To get the most out of your Medicare coverage, it’s important to understand what the different parts of the Medicare program provide and what the cost is to you. The Medicare program consists of three parts: Part A - Hospital Insurance, Part B - Medical Insurance and Part D - Prescription Drug Coverage.

Let’s talk about Medicare Part B - Medical Insurance. Part B covers outpatient care like doctor visits and lab tests. The premium for Part B Medicare is determined by your income. The amount can change each year and you pay this premium monthly, even if you don’t receive any Part B services. You pay a Part B deductible once a year before Medicare begins to pay. Once you’ve met your deductible, you’ll pay 20% of the cost of any Medicare-covered services or items.

If you don’t sign up for Part B coverage when you first become eligible for Medicare, usually at age 65, your monthly premium could go up 10% for every 12-month period without Part B coverage. You’ll have to pay this late enrollment penalty each time you pay your premium for as long as you have Part B, and the penalty increases the longer you go without Part B coverage.

As you can see, there’s a lot to know about Medicare, so why not get some help with your Medicare plan? Call us today to make sure you get the all the benefits from Medicare that you deserve.

To get the most out of your Medicare coverage, it’s important to understand what the different parts of the Medicare program provide and what the cost is to you. You become eligible for Medicare coverage when you turn 65.

The Medicare program consists of three parts: Part A - Hospital Insurance, Part B - Medical Insurance and Part D - Prescription Drug Coverage. Let’s begin with Part A – Hospital Insurance. For most people, you pay no premium for Part A hospital coverage, because you’ve been working at least 10 years and paying Medicare taxes.

You pay a deductible each time you’re admitted to the hospital per benefit period before Medicare begins to pay. The benefit period ends after you have received no inpatient treatment for 60 consecutive days. While there is no limit to the number of benefit periods you can have, you must pay the inpatient hospital deductible each time a new benefit period begins.

The costs for inpatient hospital stays are calculated this way: For Days 1-60 you pay $0… after you pay your Part A deductible. For Days 61-90 and Days 91-150, you pay an increasing amount for each segment, while using your 60 lifetime reserve days. After day 150 you pay all costs.

As you can see, there’s a lot to know about Medicare, so why not get some help with your Medicare plan? Call us today to make sure you get the all the benefits from Medicare that you deserve.

Most Americans who turn 65 are eligible for Medicare, a federal program that covers many health expenses for seniors. But the program is complicated. Here are 5 important facts you need to know:

First - Medicare is not free. Of the 4 parts, Part A - Hospital Insurance - is the only one that normally has no premium. Parts B, C and D have premiums that vary.

Second - Enrollment is not automatic - you have to sign up for Medicare benefits. The exception is for those already receiving Social Security benefits. If you’re already receiving Social Security benefits, you will automatically receive Medicare Parts A and B.

Third - Late enrollment can mean expensive, and permanent, premium penalties. You have 7 months, starting 3 months before your 65th birthday month, to sign up penalty-free.

Fourth - Medicare covers a lot, but not everything. Services like long-term care, dental and vision care are not covered. People often purchase additional private coverage for these types of services.

And fifth, if you’re rich, you’ll pay more. High-income seniors pay surcharges on premiums for both Parts B and D.

Let us help you with your important Medicare decisions - give us a call or visit our website today!