Hi everyone. Thank you for coming to our webinar today. We will be going over the Mail Handler’s Benefit Program, and their Medicare option. So today, we will go over enrolling in Medicare, and that process. We’ll briefly review the different parts of Medicare. We’ll review the Aetna Medicare Advantage Plan for MHBP Standard Option members, as well as we’ll take a look at the benefits, and then new for this year, the SilverScript Employer Prescription Drug Plan, or the PDP. We’ll go over the wellness and support benefits that come with the Advantage Plan, how to opt into this Aetna Medicare Advantage Plan, and then we’ll review, and then yeah. So let’s get started. So when talking about retirement, it’s important to talk about Medicare. If you already have Medicare, then this slide does not apply to you. If you don’t, then I would pay attention. So you can enroll in Medicare without penalty at two times.
The first is during your Initial Election Period, or IEP, which occurs 3 months before the month of, and 3 months after the 65th birthday. So if you’re still working when you turn 65, you do not need to enroll in Medicare. You’ll get a Special Election Period, or SEP, and your SEP will go into effect when you retire, and will last 8 months. So if you enroll outside of any of these 2 periods, you must enroll during the Medicare general enrollment period between January 1 and March 31st each year, and this is where you might be subject with a late enrollment penalty.
Medicare Part A is part of original Medicare, and does provide hospital insurance. Part A is free for those who have paid Medicare taxes while working, already receive social security benefits, or have a spouse with Medicare covered employment. If you do not qualify to get Medicare Part A for free, then you can purchase it for a premium. The coverage of Medicare Part A is going to help cover costs of services like inpatient hospital care, skilled nursing, home healthcare, and different hospice. Medicare Part B is also a part of original Medicare, and does provide medical insurance. Part B is a standard monthly premium of $170.80 cents for 2024, however, this amount can be higher depending on your annual income.
Part B also does have a late enrollment penalty, that will increase your monthly premium by 10% for every 12 months you do not enroll after your initial election period. So if your income is above a certain limit, you may be required to pay an Income Related Monthly Adjustment amount or IRMA to the government. So this is an additional premium on top of your Medicare Part B or Part D premium as well. You will be contacted if you are subject to IRMA. So keep in mind, the Social Security Administration will reach out to you. And my apologies, the monthly premium for Medicare Part B is $174.70 cents. I misspoke before, but here it is on the screen. And it is important to note that when we are talking about Medicare right now, when I’m reviewing it, it is not taking into consideration any other FEHB coverage. We’re just talking about the different Medicare coverage.
Medicare Part B can have an annual deductible and coinsurance as well. Medicare Part C, or Medicare Advantage is an optional portion that is available from private insurance companies. So these plans combine Medicare Part A and Part B with additional benefits. Some Medicare Part C plans also do include Medicare Part D benefits. Premiums can start as low as $0 with a Medicare Part C, or a Medicare Advantage Plan, but you do have to have Medicare Part A and Part B to get a Part C Plan. These plans are becoming an option now through the Federal Employees Health Benefit Program, but we’ll get into that a little bit later.
Medicare Part D is additional coverage for prescription drugs. It is also an optional portion, and this is where you can also have ERMA applied to your Medicare Part D premium as well. These plans could have an annual deductible, and co-payments, and coinsurance. So keep an eye out on that with your Medicare Part D plans. And this is also becoming available through some FEHB program carriers. So OPM, that was new for this past open season. For 2024, OPM required that some plans include Medicare Part D prescription drug coverage. I will get into that a little bit later, but this is what we are referring to.
So this is our Aetna Medicare Advantage Plan. It is designed for MHBP Standard Option members that have Medicare Part A and Part B. So you do get to keep the same 0 cost sharing from medical services, $0 for deductible, and co-payments, and co-insurance as well. You do get these enhanced benefit, at an affordable price, with no extra cost to you. So there is no additional premium to be in the Aetna Medicare Advantage Plan. For MHBP Standard Option members, your premium would remain the same as your MHBP Standard Option premium. The additional benefits that you’ll get, you’ll get $900 a year, or $75 a month, which is automatically applied to your Medicare Part B premium to lower it. You’ll get added programs such as SilverSneakers and Healthy Home Visits. You’ll get low prescription drug co-payments, $0 from Preferred Pharmacies, and $2 from Standard Pharmacies. You’ll receive unlimited chiropractic, physical, occupational, and speech therapy visits, and you get nationwide coverage. You can use any provider that is eligible to receive Medicare payment, and accepts the plan. You’ll also receive a yearly routine vision exam for $0 out of your pocket.
Here is the benefits at a glance. So over here in the blue is the Aetna Medicare Advantage Plan for MHBP Standard Option members. This is the new benefits, compared to if you were to just have MHBP Standard Option, and Medicare Part A and Part B. So like I said, you’ll receive that annual, or the monthly Medicare Part B premium reduction. It is annually $900, $0 deductible. Out of pocket maximum for prescription drugs is $2,000 per person. So once one person spends $2,000 on their prescription drug coverage per year, then they’re covered at 100% for the remaining of that year.
So your co-insurance and co-payments are $0 except for prescription drugs. Oh. My apologies. And then you get unlimited visits for chiropractic, physical, occupational and speech therapy. Down here, you can see the prescription drug plan. Preferred Pharmacy, you’ll have $0. Standard Pharmacy is $2. This is the prescription drug coverage that comes with the Aetna Medicare Advantage Plan. If you do not enroll in the Aetna Medicare Advantage Plan for MHBP Standard Option members, then new for this year, if you just have MHBP Standard Option, and then Medicare Part A and Part B, you will also be automatically enrolled in the SilverScript Employer Protection Plan, or the PDP Plan for Standard Option members.
Here you can see the co-payments for your prescription drugs as well. This is a little bit more information on the new prescription drug plan for MHBP plans. So this is for the MHBP Consumer Option, and the Value Plan. So if you are currently enrolled in the MHBP Consumer Option, or the MHBP Value Plan, and you do have Medicare, then you’ll again be automatically enrolled in the SilverScript Employer Protection Drug Plan. You can opt out of this. So if you do want to opt out of it, you can. You should have received information in the mail about how to opt out of the plan. Or you can always contact customer service. The phone number is on the back of your ID card.
So just to review the Aetna Medicare Advantage Plan with MHBP Standard Option members, you’ll receive chiropractic unlimited visits, $0 co-pay, physical, occupational and speech therapy, unlimited visits and $0 co-pay, home health services, again for a $0 co-pay, routine eye exam, $0 co-pay, and it’s 1 exam for every 12 months. Vision eyewear reimbursement, you’ll also receive $50 per calendar year. That can go towards your vision eyewear. Routine podiatry care is also covered at 100%, and you’ll receive unlimited visits. And over-the-counter allowance, you’ll receive $30 every 3 months. It is mail order. So you can order out of a catalog, and you can receive some over-the-counter products. So this could be sunscreen. This could be pain relief, foot care, anything that would be listed. And that catalog is listed on our website if you do have questions, or you need to access that catalog as well.
So in addition, you’ll also receive wellness and support benefits. So at no extra cost, you get Teladoc telehealth visits. You’ll get a non-emergency transportation program that can help get you to or from a doctor or hospital appointment. It is 24, 1-way trips within 60 miles of the starting point. You also receive SilverSneakers membership, which can get you access to a gym membership, or fitness classes online, a meal benefit program after hospitalization. If you had a hospital stay, or a skilled nursing facility stay, you’ll receive 2 meals per day for 7 days. So that way you can just focus on getting healthy, and getting back on your feet. There’s also a hearing aid reimbursement, which is $2,000 for every 60 months. My apologies. So just to reiterate that hearing aid reimbursement is $2,000 for every 60 months, and a Resources for Living program. This is the life consultant program that can get you access to different local resources. If you need help like finding contractors to do work around your house, or contacting at-home nurses, this consultant can help you find those local resources.
So to opt into this plan, if you are already enrolled in the MHBP Standard Option Plan, then it is very simple. To complete your enrollment into the Aetna Medicare Advantage Plan, you can go to aetnaretireehealth.com/mhbp, or you can call Aetna’s Retiree Solution Service Center at 1-866-241-0262. Here, you’ll just be asked to provide us with your Medicare A and B effective dates, and your Medicare number, and what we’ll do is we’ll send that information over to CMS, and it’ll officially opt you in to receive those enhanced benefits. Overall, you want to make sure that you are getting the retirement you deserve.
You want to make sure the plan that you choose to stay with has low premiums, and out-of-pocket costs, maybe a Medicare Part B reimbursement credit, or a reduction credit, that way you can get money back for your Part B premiums. Our plan does come with $900 a year, or $75 a month. Routine vision care, hearing aid reimbursement, unlimited chiropractic physical therapy visits, those are especially important as we age. We find ourselves using chiropractic or physical therapy more often than we currently would be. Prescription copays as low as $0 from preferred pharmacies, added programs that are going to help keep you healthy like SilverSneakers, and nationwide providers, and no referrals needed to see a specialist.
So if you do have questions, you can always go to our website mhbp.com/retiree. On that website, you can live chat with our team, and get fast answers. I highly recommend that you schedule a one-on-one appointment with our team member. If you do have questions, you have prescription drugs that you want to look up, a provider you want to look up, or just any questions that you may have about the plan, schedule an appointment with myself, or any of our team members, and we can help review, and talk it out with you. You can always register for a live webinar. We do host them monthly, and you can also view a pre-recorded webinar or video as well. On our website, we do also have information on enrollment.
There’s an online provider directory, FAQs, and that’s where you can find those big OPM brochures for the MHBP and Medicare plan. You can also always call our Member Services team at 1-800-410-7778 24 hours a day, 7 days a week except for major holidays in all time zones. That is a great customer service, 24 7 customer service. So if you have any questions, please don’t hesitate to reach out.
