The Best Insurance Plans for 2023

Dear Ms. Katie

Thank you for allowing me to help you develop a Medicare insurance plan to assist you in covering your medication costs in the future. I believe that our collaboration will be productive, and you will be able to understand every fundamental aspect of an appropriate plan for you. Before I proceed on detailing these facets, I would like to encourage you to inform me in case you need clarification or help in changing your plan, and I will promptly assist you. I understand that while the plan I am about to outline may be expediently meaningful for you, some things may change regarding your health or finances in the future, in which case you would require another plan that meets your needs. I have thoroughly assessed your financial and health factors to understand such requirements better. In essence, and for better decision-making, I will provide you with three different insurance plan options, all of which I prepared by carefully considering your exact needs. 

First, allow me to clarify various vocabularies that will repeatedly occur in this documentation. A formulary is a compiled list of medications covered by your plan. Thus, the insurance plan of your choice will cover the formularies that you provided. You will pay a specific amount of money, known as a premium , to maintain coverage. In addition to the premium, you will pay a deductible , which entails a set dollar amount that you pay out of your pocket when making a claim. Sometimes, and depending on your insurance plan, a deductible can be a percentage of the total amount in your policy. Please note that you will be paying the deductible annually. Similarly, another fee will be charged called a copayment on services covered by your plan. Again, such payment will be subject to the review and nature of the policy that you choose. While some covers require you to copay, others do not, especially for annual physicals. 

Other concepts that you should comprehend are the classifications of contents in the three recommended plans, and more specifically, the columns of each plan. The first coverage column entails the required out-of-pocket payments that you will be making each year, besides the monthly premiums. The coverage gap , on the other hand, involves a point in which the prescription drug costs surpass the initial coverage limit of the plan. At such a point, you will be responsible for a certain percentage of the plan’s cost for drugs before reaching the catastrophic level. Further, you will be offered a program known as Medication Therapy Management (MTM) upon initializing your preferred plan. The MTM program will help you manage various chronic diseases, thus improving your medication use. According to your formularies, you are prone to various chronic illnesses such as depression and diabetes, and MTM will help you manage them by appropriate medication and lifestyle. Please note that the program will be offered in each plan of your choice freely. The subsequent sections will detail the three suggested insurance plans, with a succinct action plan and a list of your medication in each. 

Cigna-HealthSpring Rx Secure (PDP) 

Cigna-HealthSpring Rx Secure is a medical insurance plan that covers Part D Medicare drugs. The plan has a $0.00 drug plan deductible and is inarguably convenient when you want to see your preferred pharmacy in your area. It is vital to note, however, that Cigna uses Accredo pharmacy, to which you will have access upon registering for the plan. The plan covers additional Medicare prescription drug (Part D) with an initial coverage phase of preferred generic $1.00 copay and generic $2.00 copay. Also, you will be required to copay $30.00 for a preferred brand and zero charges for select care drugs. Please note that you will be charged $14.40 annually on drug and premium costs, and you will enter the coverage gap in year two after registering for the plan. 

Table 1 shows the plan’s payment summary. 

Table 1 

Payment Summary (Monthly) 

Note: Total Annual Cost: $4,846.00 

Table 2 indicates the medication coverage of the plan. 

Table 2 

Medications Coverage Under Humana Community HMO (HMO) 

Notes: 

a. Catastrophic Coverage, also referred to as cost after coverage gap, entails the point when your coverage gap ends, and you are only responsible for a small copayment for the rest of the year. 

WellCare Essential (HMO-POS) 

In this plan, you will be charged $14.40 annually on drugs and premiums, with an added advantage of an option to elevate such premiums for more coverage. Table 3 shows the medication coverage according to the plan. 

Table 4 

Medications Coverage Under WellCare Essential 

Notes: 

a. Catastrophic Coverage, also referred to as cost after coverage gap, entails the point when your coverage gap ends, and you are only responsible for a small copayment for the rest of the year. 

AARP MedicareRx Saver Plus (PDP) 

AARP MedicareRx Saver Plus covers Medicare Part D drugs and requires a $1.00 copayment for preferred generic services and a $5.00 copayment for generic amenities. Also, the plan has a 35 percent charge on non-preferred drugs at the initial coverage phase. This plan will require you to pay $44.40 annually on drugs and premiums, based on the estimated drug costs in Table 5. Like Cigna HealtHSpring Rx, you will not enter the coverage gap in the first year. 

Table 5 

Medications Coverage Under Gateway Health Medicare 

Notes: 

a. Catastrophic Coverage , also referred to as cost after coverage gap, entails the point when your coverage gap ends, and you are only responsible for a small copayment for the rest of the year. 

I hope this insurance plan will guide you in making sound decisions and selecting an optimum plan that sufficiently meets your medical needs. If you have any questions or concerns about anything, please do not hesitate to contact me. I appreciate the opportunity to guide you in making informed decisions about your health plan. 

Sincerely,