than those who don't.3