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Medicare Basics

midwestbroker

Guru
1000 Post Club
2,370
Columbia, MO
There has been some requests for basic Medicare info, so here are the bare bone facts to it:

Eligible Age 65 or after 24 months of disability

Part A is at no cost as long as you have worked 40 quarters (or 10 years). Part B is elected and is $93.50 per month for 2007 (may cost more if annual income is above $80,000).

What it covers –

Part A – Hospitalization
For each benefit period:
Days 1-60 – Initial deductible of $992
Days 61-90 - $248 per day
Days 91-150 - $496 per day (these are the lifetime reserve days, can only be used once)

Skilled Nursing
Must have at least a 3 day hospital stay
Days 1-20 - $0 per day
Days 21-100 - $124 per day

Part B – Medical (Doctors, ER Room visits, tests, etc)
Annual Deductible of $131
80% / 20% Co-Insurance

Part C – Medicare Advantage Plans
Vary by state / region

Part D – Prescription Drug Coverage
The Coverage Gap will start at $2400 in total drug cost in 2007
The Coverage Gap ends at $3850 total out of pocket
After the Gap, the member will pay $2.15 for generic or $5.35 for all other / or 5% co-insurance
2 ways to get this – Stand Alone (only drug coverage)
MAPD – Medicare Advantage Plan with Prescription Drug Coverage Included

Enrollment Periods:

November 15th – December 31st is the AEP (Annual Election Period)
This is when Medicare Beneficiaries can make changes to their plans. They are allowed 1 change.

January 1st – March 31st is the OEP (Open Enrollment Period)
Medicare Beneficiaries who have a Part D plan can elect a Medicare Advantage Plan with prescription drug coverage included. They cannot change their stand alone drug plan to another stand alone drug plan.

There is more to it, but here is a start to understanding it. Hope this helps!
 
I thought this post was lonely and needed to feel wanted again.

Also, I seem to recall a more recent post that said the 24 months started from the day of the award. Since I can't find that post it was easier to hide my question in an old post, but now you found me.
 
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