Cigna, a global health insurance company based in the U.S., has announced the acquisition of HealthSpring, a health insurer specializing in Medicare Advantage plans. Cigna is looking to expand its presence in the Medicare sector as well as its senior care services. The move may be inspired by an aging populace that will soon enter the ranks of seniority, enabling them to take advantage of new insurance plans. The acquisition is priced at $3.8 billion. HealthSprings serves more than 350,000 Medicare Advantage policyholders across 11 states. The insurer also boasts…
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An overview of Medicare plans and what they cover
Medicare health insurance is a program that is federally administered and is made available to people with certain specific forms of disability, permanent kidney failure, or people who are 65 years of age or older. There are several different types of Medicare plans, the basics of which are as follows: • Medicare Part A – provides coverage for hospital care (among institutions that accept Medicare) and has no monthly premium for its beneficiaries, as long as they have been employed and have paid FICA taxes for a minimum of a…
Read MoreWhat consumers can expect from Medigap coverage
According to senior Medicare adviser from PlanPrescriber, Steve Zaleznick, consumers with original Medicare have been watching their insurance premiums steadily climb, and it is recommended that these individuals carefully consider their Medigap supplemental coverage in order to make sure that adequate protection under a less expensive plan. According to the director of benefits access policy of the Washington D.C.-based nonprofit advocacy organization, National Council on Aging, Hilary Sohmer Dalin, Medigap plans are designed to function with the original Medicare plan, and “Medigap wraps itself around Medicare and covers some or…
Read MoreMedicare regulations may be causing shortage of cancer drugs
A month’s long shortage of cancer drugs may be the result of Medicare regulations. For several years, Medicare has provided coverage for cancer patients, allowing them to obtain treatments that they would otherwise have no access to. While Medicare offers this coverage, however, the number of cancer fighting drugs has been falling steadily. The phenomenon may be the result of a regulation within the Medicare system that dictates that doctors must purchase cancer drugs, not patients. Traditionally, patients have been responsible for purchasing their own medications as prescribed to them…
Read MoreHealthcare spending cuts will be expensive to seniors
The recent budget deal and struggles in negotiations over the national debt have handed lawmakers yet another requirement to further slash federal spending, and healthcare price controls are one of the plans being considered to help achieve that goal; forcing seniors to have to pay more for their necessary medications. These Medicare Part D program prescription drug price controls aren’t a new idea, but they have been brought back into the spotlight by Rep. Henry Waxman (D-Calif) and Sen. Jay Rockefeller (D-W.Va.), who are the most recent to advocate the…
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