Q: What is the Alcoa Medicare Supplement Plan?
Once you become eligible for Medicare, your primary health care coverage is provided through Medicare and Alcoa offers the Alcoa Medicare Supplement Plan. The Alcoa Medicare Supplement Plan supplements Medicare Part A (hospital) benefits, such as the inpatient deductible and daily hospital copays, and certain limited Medicare Part B (physician and other medical services) benefits.
Please note that the Alcoa Medicare Supplement Plan pays benefits as if you are enrolled in both Medicare Part A and Part B.
More information about the Alcoa Medicare Supplement Plan will be included with your enrollment materials.
Q: What is the MedOption Plan?
You can elect to purchase the MedOption Plan if you enroll in the Alcoa Medicare Supplement Plan. This plan helps fill the gap between Medicare Part B and the Alcoa Medicare Supplement Plan. Your enrollment materials will include additional information about how the two plans work with your Medicare coverage, as well as your cost for the MedOption Plan.
The MedOption plan is offered to retirees as a convenience, and you pay the full monthly cost. Please note that there are other similar programs (often called "MediGap plans") available on the market. Most insurance companies and some organizations like AARP offer Medigap programs. We recommend you shop around for the Medigap plan that best meets your needs.
Q: Will I need to purchase additional insurance?
While the Alcoa Medicare Supplement Plan coordinates with Medicare Parts A and B, it does not fully cover all your expenses so you may experience additional out-of-pocket costs. Therefore, you may wish to enroll yourself and your spouse in additional coverage that helps cover the costs that Medicare and the Alcoa Medicare Supplement Plan do not cover. These plans are commonly referred to as "Medigap" plans and are available through MedOption, AARP, insurance companies, and other sources.
MedOption is not an Alcoa plan. It is provided by your medical claims administrator, and Alcoa provides access to the plan as a convenience. You pay the full monthly cost if you enroll in the MedOption plan. If you choose to enroll in MedOption, the cost would be deducted from your pension check or you would be billed each month. Your retiree health care credits cannot be used to purchase MedOption coverage. Please refer to your Annual Enrollment Worksheet for Alcoa MedOption pricing information.
You should also be aware that there are other similar supplemental plans available through AARP and many insurance companies that may better suit your needs and budget. We encourage you to shop around and consider these options as well.
Q: If I don't enroll, what happens?
You will be automatically enrolled in the Alcoa Medicare Supplement Plan and the Choices prescription drug plan. Note: You will not be automatically enrolled in MedOption. No action is required on your part during Annual Enrollment, unless you have an HMO available and wish to enroll in that HMO.
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