THE BENEFIT LINK ASSISTING SENIORS

1
THE BENEFIT LINKASSISTING SENIORS

• WE WORK FOR YOU, NOT THE INSURANCE COMPANY
• SO MANY CHOICES
• SO MANY PLANS
• WE MAKE IT SIMPLE

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We All Have Questions ???

• Medicare Part A Part B?
• Medicare Advantage Plans?
• Medicare Supplements?
• Part D (Prescription Drug Plans)?
• Election Periods?
• Open Enrollment?

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Medicare Overview

• 1965 - MEDICARE is introduced
• 1966 -Medicare Supplements
• 1992 Medicare Supplements are standardized
• 2006 Part D (Prescription Drug Plans)

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Medicare Overview

• MEDICARE is for age 65 and over
• - unless on Medicare Disability
• MEDICARE SUPPLEMENTS
• - Required to have Medicare Part A Part B
• OPEN ENROLLMENT
• - Age 65 and/or enrolling in Part B
• ELECTION PERIODS - Nov. 15 Dec. 31
• - Medicare Advantage Plans
• -Medicare Prescription Drug Plans

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MEDICARE

• PART A HOSPITALIZATION
• PART B OUTPATIENT
• PART C ADVANTAGE PLANS
• PART D PRESCRIPTION DRUG PLANS
• MEDICARE SUPPLEMENTS

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MEDICARE PART A

• HOSPITALIZATION (for 2007)
• - 0 Premium
• - Deductible of 992
• - Days 61-90, 248/day
• - Days 91-150, 496/day
• - Days 151 and more, you pay all costs
• - Skilled nursing facility
• - after 20 days, you pay 124/day

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MEDICARE PART B

• OUTPATIENT SERVICES
• - 93.50/month premium
• - 131 deductible
• - 20 co-insurance
• - Must have Medicare Part A B to qualify
• for supplemental insurance

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Medicare Advantage PlansMEDICARE REPLACEMENT

• HMO, PPO, PFFS
• Often have a network of doctors and hospitals
• May require referrals to see a specialist
• May include Part D drug coverage
• Still can require deductibles, co-payments, and
  co-insurance
• Will have a service area, may still be refused

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Medicare Part D Drug Plan

• Formulary (list of covered drugs)
• Premiums, Deductibles, Co-pays (tier levels)
• Coverage gap Donut hole
• - 2007 (2,400 - 3,850)
• - 2008 (2,510 - 4,050)
• If you enroll late, could pay a penalty
• Election periods Nov 15 Dec 31

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MEDICARE SUPPLEMENTS

• Medigap Plans A-J are standardized
• Must have Part A Part B
• Open enrollment 6 month period
• Guaranteed renewability
• Fills the gaps in Original Medicare
• Your choice of doctors / hospitals

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WHICH COMPANIES?

• Companies that
• - Specialize in Medicare Supplements
• - Financial strength and stability
• - Long-term competitive premiums
• - Automatic claims filing
• - Excellent service

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LONG-TERM CARE

• Medicare doesnt cover Long-term care
• Assists in daily activities
• - dressing, bathing, and general care
• - includes medical and non-medical
• Common misconceptions I wont need it
  because
• - Im going to a nursing home
• - Im healthy
• - My family will take care of me