Download Medica Master Template - MFT 59

Medicare 101
What is Medicare?
Medicare is a government program developed for the
nation’s aged to provide financial benefits for health
related occurrences. Typically, you qualify for
Medicare when you:
 Turn age 65
 Become permanently disabled
 Diagnosed with End Stage Renal Disease (kidney failure)
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Medicare 101
The Four Parts of Medicare...
 Part A – Inpatient Hospital
- No cost
- Benefit period deductible $1,184
 Part B – Outpatient Services
Original
Medicare
- $104.90/month
- Annual deductible, $147
- After deductible, 80/20 Coinsurance
 Part C – Medicare Advantage Plans
- Type of Medicare insurance plan
- Assignment of benefits
- Purchase through a private insurance company
 Part D – Prescription Drug Program
-
Deductible/No deductible
Level 1 coverage (cost sharing until $2,970 is spent)
Level 2 coverage (“donut hole”, cost sharing until $4,750 is spent)
Level 3 coverage (catastrophic coverage)
Purchase through a private insurance company
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Medicare 101
How to enroll in the four parts of Medicare
 Initial Coverage Election Period (ICEP)
- 7 month window for newly eligible Medicare beneficiaries
- Enrollment is done through Social Security Administration
 Special Election Period (SEP)
- Allows for special circumstances
 Part B General Enrollment Period
- 1/1 – 3/31, coverage begins 7/1
 Annual Election Period (AEP)
- 10/15 – 12/07
 Penalties for late enrollment
- Part B: 10% of the Part B premium for each year you were
eligible, but didn’t enroll
- Pard D: 1% of the Part D benchmark for each month you were
eligible, but didn’t enroll
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Group Prime Solutions
Enrollment
 Minneapolis Public School Retiree Plan through
Medica
- Monthly premium of $242 per month
- Offers prescription coverage through the ‘gap’
- Low medical copayments with a max out of pocket of
$1000.00
- Value Added Benefits
• Silver Sneakers
• Medication Management Therapy
• Extended Absence Option
• Eyewear and Hearing aid Benefit
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Group Prime Solutions
Enrollment
For more information on the Retiree Health Plan through
Medica please contact:
Der Vang
Account Manager
952-992-8558
Stacy Alness
Account Manager
952-992-3825
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