Stubblefield Insurance Agency, LLC
Insurance Associates of Olney
Boulter Insurance Agency
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Meet Your Medicare Team
At Stubblefield Insurance Agency, LLC, our Medicare team is dedicated to providing exceptional customer service and expertise in Medicare coverage. Let us put our 25+ years of experience to work for you!
Stephanie Tollison
18 Years
Medicare Specialist
Marissa Davis
3 Years
Medicare Specialist
Kirk Stubblefield
25 Years
Life & Health Insurance & Annuities Specialist
Pam Stubblefield
4 Years
Medicare Staff Nurse Consultant & Client Relations
Medicare Basics
Medicare is health insurance for people 65 or older, people under 65 with certain disabilities, and people of any age with end-stage renal disease (ESRD) (permanent kidney failure requiring dialysis or a kidney transplant). There are multiple parts of Medicare and different costs associated with each part.
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Four Parts of Medicare
Medicare Part A Helps Cover:
- Inpatient care in hospitals
- Skilled nursing facility care
- Hospice care
- Home health care
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You usually do not pay a monthly premium for Part A coverage if you or your spouse paid Medicare taxes while working. People who have to buy Part A will pay up to $505.00 each month in 2024.
Medicare Part A has a $1,632.00 deductible (per 60-day benefit period) for 2024. This deductible amount usually changes each year and is determined by Medicare. Most Medicare Supplement plans cover this deductible.
Medicare Part B Helps Cover:
- Services from doctors and other healthcare providers
- Outpatient care
- Home health care
- Durable medical equipment
- Some preventative services
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You usually pay a monthly premium of $174.70 in 2024. If your 2022 tax income is more than $103,000/individual or $206,000/jointly, then you will pay more for your Medicare Part B premium. This increase is called an IRMAA (Income Related Monthly Adjustment Amount) for people with higher incomes.
Medicare Part B has an annual deductible of $240.00 in 2024. This deductible amount usually changes each year and is determined by Medicare. Some Medicare plans cover this deductible.
You may face a penalty for late enrollment if you don’t enroll when first eligible for Medicare Part B.
Medicare Part C (Medicare Advantage Plan)
- Offers an alternative to original Medicare
- Includes all benefits and services covered under Part A and Part B
- In most cases you can only use doctors who are in the plan’s network
- In many cases you may need to get approval from your plan before it covers certain drugs or services
- Usually includes Medicare prescription drug coverage as part of the plan
- Run by Medicare-approved private insurance companies
- May include extra benefits and services like vision, hearing, and dental but sometimes for an extra cost
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You may only join or leave a Medicare Advantage plan at certain times during the year unless you have a special enrollment period (i.e. moving out of coverage area or involuntary loss of current insurance coverage).
Medicare Part D Helps Cover:
- Cost of prescription drugs
- Run by Medicare-approved private insurance companies
- May help lower your prescription drug costs and help protect against higher costs in the future
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You could owe a late enrollment penalty if at any time after you are eligible for Medicare and there is a period of 63 or more days in a row when you don’t have Part D or other creditable prescription drug coverage.
IRMAA (Income Related Monthly Adjustment Amounts) for those with higher incomes. Medicare determines this based on your 2022 income tax return for 2024 premiums.
Medicare Part B IRMAA Amounts:
| Individual Return | Joint Return | Premium amount |
|---|---|---|
| $103,000 or less | $206,000 or less | $174.70 |
| $103,000 to $129,000 | $206,000 to $258,000 | $244.60 |
| $129,000 to $161,000 | $258,000 to $322,000 | $349.40 |
| $161,000 to $193,000 | $322,000 to $386,000 | $454.20 |
| $193,000 to $500,000 | $386,000 to $750,000 | $559.00 |
| $500,000 and above | $750,000 and above | $594.00 |
Medicare Part D IRMAA Amounts:
| Individual Return | Joint Return | Premium amount |
|---|---|---|
| $103,000 or less | $206,000 or less | Your plan premium |
| $103,000 to $129,000 | $206,000 to $258,000 | $12.90 + plan premium |
| $129,000 to $161,000 | $258,000 to $322,000 | $33.30 + plan premium |
| $161,000 to $193,000 | $322,000 to $386,000 | $53.80 + plan premium |
| $193,000 to $500,000 | $386,000 to $750,000 | $74.20 + plan premium |
| $500,000 and above | $750,000 and above | $81.00 + plan premium |
Medicare Supplement (Medigap) Plans:
A Medicare Supplement (also known as a Medigap policy) is an insurance policy that helps fill “gaps” in original Medicare and is sold by private companies. Medigap policies can help pay for copayments, coinsurance, and deductibles associated with original Medicare.
Medicare Supplements must follow federal and state guidelines. Medicare Supplements are standardized and in most states are named by letters. The plans that are available for people eligible for Medicare from 2020 and on are:
Plan A, Plan B, Plan D, Plan G, Plan K, Plan L, Plan M, and Plan N. For people who were Medicare eligible prior to 2020 there are two additional options, Plan C and Plan F.
Please see the chart below for the coverages of each Medicare Supplement plan:
Medicare Supplement (Medigap) Plans:
MEDICARE SUPPLEMENT INSURANCE (MEDIGAP) PLANS
| BENEFITS | A | B | C | D | F* | G* | K | L | M | N |
|---|---|---|---|---|---|---|---|---|---|---|
| Medicare Part A coinsurance and hospital costs (up to an additional 365 days after Medicare benefits are used) | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Medicare Part B coinsurance or copayment | 100% | 100% | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100%** |
| Blood (first 3 pints) | 100% | 100% | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100% |
| Part A hospice care coinsurance or copayment | 100% | 100% | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100% |
| Skilled nursing facility care coinsurance | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100% | ||
| Part A deductible** | 100% | 100% | 100% | 100% | 100% | 50% | 75% | 50% | 100% | |
| Part B deductible** | 100% | 100% | ||||||||
| Part B excess charges | 100% | 100% | ||||||||
| Foreign travel emergency | 80% | 80% | 80% | 80% | 80% | 80% | ||||
| Out of pocket limit in 2024*** | $7,060 | $3,530 |
*Plan F and G also offer a high-deductible plan. If you choose this option, this means you must pay for Medicare-covered costs up to the deductible amount of $2,800 in 2024 before your Medigap plan pays anything.
**Part A deductible in 2024 is $1,632.00. Part B deductible in 2024 is $240.00.
***After you meet your out of pocket yearly limit and your yearly Part B deductible, the Medigap plan pays 100% of Medicare-covered services for the rest of the calendar year.
****Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don’t result in inpatient admission.
For more information on Medicare and to discuss if it’s right for you, please call the Abilene office at 325-695-2772 or visit www.texasmedicaresupplementpros.com.
Stubblefield Insurance Agency, LLC
Phone:
325-695-2772
Email:
[email protected]
Insurance Associates of Olney
Phone:
940-564-5554
Email:
[email protected]
Boulter Insurance Agency
Phone:
325-554-7428
Business Hours:
(For all locations)
Monday – Thursday
9:00 AM to 5:00 PM
Friday
9:00 AM to 1:00 PM