Asset Planning, Inc Blog

The latest from the team.

Understanding Medicare

 

Medicare seems like a simple concept but just like social security, there are many rules and details that you should understand. First of all, the best place to go for answer is: https://www.medicare.gov  The website is very informative and where I go to if I need to research a Medicare question.

The major components of Medicare are Part A, B, C and D. Parts A, B and D combined are comparable to a PPO insurance plan while Part C is comparable to a HMO plan. You must sign up at age 65 to avoid a penalty but if you can prove that you were covered elsewhere the penalty is waived.

Part A is Hospital Insurance. It is designed to help cover the cost of your care in a hospital, rehab facility, and home health care for a limited period of 100 days per benefit period. There is no premium cost for Part A but there is a $1,288 deductible per year.

Part B is Medical Insurance. It covers doctor services, preventive and outpatient care. The premium cost for new enrollees is $121.80/month and your co-payment is normally 20% of the expenses incurred. The premium is deducted from your social security check but if you delay starting social security you must pay the premium directly to Medicare.

Part D is Prescription Drug coverage. This covers prescription drugs. This coverage is provided by an insurer that is approved by Medicare. To avoid a late penalty you should also sign up for this at the same time as part A & B. You can change the coverage in later years if the coverage is not enough.

Part C is medical insurance offered by private insurers. It is also known as Medicare Advantage. This is offered by HMO type insurers like Kaiser. Medicare deducts the cost of the insurance from your social security check and pays the insurer (e.g., Kaiser) for your benefit. Prescription drug coverage is normally covered as part of this plan too.

Next time, I will discuss medi-gap policies and Medicare premium amounts and what causes them to increase or decrease.

Continue reading
  890 Hits
890 Hits

Search Blogs Module

Wait a minute, while we are rendering the calendar
June 29 April 11 coronavirus IRA accounts Federal Trade Commission website parking spots Supplemental Security Income padlock 4 pm -8pm ID card Social Security Administration TD Ameritrade Flexible Spending Account Retirement Contribution Limits illiegal robocallers credit monitoring service April 15 team members text messages earnings fallout spam phone Charles Schwab information Facebook official certification estate planning October 1 2020. items retirement plans insurance policy FSA integral member credit freeze opt-out people medications Financial Planning Magazine Medicare phone Medicare Advantage EEChecklist-Kits.pdf stockpilingchecklist.pdf cell phone carriers Medicare Part B DNA test kits water … credit score home Kiplinger Letter emergency kit home emergency preparedness kits Part B gap insurance Two-Step Verification home mortgages spread assets Expired medications Healthcare credit card fraud checklists blog post donation counts Fox News story portal retirement planning spring cleaning Social Security memorial Day weekend disaster areas D premiums family members stock pile California Lions Friends holidays approach emergency folder IRS deadline cell phone provider Shred paperwork operations manager bottom line settlement options phone companies February 14 credit card company ice cream Brexit vote 20 year anniversary estate privacy settings tax deadlines Wells Fargo customers 2018 IRA contributions phishing sites trustee hurricane Dorian Facebook profile cell phones market turmoil National Ice Cream month Puerto Rico debt pet donation drive tax deadline Wells Fargo employees tax filing deadlines April 18 2017. asset Planning home break-ins check lists cell phone service provider clients show support Asset Planning borrowing money Notary Public “ skimmer ”. retirement home security company tax season insurance policies consumer spending clients CA FTB Orange County Superior Court 2017 IRA contributions 2017 Equifax breach earthquake app relief efforts Treasury Department media accounts vision screening Medicare plan increase COVID -19 virus policy chip-enabled EMV cards flash drive ice cream event jury duty app web address identity thieves credit cards breach email notifications contribution limit Auto insurance health care costs Orange County banking pets FEMA website non-prescripstion sunglasses investment statements fees CERTIFIED FINANCIAL PLANNER exam interest rates drive /usb summer privacy notices card reader Amazon Ice Cream Social wells Fargo notary services VOIP landline phones partner /owner estate planning direction birth certificates prescription eyeglasses CFP ® fun facts clone counterfeits Mobile Banking Security Tips 401K home emergency kit phishing scams Independence Day vacation https ://seekingalpha rescue organizations IRS Joey Gonzales emergency kits paperwork clutter news coverage July 4 23 andme Roth IRA health care services January 10 pet industry 900 number documents Open Enrollment offering insurance Part D premiums . Medicare Part B premiums Open House Erin Nelsen Kraig Mathias retirement accounts life saver Affordable Care Act information trust money Victor Dergunov 2017 TD Ameritrade National LINC Conference executive order self-help topics client portal 70 1/2. account numbers https :// president Trump pet car loans driver license identity theft house sitter cell phone carriers offer donation items Medicare question markets fun atmosphere toilet paper scams Legal robocalls cell phone SIM swap scam pet supplies