Transcript Conroy Insurance Services Medicare Tutorial Contact Bill

Conroy & Associates, Inc.
Medicare Overview
Contact Bill Conroy
(770) 907-6131 | (888) 396-5241 | [email protected]
Medicare Became Law in 1965
Medicare Part A
Covers Hospital Fees (80%)
Medicare Part B
Covers Doctors (80%)
Medicare Supplements (Plans A – J)
Picks up the remaining 20% of hospital and doctor fees that Medicare Parts A &
B do not cover. A supplement is not required, but HIGHLY recommended.
Medicare Part D
Prescription Plan coverage
Conroy & Associates, Inc.
Medicare Overview
Contact Bill Conroy
(770) 907-6131 | (888) 396-5241 | [email protected]
Medicare is Divided into Two Parts:
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Part A: Hospitals
Part B: Doctors
Medicare is Based on 80/20 Format.
Cost for Part A:
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$0-Provided the individual has worked for 40 quarters (10-years) in the US.
Cost for Part B:
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Based on “AGI” (Adjusted Gross Income).
For example: $85,000 or below, filing individual return
OR $170,000 or below for a married couple, you pay $96.40/month.
Conroy & Associates, Inc.
Medicare Overview
Contact Bill Conroy
(770) 907-6131 | (888) 396-5241 | [email protected]
Medicare Supplements
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Standardized in 1990
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All Supplemental Plans (A-J) are the Same
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Same Wording
Same Coverages
Same Benefits
Conroy & Associates, Inc.
Medicare Overview
Contact Bill Conroy
(770) 907-6131 | (888) 396-5241 | [email protected]
The Final Part of the Puzzle is Part D – Prescription Drug Coverage
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Implemented in 2006
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Apply for this coverage when you apply for your Medicare Supplement.
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Note: Part D and the Supplement do not have to be with the same
insurance company.
Conroy & Associates, Inc.
Medicare Overview
Contact Bill Conroy
(770) 907-6131 | (888) 396-5241 | [email protected]
How It Works:
From $1 to $2700** you will pay Co-Pays.
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Your Co-Pay is 25% of the Retail Prescription Drug Price.
The Feds pay 75% of the retail price.
Donut Hole: Once the full retail price of $2700** has been met, this is referred
to as a “Donut Hole”.
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At this point there is no coverage (you pay 100%) until you exceed $6154** in prescription drug
cost.
After $6154**, you pay 5%, the Feds pay 95% until the end of the current year.
This cycle starts again at the beginning of each calendar year.
**These figures change on a yearly basis.
Open Enrollment for Part D:
Option to Change Drug Companies Between 11/15 and 12/31 Each Year
Conroy & Associates, Inc.
Medicare Overview
Contact Bill Conroy
(770) 907-6131 | (888) 396-5241 | [email protected]
SUMMARY
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Part A:
$0.00, if worked 10-years in the US.
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Part B:
Based on Adjusted Gross Income.
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Part D:
$18-$80 Monthly Cost of Plan (Not Including Co-Pays).
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Medical Supplement:
Picks up 20% That Medicare Does Not Pay.