conroy & associates, inc. medicare overview contact bill conroy 770.907.6131 |...

Conroy & Associates, Inc.Medicare Overview

Contact Bill Conroy 770.907.6131 | [email protected]

Medicare Became Law in 1965Medicare Became Law in 1965

Medicare Part ACovers Hospital Fees (80%)

Medicare Part BCovers 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 DPrescription Plan coverage



Medicare is Divided into Two Parts: Part A: Hospitals Part B: Doctors

Medicare is Based on 80/20 Format.

Cost for Part A: $0-Provided the individual has worked for 40 quarters (10-years) in the

US.

Cost for Part B: Based on “AGI” (Adjusted Gross Income). For example: $85,000 or

below, filing individual return OR $170,000 or below - you pay $96.40/month.



The Final Part of the Puzzle is Part D – Prescription Drug Coverage

Implemented in 2006

Apply for this coverage when you apply for your Medicare Supplement.

Note: Part D and the Supplement do not have to be with the same insurance company.



How It Works:

From $1 to $2700** you will pay Co-Pays. 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”.

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



SUMMARY

Part A: $0.00, if worked 10-years in the US.

Part B: Based on Adjusted Gross Income.

Part D: $18-$80 Monthly Cost of Plan (Not Including Co-Pays).

Medical Supplement: Picks up 20% That Medicare Does Not Pay.

conroy & associates, inc. medicare overview contact bill conroy 770.907.6131 |...

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