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Medicare Madness: Navigating through open Medicare Madness: Navigating through open

Medicare Madness: Navigating through open - PowerPoint Presentation

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Medicare Madness: Navigating through open - PPT Presentation

enrollment Joani Shaver Director Blount County Office on Aging November 2014 Health insurance for the following people Those 65 and older Those younger than 65 with certain disabilities Those with EndStage Renal Disease permanent kidney failure ID: 931125

part medicare drug plan medicare part plan drug care coverage prescription advantage pay amp enrollment drugs benefits plans health

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Presentation Transcript

Slide1

Medicare Madness:Navigating through open enrollment

Joani Shaver, Director

Blount County Office on Aging

November, 2014

Slide2

Slide3

Health insurance for the following people:Those 65 and olderThose younger than 65 with certain disabilitiesThose with End-Stage Renal Disease (permanent kidney failure)

What is Medicare?

Slide4

Most

outpatient prescription drugs

Routine vision care

Long-term care

Routine dental care

DenturesHearing aids (exams and fittings)Routine foot care

What's NOT covered by Original Medicare

?

Slide5

Medicare Part A (Hospital Insurance)Inpatient care in hospitalsSkilled nursing facility, hospice, and home health careMedicare Part B (Medical Insurance)Doctors’ services, hospital outpatient care and home health careSome preventive services

Different Parts of Medicare

Slide6

Medicare Part DPrescription drug option run by Medicare-approved private insurance companiesPrescription drugsMay help lower your prescription drug costs and help protect against higher costs in the future

Different Parts of Medicare

Slide7

Medicare Part C (Advantage Plan)Health plan managed by Medicare-approved private insurance companiesIncludes all benefits and services covered under Part A and Part BMay include extra benefits and services for an extra costUsually includes Medicare prescription drug coverage (Part D)

Different Parts of Medicare

Slide8

TOTAL HEALTHCARE COVERAGE

ORIGINAL

MEDICARE

Slide9

Premium remains $104.90Part B deductible remains $147Part A hospital inpatient deductible raised to $1260 for each benefit period (was $1216)Days 61-90: $315 per day coinsurance for each benefit period (was $304)

Changes to Medicare in 2015

Slide10

Annual deductible rises from $310 to $320Number of plan choices will drop – some are being eliminatedAverage monthly premium will be $38.83Doughnut hole is shrinking

Changes to Part D in 2015

Slide11

First methodOriginal Medicare (Parts A & B)

Prescription Drug Plan

(Part D)

Medicare Supplement or

Medigap

policy (identified by a letter)Supplements provide identical coverage, but vary widely in priceHow can I get my Medicare coverage?

Slide12

Second MethodMedicare Advantage Plan (Part C)Includes Part A & B coverage Prescription Drug Coverage

(Part D)

Some advantage plans

include prescription

coverage

Slide13

If you get retirement benefits from Social Security or the RRB, then you automatically get Parts A & B on 1st day of month you turn 65

If

you get disability benefits from Social Security or certain disability from the RRB,

then

you

automatically get Parts A & B on the 1st day of the 25th month after your benefits beginMedicare Enrollment

Slide14

If your disability is ALS (Lou Gehrig’s disease), then you automatically get Parts A & B on 1

st

day of month your disability benefits begin

If

you’re still working and not getting Social Security,

then you’ll need to talk with your HR department about your choices related to Medicare. You may want to delay enrollment, which you’ll do online through www.ssa.gov.

Slide15

When you first turn 65, you have 3 months before and after your birthday monthCoverage begins based on your enrollment dateIf you don’t sign up for Medicare when you’re first eligible,

then

you may pay penalty for Part B as long as you receive benefits

Initial Enrollment

Slide16

Go from Original Medicare to Advantage PlanGo from Advantage Plan to Original MedicareSwitch Medicare Advantage PlansJoin Part D planSwitch Part D plans

What can I do during Open Enrollment from Oct 15 – Dec 7?

Slide17

Medicare Supplement might make sense if youWant flexibility in choosing your doctorsVisit doctors frequentlyTravel extensivelyHave a chronic medical condition

Don’t mind higher premiums to get lower out-of-pocket costs (predictability)

11 different plans

What plan is right for me?

Slide18

Medicare Advantage Plan might make sense if youAre willing to change doctors, if necessaryPrefer all benefits from single plan & premiumVisit doctors infrequently & don’t mind paying per-visit copayments and coinsurance

Don’t mind researching your options annually

Want lower premiums than supplements offer

Are informed about your choices and don’t mind comparison shopping for plans

Want options beyond what Medicare provides

19 different plans

Slide19

Remember all that?

Simple: buy the

best insurance that

you can afford –

after doing your

homework!

Slide20

Two ways to get Part DPurchase Medicare prescription drug policyChoose a Medicare Advantage Plan that offers prescription drug coverage

Even if you feel it’s not needed in your case, remember that you may pay a late enrollment penalty if you join a Part D plan later.

Medicare Part D

Slide21

Monthly fee, varies by planIn addition to Part B cost of $104.90Some Advantage Plans include Part D coverage in the costAvoiding Part D Enrollment penaltyJoin drug plan when first eligibleDon’t go 63 days or more without drug coverage

Penalty = 1% of full uncovered months

(

pg

105)

Part D Premium

Slide22

Always be sure that your prescription drugs are in formulary of any plan you’re consideringCheck what “tier” drugs are in – each tier has different costDo this every year during Open Enrollment!Call the plan for info or check plan’s website

IMPORTANT!!

Slide23

Begins when total drug costs reaches $2,960Includes what you & plan have paidPlan no longer covers drugs for rest of yearYou pay discounted amounts45% on brand name drugs65% on generic drugsOnce you’ve paid $4,700 out of pocket you pay 5% of cost for covered drugs or copay of $2.65/generic, $6.60 for brand name drugs

The Doughnut Hole

Slide24

Drug plans may include preferred and non-preferred pharmacies in their networkYou may pay less for drugs at

preferred pharmacies

IMPORTANT!

Slide25

Program to help people pay Medicare prescription drug costsFor single person, income less than $1,459 month and resources less than $13,440 per year

For

married person living with spouse, income less than $

1,966

month and resources less than $26,860 per year

EXTRA HELP

Slide26

Apply through Social Security www.ssa.govHelps with monthly drug plan premium, annual deductible, coinsurance and copaymentsEliminates doughnut holeSwitch plans at any time during year

Same application used to get help from TN to pay your Medicare costs

EXTRA HELP

Slide27

Benefit period: begins day you’re admitted to hospital or skilled nursing facility (SNF) and ends when you haven’t received any inpatient hospital care or SNF skilled care for 60 days in a rowCoinsurance: your share of cost for medical service or supply, expressed in percentageCopayment:

set amount you pay as your share of cost for medical service or supply

Glossary

Slide28

Deductible: amount you pay for health care or prescriptions before Medicare or Advantage Plan or Drug Plan begins to payExtra Help: helps those with limited income pay health care costsFormulary:

list of drugs covered by prescription drug plan or other insurance plan

Medically necessary:

services or supplies needed to prevent, diagnose or treat illness, injury, condition, disease or its symptoms

Slide29

Medicare-approved amount: payment accepted by doctor or supplier from MedicarePreferred Provider: doctor or supplier who is member of network for specific insurer’s HMO or PPO planPreventive services:

health care to prevent illness or detect at early stage

Primary care doctor:

person you see first for most health problems

Referral:

written order from primary care doctor for you to see specialist or get some medical services. Required in most HMOs.

Slide30

Signing up too early or too lateNot understanding difference between Medicare Supplement and Medicare AdvantageGuessing when picking planNot applying for extra helpNot re-evaluating coverage yearly

Five

Biggest Mistakes

Made

When Enrolling in Medicare

Slide31

www.medicare.govMedicare & You 2015www.mymedicarematters.orgSHIP (1-877-801-0044)

www.aonhewittnavigators.com

www.benefitscheckup.org

Best Sources of Information

Slide32

Joani Shaver, DirectorBlount County Office on AgingBlount County Community Action Agency3509 Tuckaleechee Pike, Maryville 37803

(865) 983-8411 x25

jshaver@blountcaa.org

Contact Information