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Medicare overview presentation
1.
2. Table of Contents
Overview of Original Medicare
Medicare Part A
Medicare Part B
Medicare Part D
Medicare Part C (Medicare Advantage Program)
Medicare Supplements
Purpose
Plans
3. Original Medicare
Created to help elderly with health care costs as an
entitlement program.
Medicare covers two markets: 65 and older, Or
those who are qualified under SSDI, or ESRD
SSDI
ESRD- End Stage Renal Disease
Provided “free” to all Social Security and Railroad
Retirment beneficiaries upon registering for
Social Security at age 65
The program is administered by the Center for
Medicare and Medicaid Services- CMS
6. Medicare Part A
Part A- Provides for hospitalization and some
limited nursing home benefits.
Benefits include
Hospital Stays
Some Skilled Nursing Facility Care
Some Home Health Care
Hospice Care
Blood
7.
8. Medicare Part B
Part B- provides for medical and some limited
home health care coverage for Social Security and
railroad retirees.
Part B is purchased (or optionally rejected) and
can be conveniently withheld from a retirees
social security check.
The premium for Part B increases annually due
to ever increasing health care costs.
9. Benefits Included with purchase of Part
B
Medical Services
Doctors Services
Outpatient medical and surgical
Diagnostic tests
Ambulatory surgery center
Durable Medical Equipment
Second surgical options
Outpatient mental health care
Outpatient physical and occupational therapy
10. Benefits included with purchase of Part
B continued
Clinical Laboratory Services-blood, Urinalysis, etc.
Home Health Care
Outpatient Hospital Services
Blood- with a 3 pint deductible.
Preventive services- Bone mass, Colorectal Cancer
screening, Diabetes services and supplies, etc.
11.
12. Medicare Part D
(Medicare Prescription Drug Coverage)
Helps cover the cost of prescription drugs
May help lower your prescription drug costs and
help protect against higher costs
Run by Medicare-approved private insurance
companies
Rates, Coverages, and Premiums will vary by
carrier.
13. Medicare Part D continued
May have to pay $325 deductible for initial drug costs
During initial coverage phase, insured pays a copayment or
coinsurance…Insured’s Part D plan pays the rest up until
your combined amount hits $2970
Once insured hits $2970, they then enter what is known as
the “donut hole” where they are responsible for covering
47.5% of named-brand prescription drug costs and 79% for
generic prescription drugs.
Once out-of-pocket expenses hit $4,750 the insured enters
the “catastrophic coverage” period in which all prescription
drug costs are covered by their medicare plan.
14. Medicare Part C
(Medicare Advantage Plan)
Medicare Advantage plans (MA) are offered by private
companies approved by Medicare ( HMO, PPO, etc.)…
http://www.youtube.com/watch?v=8OK7SuXVkpQ
MA plans include:
Part A (Hospital Insurance)
Part B (Medical Insurance)
Most cover Part D (Drug Coverage)
May offer
Vision
Hearing
Dental
16. Health Maintenance Organization (HMO)
A type of health insurance plan that usually
limits coverage to care from doctors who work for
or contract with the HMO.
It generally won't cover out-of-network care
except in an emergency.
An HMO may require you to live or work in its
service area to be eligible for coverage.
17. Preferred Provider Organization
(PPO)
A type of health plan that contracts with medical
providers, such as:
Hospitals
Doctors
You pay less if you use providers that belong to
the plan’s network.
18. Private Fee-for-Service
(PFFS)
A type of Medicare Health Plan in which you may
go to any Medicare-approved doctor or hospital
that accepts the plan's payment.
You may pay more or less for Medicare-covered
benefits.
You may have extra benefits Original Medicare
doesn't cover.
19. Medicare Supplements
Medicare Supplemental insurance (Medigap) is
designed to offer coverage for the costs not
covered by original Medicare
If the insured has Original Medicare along with a
Medigap policy, Original Medicare will pay for its
share of expenses and the Medigap policy will
pickup the rest of the costs depending on the plan
http://www.youtube.com/watch?v=sdVe-GlZ-mc
20. Medicare Supplements
(Medigap Policy)
Must have Medicare Part A and Part B
Guaranteed Issue Rights during open enrollment
period discussed earlier
Guaranteed Issue Rights for other situations as
well as shown here...
http://www.medicare.gov/supplement-other-
insurance/when-can-i-buy-medigap/when-can-i-
buy-medigap.html
21. Medigap Issue Age (Community) Plans
Senior consumers can purchase specific plans
based on their age
Insurance provider can therefore not change
premiums on the plan as the insured’s age
increases
Although the provider can raise premium rates
by class for all policies issued in their state
22. Medigap Attained Age Plans
Attained age plans include premiums that
increase incrementally as the insured age
increases
Some providers increase rates every year while
some increase based on attained age of insured
Prices can change based on changes in Medicare
Rates may also change due to increases in
medical costs