Texas Teacher’s Retirement System – TRS Retirees and Medicare

For those who count on TRS Care to cover their healthcare expenses, they may not be able to rely on it much longer. It’s possible that the premiums on the TRS Care coverage plans are going to increase substantially.

A report from industry experts cites the budget proposal that was discussed for the state of Texas back at the end of March. TRS Care put their proposed budget in front of the committee, and as part of this first draft of budgeting, they were denied much of what they asked for. That’s dire news for the healthcare service, as they have been experiencing funding difficulties for several years now. If they are not allowed to get the budget they have asked for, they may have to make some serious changes to the coverage plans they offer now.

Those changes are likely to include major price changes. It is estimated that the premiusm for the TRS Care coverage plans could increase to as much as two or three times their current cost. That’s a massive difference but one that makes sense when considering the current state of affairs for their insurance organization. They simply cannot continue to operate the way they have been under increasing budget cuts. Something has to give.

 

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The Alternatives

For most people, the best alternative to TRS care will be medicare. The base medicare plan can cover them for the majority of their basic medcial expenses, but it may leave them with some otherTRS Medicare Benefits medical expenses to pay. For some, there will still be substantial medical expenses to pay out of pocket, which is where the supplemental Medicare plans come in.

These plans offer additional coverage not in the base plan for a minimal cost. One of the more comprehensive plans, Plan G, only costs about $125 per month. Compare that to the $450 average cost of the TRS care plan, and it’s no wonder why many people choose Medicare over TRS care already.

Of course, Plan G won’t cover people or all their medical expenses, or even for all the supplemental medical costs. It will require that they pay for the Medicare Part B deductible on their own, whenever it is due. That deductible costs $183, but most people won’t need to pay it often.

If they would like that expense covered by one of the supplemental plans, then they would have to sign up for Plan F. That’s the only Medicare supplement plans that will cover it. It costs a bit more than Plan G, but not enough, in most cases, that it wouldn’t be worth it to have the Part B deductible covered for those who would have to pay it often.

The Medicare supplement plans are available anywhere in the United States and are not limited to a single provider. In fact, consumers can find them at lots of different insurance companies. Some of the largest insurance providers in the world carry these supplement plans, and they all charge different prices for them. While Plan G may on average cost $125, it can be much cheaper or more expensive, depending on where it is purchased from.

Consumers should carefully consider if Medicare supplement plans are right for them. If they decide that they need to switch from their TRS Care coverage plan, then they can do so whenever they like. They can find out about the cost of Medicare supplement plans by using resources like price comparison websites. These sites offer a quote generator that find rates for whichever plan the user has selected. Then it provides them with a list of quotes based on where the user lives and what plan they chose. This is a great way for consumers to save money on their medical insurance. They just choose the cheapest coverage plan.

 

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Medicare supplement plans cover a variety of medical expenses. They can take care of the cost of deductibles, copayments, blood, foreign travel exchange (for emergency medical care outside US borders), hospital expenses and more. Which plan they choose will determine how much coverage they get. The price of the plans has no effect on the total coverage, and they can simply choose the least expensive version of the plan they want and still get all the promised coverage.

Uncertain TRS Care Future

It’s hard to say whether the rates will increase for TRS care plans or not. The budgets for the state of Texas has only gone through its first draft so far. The state may decide to give TRS Care back some of the proposed budget, but that is unlikely. In fact, it is most likely that the rates will increase. How much they will increase is only guesswork at this stage, but the estimates say they could be as much as two or three times their current rate.

That would be catastrophic for a lot of the TRS care subscribers. These are people who often live off their pensions alone and who don’t have a lot of income to work with. They have to budget what they have very carefully, so a dramatic increase in their healthcare coverage is going to promote them to cancel their coverage plan and find something else. If they do that, they cannot go back and sign up for the coverage again. TRS Care is a one-time offer, and once anyone cancels their plan, they are not allowed back in.

Of course, they may not want back in if the rates really do go up to two or three times what they are now. That’s simply more than most people can afford, especially retired teachers living on pensions.

TRS Care is going to price itself out of their budgets in all likelihood, so it’s expected that its subscribers will turn to Medicare and its supplement plans to cover their expenses. That is likely their best option.

Over the coming months, as changes occur to TRS Care, we will see if those changes force people away from the plans or allow them to stick with what they know. Let us help! Learn About the best options available for Medicare Supplement Plans for TRS Retirees.

 

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