Transcript ABC's of Medicare

The ABC’s of Medicare
and Social Security
Presented by:
Sandra Callahan, ChFC, CLU, MBA,
Rooney Insurance Agency Inc.
Part A- Hospital Insurance
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Inpatient Hospital Care
Skilled Nursing Facility Care
Home Health Care
Hospice Care
Do you have to apply for Part A?
No cost for Part A
When is Medicare primary?
Part B-Medical Insurance
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Doctors Services
Outpatient Medical Services
Penalty Can Apply For Late
Enrollment-10 percent per year
When should you apply for Part
B?
Approximate Cost of Part B
Part C- Medicare Advantage
Plans
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Also Called Medicare “Replacement”
Set network of providers (HMO or
PPO)
Alternative to Original Medicare A&B
Plans may or may not have drug
coverage
Medicare Advantage
Disenrollment Period- January 1February 14-(return to original
Medicare)
Part D Drug Coverage
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Enroll when Medicare Eligible
Coverage stand alone (PDP)or
combined with Part C (MAPD)
Penalty for non-compliance (1
percent per month)
Coverage offered by commercial
carriers; plans and formularies
driven by CMS-Enroll10-15-12-7
Social Security
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Early Retirement payment at
age 62-full retirement age based
If drawing social security when
turning 65-automatically enrolled
in Medicare-if not need to apply
Part D premiums can be
deducted from social security
If not drawing-Part B quarterly
Medicare Supplements
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Designed to work with traditional
Medicare and pay most of what
Medicare doesn’t pay
Plan A for disability
Plan F most popular
Offered by major carriers
Does not have Part D
Some offer foreign travel coverage
Medicare pays nothing out of the
country
Thank You!
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Questions?