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MEDICARE OPEN ENROLLMENT PERIOD REVIEW. Join us for this special event….
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MEDICARE OPEN ENROLLMENT PERIOD REVIEW Join us for this special event…
Medicare's Annual Enrollment Period is here! This is your once-a-year opportunity to change your Medicare plan. A 2017 Medicare survey found that "most seniors are happy with their Medicare plan, yet they are unaware of all the benefits of their plan, or other plans." • At Vivid, we want to make sure you have all the information you need to make an informed decision during this critical enrollment period between October 15 and December 7. • Join us to learn from Steve Burgett, Health Plan Specialist, about this important topic, including: • What questions to ask about your Medicare plan • How to compare your plan with other plans • What you should look for in a Medicare plan and what to avoid • How to make sure you have the plan that is best for you Steve Burgett Health Plan Specialist Cameron McCarty President Date: Wednesday, September 18 Time: 6:00 presentation Location: Brokers International Headquarters 4135 NW Urbandale Dr Urbandale, IA 50322 RSVP to: 515-480-7593 If you cannot attend, please call our office to schedule a one-on-one appointment to review your options. Securities and investment advisory services offered through Brokers International Financial Services, LLC. Member SIPC. Brokers International Financial Services, LLC does not provide tax or legal advice and is not affiliated with Vivid Tax Advisory Services, LLC. JOIN US FOR A SHORT PRESENTATION AND Q & A:
Medicare’s Annual Enrollment Period is here! • Medicare’s Annual Enrollment Period is here! This is your once-a-year opportunity to change your Medicare plan. A 2017 Medicare survey found that “most seniors are happy with their Medicare plan, yet they are unaware of all the benefits of their plan, or other plans.” • At Vivid, we want to make sure you have all the information you need to make an informed decision during this critical enrollment period between Oct 15 - Dec 7. Join us to learn from Steve Burgett, Health Plan Specialist, about this important topic, including: • What questions to ask about your Medicare plan • How to compare your plan with other plans • What you should look for in a Medicare plan and what to avoid • How to make sure you have the plan that is best for you
Vivid Tax Advisory Team Cameron McCarty President Courtney Tabish CPA Steve Burgett Insurance Advisor Kara McCarty Managing Director Andy Osby Investment Advisor Thomas Breitbach Financial Analyst Matthew Bollman Attorney
The 4 Parts of Medicare A Part A • Hospital Insurance • Part C • Medicare Advantage Plans C B • Part B • Medical Insurance • Part D • Prescription Drug Plans D
1965 - Medicare signed into law by LBJ • Included part A and part B • Called "Original Medicare" • 1980 - Medicare Supplements allowed • Offered by private insurance companies • Called "Medigap" • 1997 - Part C created • Medicare Advantage • Network plans - HMOs and PPO • 2006 - Part D created • Prescription Drug plans • Included in part C or Stand-alone plans • Formularies and Tiers 1-5 Brief History of Medicare
LBJ signing up Harry Truman — the first recipient of Medicare
Affordable Care Act - for under 65 Patient Protection and Affordable Care Act (PPACA) was signed into law in 2010. Often called the Affordable Care Act or "Obamacare" Find available plans at healthcare.gov
What the 4 Parts of Medicare Cover What are the different parts of Medicare? • Medicare Part A (Hospital Insurance) helps cover: • Inpatient care in hospitals • Skilled nursing facility care • Hospice care • Home health care • Medicare Part B (Medical Insurance) helps cover: • Services from doctors and other health care providers • Outpatient care • Home health care • Durable medical equipment • Many preventive services • Medicare Part C (Medicare Advantage): • Includes all benefits and services covered under Part A and Part B • Usually includes Medicare prescription drug coverage (Part D) as part of the plan • Run by Medicare-approved private insurance companies that follow rules set by Medicare • Plans have a yearly limit on your out-of-pocket costs for medical services • May include extra benefits and services that aren't covered by Original Medicare, sometimes for an extra cost • Medicare Part D (Medicare prescription drug coverage): • Helps cover the cost of prescription drugs • Run by Medicare-approved drug plans that follow rules set by Medicare • May help lower your prescription drug costs and help protect against higher costs in the future
What’s NOT Covered by Original Medicare • Original Medicare doesn't cover everything. If you need certain services that aren't covered under Medicare Part A or Part B, you'll have to pay for them yourself unless: • ■ You have other coverage (including Medicaid) to cover the costs. • ■ You're in a Medicare Advantage Plan that covers these services. • Some of the items and services that Original Medicare doesn't cover include: • Most dental care. • Eye examinations related to prescribing glasses. • Dentures. • Cosmetic surgery. • Acupuncture. • Hearing aids and exams for fitting them. • Long-term care. See next page for more information about paying for long-term care. • Concierge care (also called concierge medicine, retainer-based medicine, boutique medicine, platinum practice, or direct care). Some Medicare Advantage Plans may choose to cover these services. See page 65.
A quick look at you Medicare choices There are 2 main choices for how you get your Medicare coverage. These choices will be explained in more detail on the next page and throughout the book.
Your Medicare Coverage choices at a glance There are 2 main way to get your Medicare coverage – Original Medicare or a Medicare Advantage Plan. Use these steps to help you decide. See page 35 for information about Medicare Advantage Plans and Medigap policies.
Things to consider when choosing you Medicare coverage These topics are explained in more detail throughout this book
Initial Enrollment Period (IEP) • Your first opportunity to sign up for a Medicare plan • The 7-month period around your birthdate — your birthday month plus • 3 months before and 3 months after • Annual Enrollment Period (AEP) • Your opportunity to change your Medicare plan • Oct 15th to Dec 7th every year • Special Enrollment Periods • For many special situations like… • Changes in doctor networks or drug formularies, • moving out of a network, • loss of credible coverage at work, • qualifying for financial assistance, • individuals with special needs, • etc. The Most Common Medicare Enrollment Periods
Premium — No premium for most people • Those who have paid Medicare taxes 40 quarters or more • get Part A for free • Less than 40 quarters, the premium is adjusted based on quarters worked • Deductibles • $1,364 for inpatient hospital stays (total for days 1-60) • For inpatient hospital stays longer than 60 days: • $341 per day for days 61-90 • $682 per day for days 90-150 • All costs after 150 days • Out-of-pocket maximum • No Maximum Out-of-Pocket in Original Medicare • No limit to what you may have to pay • That’s why you need a Med Supp or Medicare Advantage plan. Your Costs for Medicare Part A - in 2019
Monthly Premium: Standard premium = $135.50 /month • Everyone pays the part B premium • Usually comes out of your Social Security • Part B is "Means Tested" — meaning higher premiums for higher incomes • Yearly deductible = $185 (may be paid by your plan) • Coinsurance = 20% (may be paid by your plan) • Applies to most hospital and doctor’s services Your Costs for Medicare Part B - in 2019
Part B Monthly Premiums - 2019 Chart is based on your 2017 taxable income (to determine your 2019 Part B Premium)
Part A Penalty • Part A penalties are unusual, but there can be a penalty for those who have to pay for part A and sign up late. • Part A is free for those who qualify for social security (40 quarters) • Part B Penalty • If you don’t sign up for part B when you are first eligible, you may have to pay a late enrollment penalty for as long as you have part B. • The penalty can be 10% for every 12 month period that you could have had part B but didn’t sign up for it. • Part D Penalty • If you don’t sign up for part D when you are first eligible, you may have to pay a late enrollment penalty for as long as you have part D. • The penalty can be approximately 1% for every month that you could have had part D but didn’t sign up for it. Medicare Penalties - 2019
How to decide which plan is best for YOU… • Consider the Costs • Premiums, deductibles, co-pays, maximum out of pocket • Consider the Benefits • Dental, hearing, vision, fitness clubs, pharmacy benefit, travel, etc. • Networks • Do you want to be in your doctor’s network or do you prefer no network? • STAR Ratings • Medicare gives every Medicare Advantage plan (Part C) a Star Rating every year (5 Stars is the best) — we only work with the top-rated plans
"Seek first to understand, then to be understood." - Steven Covey Seven Habits of Highly Effective People
Medicare.gov Sign up for your Medicare account Have you created your official Medicare account yet? It’s a secure way for you to access your personal Medicare-related information online any time. With your Medicare account, you can: View your Medicare claims as soon as they’re processed. See a calendar of current and upcoming preventive services you may be eligible for, like cancer screenings. Keep track of your prescription drugs, all in one place – and more! Create Your Account If you already have an account, that’s great! If you don’t, it’s easy to create your account today. Sincerely, The Medicare Team update your preferences1-click unsubscribe This message is paid for by the U.S. Department of Health and Human Services. It was created and distributed by the Centers for Medicare & Medicaid Services. You're receiving this message because you signed up for email updates from the Medicare Team. Please contact support@subscriptions.cms.hhs.gov if you have questions or problems with your subscriptions.
