What is the difference between individually purchased insurance and the PERS sponsored health insurance?
The individual market can vary greatly. There are many plans that now offer prescription drug coverage through Medicare Part D. These plans may have a limited formulary (list of covered drugs) and the covered drugs can change. There also may be an annual deductible Generally applied on a calendar year basis. This is the amount of money each year that members pay out of their own pocket before the benefit plan begins to pay. Usually expressed as a per person amount. and many of the individually marketed plans include the ‘doughnut hole’ gap in the coverage for prescription drugs. PERS offers a prescription drug benefit that covers from the first dollar and there is no gap in coverage. PERS offers an open formulary, and also covers some drugs that are not covered by Medicare Part D. Individually marketed Medigap plans may also be age-rated, meaning that the cost increases as you grow older, often quite dramatically. When enrolling into the PERS Medicare plans, retirees with eight (8) or
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