Medicare is for YOU If you are age 65 and over or receiving Social Security Benefits due to disability.
- Medicare is made up of four parts
- Medicare Part A (Hospital Insurance)
- Medicare Part B (Medical Insurance)
- Medicare Part C (Medicare Advantage Plans)
- Medicare Part D (Prescription Drug Plans).
There are also Medicare Supplement plans. Plan F is the most popular, followed by Plan G. A Medicare Supplement plan pays the deductible and coinsurance costs that are part of Medicare Part A and Medicare Part B.
How much does Medicare cost?
Part A: If you have worked 40 quarters and paid FICA taxes, your Medicare Part A will be no cost.*
Part B: The premium is a minimum of $135.50 per month for 2019, and can be adjusted based on your income.*
Part C: The premium varies – anywhere from $0 to $200+ per month.*
Part D: The premium varies – anywhere from $15 to $80+ per month – and can be adjusted based on your income.*
*When you use healthcare services you will have deductible and coinsurance costs to pay.
If you enroll in Medicare Part A, Medicare Part B and a Medicare Supplement plan, you can go to any doctor or facility that accepts Medicare.
If you enroll in Medicare Part A, Medicare Part B and a Medicare Advantage plan, you will need to find providers that are in your Medicare Advantage plan network.
Important: There is no Out of Pocket limit on your responsibility for Medicare Part A and Medicare Part B Benefits. This is why enrolling in a Medicare Supplement plan or a Medicare Advantage plan is important to consider.
These are the very-stripped-down basics, but you need a licensed health insurance agent to guide you through the many complexities of Medicare and its parts, supplements, etc.
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