Medicare Information

Parts of Medicare

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Part A - Hospitalization

As long as you have worked 10 years, or for 40 quarters, you receive this part for free.  There is a deductible for most people, but PART A does not cost a person any money. The Deductible for this is $1556 in 2022.

Part B – Doctor’s

This part covers doctor visits, procedures, treatment, etc.  For most  people for the 2022 year, the cost is $170.10 per month.  This is taken right out of your social security check. This part of Medicare covers 80% of your medical bills. There is no maximum out of pocket.

Part C – Medicare Advantage

This is called Medicare Advantage.  We will talk about this later.

Part D – Drug Coverage

This is your drug coverage.  Everyone is required to have this, or there is a penalty of 1% for each full month without credible coverage.  This lasts the rest of your life.

  • Cheaper Monthly Premium
  • Includes a drug plan
  • May include some extra benefits not tied to Medicare
  • More out of pocket costs if you see doctors
  • Can change year to year
  • May be limited on who and where you can be seen
  • Easier to budget Monthly expenses
  • Can see anyone who accepts Medicare
  • Can never lose coverage unless premiums are not paid.
  • Paying very little to doctors out of pocket.
  • More expensive premiums than a Medicare Advantage
  • No drug plan included
  • Can increase yearly

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Picking the right Life Insurance for your needs can be complicated. Contact us today to discuss your options and get a quote on the insurance solution that’s right for you.

What are your options once you get Medicare Parts A/B?

  • Absolutely Nothing!
  • Take out a stand alone drug plan and keep Medicare only. Remember, Medicare is an 80/20 plan, which means you are responsible for 20% of what Medicare covers, and there is no cap. (You are responsible for 100% of what Medicare does not cover)—If you do not take a drug plan out and you do later on, you will be penalized 1% of the national average drug cost per drug pla per month you do not have a drug plan for the rest of your life (About 35 cents every month).
  • To take out a part C, called a Medicare Advantage, such as a Humana, BCBS, UHC. This becomes your primary insurance now, and sets co-pays, maximum out of pocket costs, helps control the 20% of Medicare you are responsible for paying.
  • Take out a supplement and a drug plan. A Medicare Supplement will pay your portion of Medicare that you are responsible for paying.
  • Keep your coverage from your workplace if it is available.