PHILADELPHIA, Oct. 4 /PRNewswire/ -- Independence Blue Cross has received federal approval to offer Medicare beneficiaries in the Philadelphia area a variety of prescription drug plans for the new Medicare Part D drug benefit, starting January 1.
In addition, an IBC affiliated company will administer similar Medicare programs in other parts of the U.S.
The Centers for Medicare & Medicaid Services (CMS) will allow IBC to offer new Medicare Advantage plans that provide coverage for both drug and other medical expenses. These plans include Personal Choice 65(SM) and the new Keystone 65 Direct Plan that provide access to specialists without referrals.
In addition, IBC will continue to offer its popular Security 65(R) Medicare Supplement product throughout the region. Security 65 covers most of the out-of-pocket expenses not paid by traditional Medicare coverage. Security 65 members who have drug coverage can retain that coverage, or convert to the new Part D in several affordable packages.
Finally, IBC is developing administrative services for other health organizations that are offering Medicare plans for the first time, including a provider consortium in Kentucky and a consortium of Blue Cross/Blue Shield Plans in the upper Midwest.
“We are very pleased with the range of options we will offer so that Medicare participants in our market will be able to choose a prescription drug plan that addresses individual preference for cost, coverage and convenience,” said Joseph A. Frick, IBC President and CEO. “We have built upon our long experience with serving Medicare beneficiaries to design a menu of affordable, practical drug plans to help protect both health and savings.”
Created by the Medicare Modernization Act of 2003, the new prescription drug benefit protects enrollees from catastrophically high drug bills. It also provides significant coverage for routine prescriptions that can become quite costly.
Seniors may begin enrolling in plans November 15. The new coverage begins January 1 and is intended to close what many believe is the biggest hole in the 40-year-old government health program: no coverage to help pay for prescription drugs.
Nationally most people will pay premiums averaging about $32 a month for the standard coverage package the first year. Independence Blue Cross will provide both the standard packages and enhanced coverage packages. About one- third of potential beneficiaries in the U.S. have incomes low enough to qualify for reduced premiums and co-payments in Medicare plans that cover most out-of-pocket expenses.
In total, more than 240,000 Medicare enrollees are covered through IBC products in the Philadelphia region.
IBC has long experience in Medicare programs. In the early 1990s, IBC was among the first Blue Cross plans to offer a Medicare HMO, Keystone 65. Keystone 65 remains the largest Medicare coverage program in the region and has an “excellent” rating for quality from the National Committee for Quality Assurance (NCQA).
In 1995, IBC was first health plan in the nation to offer a Medicare PPO, Personal Choice 65(SM). Personal Choice 65 is the region’s largest Medicare PPO and is also top-rated by NCQA.
IBC was also the first health plan nationally to be approved to offer a Special Needs Plan for Medicare beneficiaries who also qualify for Medicaid benefits. This plan, called Keystone 65 Complete, provides transportation, hearing and vision benefits and is exclusively available to Medicare/Medicaid beneficiaries.
About Independence Blue Cross
Independence Blue Cross is the leading health insurer in Southeastern Pennsylvania. Nationwide, IBC and its affiliates provide coverage to nearly 3.5 million people.
This month, Independence Blue Cross’s Personal Choice was rated the No. 1 PPO in the nation and its Keystone HMO was ranked as the No. 1 HMO in the region by health care consumers in a leading independent consumer magazine.
For more than 65 years, Independence Blue Cross has offered quality health care products and services tailored to meet the changing needs of members, employers, groups and providers.
Independence Blue Cross is an independent licensee of the Blue Cross and Blue Shield Association. For more information on Independence Blue Cross, visit our website at www.ibx.com.
Independence Blue Cross
CONTACT: Liz Williams of Independence Blue Cross, +1-215-241-2220
Web site: http://www.ibx.com//