Friday, May 1, 2009

United American Insurance Company; A Choice for Medicare Part D

With retirement investments half their worth, the economy still on a down swing, it is harder for senior citizens to meet their prescription co-pay especially for expensive third tier medications. This is where your choice of Medicare Part D carrier is important.  United American Insurance Company might just fit the bill

United American Insurance Company  is an approved Medicare Part D provider.  Medicare Part D is the Medicare prescription plan which pays for prescription medications.  All plans are required to pay for your first $2,700.00 of medication expenses after which you are responsible for 100 percent of your prescriptons until you and your plan have paid $4,350.00 for the year. This is also known as the donut hole. The catastrophic coverage then kicks in.  Although it varies from state to state, United American Insurance Company Medicare Part D coverage has no deductible and has low co-pay for generic drugs (starting at $5.00.) Catastrophic prescription coverage is quite liberal.  You pay 5% of the medication cost and UAIC pays 95 %.  If your income falls below certain income limits, you may be eligible for low income subsidy (LIS), where your monthly premium may be lowered by 25, 50, 75, or 100 percent.  

Important things to remember when considering a prescription plan:

  • Participation in Medicare part D is voluntary.  However, with the spiralling cost of medication, most seniors are better off participating.
  • Understand your plan's formulary:  Check your current medications against the plan's formulary to ensure that your medicines are covered adequately.
  • Understand formulary tiers: Tier 1- generic drugs, Tier 2- brand name drugs on formulary, Tier 3- more expensive brand name drugs and Specialty tier- very expensive medications such as cancer fighting drugs.  The higher the tier, the higher the copay.
  • Check to see if you qualify for low income subsidy.
  • Convenience: Does the plan have a mail in service for maintenance medications? his can save you from frequent trips to the drug store.

United American Insurance Company has been in business for over 60 years, operates in 49 states, D.C. and Canada and for 30 consecutive years has been rated strong and very strong by A.M. Best and Standard & Poor Company.  It has been a Medicare participant since 1966.  

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