Medicare

fm=f_3174

Introduction to Medicare

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.

Below are some informational slide-downs that provide you with some basics. Click through each header to see the information.

What Are the Different Parts of Medicare?

Medicare Part A Helps Cover:

  • Inpatient care in hospitals
  • Skilled nursing facility care
  • Hospice care
  • Home health care

You usually don’t 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 $422 each month in 2018.

Medicare Part A has a $1,340.00 deductible (per 60-day benefit period) for 2018. This deductible amount usually changes each year and is determined by Medicare. Many Medicare Supplement plans cover this deductible.

fm=f_V5AW8pz
fm=f_wVQ9RWR

Medicare Part B Helps Cover:

  • Services from doctors and other health care providers
  • Outpatient care
  • Home health care
  • Durable medical equipment
  • Some preventive services

You usually pay a monthly premium of $134.00 in 2018 (you will pay more if your 2016 taxable income is more than $85,000 individually or $170,000 jointly).

Medicare Part B has an annual deductible of $183.00 for 2018. This deductible amount usually changes each year and is determined by Medicare. Some Medicare Supplement plans cover this deductible.

  • Includes all benefits and services covered under Part A and Part B
  • Usually includes Medicare prescription drug coverage (Part D) as part of the plan
  • Run by Medicare-approved private insurance companies
  • May include extra benefits and services for an extra cost

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 involuntarily losing current insurance coverage).

  • Helps cover the 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

Note:

  1. If you have a higher income, you might pay more for your Part D coverage.
  2. You may owe a late enrollment penalty if, at any time after your initial enrollment period is over, there’s a period of 63 or more days in a row when you don’t have Part D or other creditable prescription drug coverage.
fm=f_R4o4mz0

What Does Medicare Cost?

Medicare Part A usually is free if you or your spouse paid Medicare taxes while working. People who have to buy part A will pay up to $422 each month in 2018.

Medicare Part A has a $1,340.00 deductible (per 60-day benefit period) for 2018. This deductible amount usually changes each year and is determined by Medicare. Many Medicare Supplement plans cover this deductible.

If Your Yearly Income in 2016 Was:

$85,000 or Less $170,000 or Less $85,000 or Less $134.00 Above
$85,000 up to $107,000 Above $170,000 up to $214,000 N/A $187.50 Above
$107,000 up to $160,000 Above $214,000 up to $320,000 N/A $267.90 Above
$160,000 up to $214,000 Above $320,000 up to $428,000 Above $85,000 up to $129,000 $348.30 Above
$214,000 Above $428,000 Above $129,000 $428.60

Medicare Part B has an annual deductible of $83.00 for 2018. This deductible amount usually changes each year and is determined by Medicare. Some Medicare Supplement plans cover this deductible.