LIFE FINANCIAL MEDICARE HEALTH

Transcription

1 LIFE FINANCIAL MEDICARE HEALTH 4000 Spring Garden St., Suite G Greensboro, NC Office Fax

2 LIFE 4000 Spring Garden St., Suite G Greensboro, NC Office Fax

3 Today s Funeral Costs Item Burial Cremation Professional Services $2,000 $2,000 Transfer of Remains to Funeral Home $ 310 $ 310 Embalming $ 695 $ 695 Other Preparations such as Cosmetology $ 250 $ 250 Use of facilities/staff for viewing $ 420 $ 420 Use of facilities/staff for Funeral Service $ 495 $ 495 Hearse $ 318 Service car/van $ 143 $ 143 Basic memorial printed package $ 155 $ 155 Cremation Casket $1,000 Urn $ 280 Metal Casket $2,395 Cremation fee (if firm uses a third-party)** $ 330 Average Funeral Service Costs $7,073 Cemetery Charges $1554 Vault $1,327 Average Burial Costs $2,881 Total cost (Funeral Service + Burial) $9,954 Total cost (Funeral Service + Cremation) $6,078 **65% of respondents used a third-party crematory (i.e., the funeral home does not own a crematory) Source: National Funeral Directors association (2014)

4 How Social Security Can Help You When a Family Member Dies You should let Social Security know as soon as possible when a person in your family dies. Usually, the funeral director will report the person s death to Social Security. You ll need to give the deceased s Social Security number to the funeral director so they can make the report. Some of the deceased s family members may be able to receive Social Security benefits if the deceased person worked long enough in jobs insured under Social Security to qualify for benefits. Contact Social Security as soon as you can to make sure the family gets all the benefits they re entitled to. Please read the following information carefully to learn what benefits may be available. We can pay a one-time payment of $255 to the surviving spouse if they were living with the deceased. If living apart and eligible for certain Social Security benefits on the deceased s record, the surviving spouse may still be able to get this one-time payment. If there s no surviving spouse, a child who s eligible for benefits on the deceased s record in the month of death can get this payment. Certain family members may be eligible to receive monthly benefits, including: A widow or widower age 60 or older (age 50 or older if disabled); A widow or widower any age caring for the deceased s child who is under age 16 or disabled; An unmarried child of the deceased who is: o Younger than age 18 (or up to age 19 if they re a full-time student in an elementary or secondary school); or o Age 18 or older with a disability that began before age 22; A stepchild, grandchild, stepgrandchild, or adopted child under certain circumstances; Parents, age 62 or older, who were dependent on the deceased for at least half of their support; and A surviving divorced spouse, under certain circumstances. If the deceased was receiving Social Security benefits, you must return the benefit received for the month of death or any later months. For example, if the person dies in July, you must return the benefit paid in August. If received by direct deposit, contact the bank or other financial institution and ask them to return any funds received for the month of death or later. If paid by check, do not cash any checks received for the month the person dies or later. Return the checks to Social Security as soon as possible. However, eligible family members may be able to receive death benefits for the month the beneficiary died. Contacting Social Security The most convenient way to contact us anytime, anywhere is to visit There, you can: apply for benefits; open a my Social Security account, which you can use to review your Social Security Statement, verify your earnings, print a benefit verification letter, change your direct deposit information, request a replacement Medicare card, and get a replacement SSA-1099/1042S; obtain valuable information; find publications; get answers to frequently asked questions; and much more. If you don t have access to the internet, we offer many automated services by telephone, 24 hours a day, 7 days a week. Call us toll-free at or at our TTY number, , if you re deaf or hard of hearing. If you need to speak to a person, we can answer your calls from 7 a.m. to 7 p.m., Monday through Friday. We ask for your patience during busy periods since you may experience a higher than usual rate of busy signals and longer hold times to speak to us. We look forward to serving you. SocialSecurity.gov Social Security Administration

5 US Government Social Security Administration Use this form to determine what a funeral will cost based upon life expectancy Age FEMALE Life Expectancy Live to Age Funeral Cost at Death $50, $48, $46, $44, $41, $40, $39, $37, $35, $35, $34, $32, $31, $30, $28, $27, $27, $26, $25, $24, $23, $22, $22, $21, $20, $20, $19, $18, $17, $17, $ Age Life Expectancy MALE Life to Age Funeral Cost at Death $42, $40, $39, $37, $35, $34, $34, $32, $31, $30, $28, $28, $27, $26, $25, $24, $24, $23, $22, $21, $21, $20, $19, $19, $18, $17, $17, $16, $16, $16, $15,529.69

6 A life Insurance Plan to Achieve Peace of Mind. The choice is simple. Either you do it today, or your loved ones will do it tomorrow Gold Silver Bronze Death Benefit Death Benefit Death Benefit Age $ Age $ Age $ Age $ Age $ Age $ Mutual of Omaha Provided for: Date:

7 Needs Assessment Checklist Name Age Gender Monthly Income Social Security $ Pension $ Retirement Plan $ Other Sources $ *Money set aside for family members, college funds, vacations, charities, etc. Sub Total Less Expenses * Total Savings $ $ $ Health Insurance Potential Needs & Liabilities Do you have a Medicare Supplement policy? Yes No If yes, who is your carrier? Plan type? What is your premium? Are you satisfied with your rate? Yes No Do you have parts A and B Medicare Benefits? Yes No Do you have any other health coverage? Yes No If yes, please describe Medicare supplement insurance policies are standardized. These plans help pay those expenses Medicare does not. Hospital Indemnity Insurance Do you have out-of-pocket expenses for hospital and other services under your current health plan? Yes No Do you have the resources to pay for hospital and other services out-of-pocket? Yes No You will be liable for paying out-of-pocket expenses without a plan.

8 Extended Nursing Care Insurance Do you have Long-Term Care (LTC) or Short-Term Care (STC) insurance? Yes Do you have the resources to pay for a nursing home stay? Yes No No A short stay at an assisted living facility can cost thousands of dollars. Basic plans provide coverage for Nursing Home stays, while other plans offer Assisted Living and Home Health Care benefits. Cancer Insurance Do you have an insurance plan to cover the costs of a cancer diagnosis? Yes No Prescription coverage for cancer medications can be an out-of-pocket cost and expense. Some plans may require that you submit claims for each procedure, while other plans pay full benefits upon first diagnosis. Dental Vision Hearing Insurances Do you have dental insurance? Yes Do you have vision insurance? Yes Do you have hearing insurance? Yes No No No These plans provide coverage for preventive care and other basic services. Waiting periods generally apply for more expensive procedures. Plans cover anywhere from one to all three services. Life Insurance Do you have Life insurance? Yes Do you have the resources to settle debts and cover funeral costs? Yes No No Medicare will not cover funeral costs or pay for expenses after your death. Payment from a Life policy will be made to a loved one to cover various expenses, such as funeral costs, outstanding debts or bills, etc. It may also be used to provide for a dependent s long-term financial security. Your Benefit Needs Summary Use the checklist below to review which types of coverage you need: Medicare Supplement Insurance Hospital Indemnity Insurance Extended Nursing Care Insurance Cancer Insurance Dental Insurance Vision Insurance Hearing Insurance Life Insurance

9 MEDICARE 4000 Spring Garden St., Suite G Greensboro, NC Office Fax

10 The ABCD s of Medicare What is Medicare, and what does it cover? Medicare is a publicly funded health insurance program for people age 65 and older, or who have certain qualifying disabilities. Part A provides coverage for inpatient hospital stays, skilled nursing facilities, and some home healthcare. Deductibles and/or coinsurance may apply. Part B covers Medicare-eligible physician services, outpatient hospital services, certain home health services, and durable medical equipment. Part C covers both physician services and hospital care through a government-funded private health plan known as a Medicare Advantage plan. Medicare Advantage plans give you the option of expanded benefits, such as built-in Part D prescription coverage, lower co-pays for doctor and hospital visits, and additional services such as vision and dental care. The types of Medicare Advantage plan s available include Health Maintenance Organizations (HMO), Preferred Provider Organizations (PPO) and Private Fee-for-Service (PFFS). Part D provides coverage for prescription drugs.

11 2019 MEDICARE PART A Part A is hospital insurance and covers costs associated with confinement in a hospital or skilled nursing facility. When you are hospitalized for: MEDICARE COVERS You Pay 1-60 Days Most confinement costs after the required Medicare deductible $1, Days All eligible expenses after patient pays a per-day copayment $341/day Copayment as much as $10, Days All eligible expenses after patient pays a per-day copayment. (These are lifetime Reserve Days that may never be used again) $682/day Copayment as much as: $40, Days or More Nothing You pay All Costs Skilled Nursing Confinement: (At least 3 days and enter a Medicare approved skilled nursing facility within 30 days after hospital discharge and receive skilled nursing care) All eligible expenses for the first 20 days, then all eligible expenses for days after patient pays a per-day copayment After 20 days $170.50/day Copayment as much as: $13,640

12 2019 MEDICARE PART B Part B is medical insurance and covers physician services, outpatient care, tests, and supplies. The part B premium for 2019 is $ On expenses incurred for: Medical Expenses Physician services for inpatient/outpatient Medical/Surgical Services; Therapies/diagnostic tests Clinical Lab Services Blood tests, urinalysis Home Health Care Part-time or intermittent Skilled care; home health aide services; durable medical supplies; other Outpatient Hospital Treatment Hospital services for the diagnosis or treatment of an illness or injury Blood MEDICARE COVERS 80% of approved amount Generally, 100% of Approved amount 100% of approved amount; 80% of approved amount for durable medical equipment Medicare payment to hospital, based on hospital costs 80% of approved amount (after $185 deductible and starting with 4 th pint) You pay $185 Annual Deductible Plus 20% of approved amount Nothing for Services Nothing for services; 20% of approved amount for durable medical equipment 20% of billed amount First three pints; plus 20% of approved amount for additional pints

13 Option 1 Part A Deductible 0 60 days: $1,364/one time days: $341/day days: $682/day. Uses Lifetime Reserve. After Reserve used, you pay 100% Skilled Nursing First 20 days: $ days: $170.50/day Part B Cost: $135.50/month Part B Deductible: $185 Part B Premium: $135.50/m 80/20 plan: no additional out-of-pocket Plus, you ll need to add Part D Part D Prescription Drug Plan Average cost: $40-$45/month OUT OF YOUR POCKET: Premiums: $135.50/month avg. Premiums with Part D: $ /month avg. Plus: Deductibles Coinsurance on Medical Coinsurance on Rx Option 2 Part A Deductible 0 60 days: $1,364/one time days: $341/day days: $682/day. Uses Lifetime Reserve. After Reserve used, you pay 100% Skilled Nursing First 20 days: $ days: $170.50/day Part B Cost: $135.50/month Part B Deductible: $185 Part B Premium: $135.50/m 80/20 plan: no additional out-of-pocket Plus, you ll need to add Supplement cost Part D Prescription Drug Plan Average cost: $40-$45/month Supplement Cost: $125-$150/month (Varies by age and plan type) There are 10 standardized plans to choose from. You have no co-pays or co-insurance with supplement plan F With Plan G you pay Part B deductible. Then it works like Plan F Plus, you ll need to add Part D OUT OF YOUR POCKET Co-pays only on Rx

14 Option 3 Part A Deductible 0 60 days: $1,364/one time days: $341/day days: $682/day. Uses Lifetime Reserve. After Reserve used, you pay 100% Skilled Nursing First 20 days: $ days: $164.50/day Part B Cost: $135.50/month Part B Deductible: $185 Part B Premium: $135.50/m 80/20 plan: no additional out-of-pocket Part C Medicare Advantage Prescription Drug Plan (MAPD) Cost: $0 - $78/month (Many plans have NO premium and most include Part D) Penalties Part B Penalty: 10% for each year Part D Penalty: 1% for each month These plans do not supplement Medicare They have co-pays and co-insurances when you use them. Part C has gaps in coverage, however offers you a MOOP (3,400-6,700) If you go with Part C, you need a Companion plan Companion Plans Cost: $40-45/month (Varies by age and plan type) Co-pays & Co-Insurance on Medical >>> Receive $$$ from your companion plan to pay many co-pays/coinsurances.

15 MEDIGAP How do I compare Medigap policies? The chart below shows basic information about the different benefits that Medigap policies cover. If a percentage appears, the Medigap plan covers that percentage of the benefit, and you re responsible for the rest. Medicare Supplement Insurance (Medigap) Plans Benefits A B C D F G K L M N Medicare Part A Coinsurance and hospital costs (up to an additional 365 days after Medicare benefits are used) Medicare Part B Coinsurance or Copayment 50% 75% Blood (first 3 pints) 50% 75% Part A Hospice Care Coinsurance or Copayment 50% 75% Skilled Nursing Facility Care Coinsurance 50% 75% Medicare Part A Deductible 50% 75% 50% Medicare Part B Deductible Medicare Part B Excess Charges Foreign Travel Emergency (up to plan the limit) Out-of-Pocket limit in 2017 $5,120 $2,560 * Plan F also offers a high-deductible plan in some states. If you choose this option, this means you must pay for Medicare-covered costs (coinsurance, copayments, and deductibles) up to the deductible amount of $2,200 in 2017 before your policy pays anything. ** Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don t result in an inpatient admission.

16 EXTRA HELP Do I qualify for Extra Help with Costs? Monthly income $1,012 Individual $1,372 Couple Monthly income $1,214 Individual $1,646 Couple Level 1 You may qualify for Extra Help in 2019 if: Yearly income is less than this $12,144 for an Individual, or Amount of Resources you own does not exceed this $7,560 for an individual, or $16,464 for a couple $11,340 for a couple Level 2 You may qualify for Extra Help in 2019 if: Yearly income is less than this $14,568 for an Individual, or Amount of Resources you own is between $7,561 $12,600 $19,752 for a couple $11,341 $25,150 Monthly income $1,518 Individual $2,058 Couple Level 3 You may qualify for Extra Help in 2019 if: Yearly income is less than this $18,210 for an Individual, or Amount of Resources you own does not exceed this $12,600 for an individual, or $24,690 for a couple $25,150 for a couple Above limitations allow $1,500 in resources to be used as a burial fund. Couples can have $3,000 for burial. Please note Medicaid limitations differ.

17 EXTRA HELP Do you own more than one property? Yes or No How many people live with you? Married living together or apart Single Separated Widowed Divorced (circle One) Do you have Savings/Investments totaling more than $12,600 for Individual or $25,110 for Couple? Yes or No Are you interested in the Medicare Savings Program? Yes or No Name: Spouse: Social Security #: Self Date of Birth: Date of Birth: Spouse: Medicare #: Self Spouse: Address on file with social security Phone: Have you moved in the past 3 months: Yes or NO Social security or Railroad Retirement income Self Spouse Checking Self Spouse Will any of these funds be used for Burial: Yes or NO Cash on hand Self Spouse Pensions or Self Spouse Veterans Self Spouse Investments Self Spouse

18 ANCILLARY 4000 Spring Garden St., Suite G Greensboro, NC Office Fax

19 4000 Spring Garden St., Suite G Greensboro, NC Office Fax Time to Design your Companion Plan Option 1 Choose your benefits Option 2 Choose your benefits Option 3 Choose your benefits Age Benefit/Premium Age Benefit/Premium Age Benefit/Premium Peace of mind today for a worry free tomorrow.