MEDICARE 101

 

WHAT ARE THE DIFFERENT PARTS OF MEDICARE?

PART A

Hospital Insurance

Covers your inpatient hospital stays, care in skilled nursing facilities, hospice care and some home healthcare.

PART B

Medical Insurance

Covers certian doctors' services, outpatient care, medical supplies and preventative services.

PART C

Medicare Advantage

Medicare Health plans that provide your Part A Benefits, Part B Benefits and some may also your Part D Benefits as well. They also may offer extra coverage like Dental, Vision, Hearing and other Wellness and Health programs.

PART D

Prescription Drugs

Helps cover the cost of prescription drugs including many recommend shots or vaccines.

 

HOW MUCH IS THIS GOING TO COST ME?

PART A

Hospital Insurance

Most people don't pay a premium for Part A of Medicare by virtue of paying Medicare taxes for a certain amount of time. There is a $1,484 deductible for each benefit period associated with Part A. Days 1-60 of each benefit period have $0 coinsurance, Days 61-90 have a $371 coinsurance per day and after day 90 for up to 60 more lifetime reserve days you will pay a $742 coinsurance per day

PART B

Medical Insurance

The standard Part B premium amount for 2021 is $148.50 per month. You may pay more if your income is higher. In addition to the monthly premium, Part B has a $203 deductible and once that is met a 20% coinsurance for the Medicare approved amount for most doctors services, outpatient therapy and durable medical equipement

IRMAA

Income Related Monthly Adjusted Amount

If your income is higher, here is where you can find the adjusted amount that you will pay for your Medicare coverage-

Part B

Part D

 

WHEN CAN I ENROLL?

INITIAL MEDICARE ENROLLMENT PERIOD

This enrollment period begins three months before your 65th birthday, includes the month of your 65th birthday and ends 3 month after your 65th birthday. This is your first opportunity to enroll into both Part A and B of Medicare. If you are collecting Social Security Benefits, you are automatically enrolled into Part A and B, but if you are not you will have to enroll online or contact Social Security. Once you are enrolled into Medicare Parts A and B, you are able to select a Medicare Advantage plan or a Medigap Plan to help fill the holes of Medicare.

SPECIAL ENROLLMENT PERIOD

Once your Initial Enrollment Period ends, you may have the chance to sign up for Medicare during a Special Enrollment Period. You can sign up for both Part A and B during a SEP.

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GETTING THE COVERAGE YOU NEED

There are many ways that Medicare can become costly fast. Below are the different products out there to help fill in the gaps of Medicare.

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MEDICARE ADVANTAGE

Medicare Advantage Health plans bundle all the benefits of Original Medicare into one plan and also can include some ancillary coverage as well. These plans are offered by both local and national Insurance carriers, but are all location specific.

MEDIGAP (MEDICARE SUPPLEMENT)

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PRESCRIPTION DRUG PLANS

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