Curtis D. Sharp
Executive Officer for Denominational and Public Relations
214-720-2127
Curt.Sharp@GuideStone.org

GuideStone Offers Seniors Better Prescription Drug Benefit than Medicare Part D

August 25, 2005

DALLAS – The Medicare supplement plans available through GuideStone Financial Resources of the Southern Baptist Convention will provide prescription drug benefits that exceed the minimum standard set by Medicare.

Beginning Jan. 1, 2006, all individuals with Medicare will be eligible for a new Medicare-approved prescription drug benefit also known as Medicare Part D. The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA) provides for this voluntary program for seniors and disabled persons with Medicare.

A provision of the MMA permits Medicare recipients who currently receive health care and drug coverage through GuideStone Financial Resources to keep that coverage instead of enrolling in a separate Part D Plan. By continuing prescription drug coverage for individuals with Medicare, GuideStone qualifies to receive a subsidy that will ultimately be passed on to participants in the form of reduced monthly costs for the GuideStone senior plans.

“This is really a win-win situation for everyone involved,” said Doug Day, executive officer of Benefit Services at GuideStone. “With the subsidy provided by Medicare and the cost-savings GuideStone has realized as a result of our negotiated drug discounts with our pharmacy benefits manager, we are able to make our health plans much more affordable for our seniors. The rates for both the GuideStone Senior Plan and GuideStone Senior Plus Plan will be reduced for 2006.” In addition to reducing rates, benefits will improve for both of GuideStone’s Medicare supplement plans.

Participants enrolled in one of GuideStone’s Medicare supplement plans don’t need to do anything to continue their health care and prescription drug coverage with GuideStone. As long as they do not enroll in a Medicare Part D plan, their current medical coverage at GuideStone can continue. However, it is important to understand that because GuideStone receives the subsidy for retirees enrolled in its Medicare supplement plans, GuideStone is unable to offer the plans to individuals enrolled in a Medicare Part D plan. Members who enroll in a Medicare Part D plan will lose GuideStone’s medical coverage and may not be able to return to the plan at a later date.

Insurance companies and other private companies will work with Medicare to offer the new Medicare Part D prescription drug plans. While all of the plans must provide at least a standard level of coverage set by Medicare, some will offer more coverage and additional drugs for a higher monthly premium. The plans may vary in what prescription drugs are covered, how much you have to pay, and which pharmacies you can use.

“When companies are allowed to begin advertising their Part D plans on October 1, seniors are going to be bombarded with messages,” Day said. “We want our participants to understand what they’re really comparing when they weigh our plans against the new Part D plans. While there will absolutely be plans out in the marketplace that are cheaper, you have to be sure you’re comparing apples to apples.”

“GuideStone’s plans offer benefits for a wide range of health care services in addition to a comprehensive prescription drug benefit,” Day explained. “Companies advertising $35 or $40 plans certainly won’t be offering the same level of coverage that GuideStone offers and likely won’t include coverage for physician or hospital expenses at all.”

More information about the new Medicare prescription drug plans is available online at www.medicare.gov, or by phone at 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048. GuideStone participants who have questions about their Medicare supplement plan coverage can call GuideStone toll-free at 1-888-98-GUIDE (1-888-984-8433) between the hours of 7 a.m. and 6 p.m. CST. Specific rate and benefit information will be mailed to participants early in the fall.

Word version - GuideStone offers seniors better prescription drug benefit than Medicare Plan D