Oklahoma State and Education Employees Group Insurance Premiums to Fall
Posted on: Tuesday, 27 September 2005, 21:00 CDT
By Journal Record Staff
The Oklahoma State and Education Employees Group Insurance Board has adopted lower Medicare premiums for more than 32,000 HealthChoice members for 2006.
The 2006 premium for HealthChoice Medicare Supplement High Option will be 14 percent lower than the 2005 level. The High Option plan provides supplemental health coverage to Medicare as well as a pharmacy benefit that has been Medicare-approved as an enhanced version of the new Medicare Part D prescription drug benefit that will go into effect Jan. 1.
The board will also expand the health and pharmacy benefits under its HealthChoice Medicare Low Option plan to provide the same supplemental health coverage as the High Option, and Medicare- approved pharmacy coverage that matches the Medicare Part D prescription drug benefit. This will result in a slightly increased premium over present rates.
Currently, the Low Option plan covers 1,700 members.
The board contracted with Medicare to provide the new Part D pharmacy benefit to its members in return for Medicare payments that will total $24 million next year.
The High Option premium that is currently $288.16 per month will go down to $245.80 per month and the Low Option premium that is currently $188.42 per month will go to $197.32 per month.
Source: Journal Record - Oklahoma City
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