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
  2248 Hits

Search Blogs Module

Wait a minute, while we are rendering the calendar
illiegal robocallers home emergency kit estate check lists June 29 coronavirus Amazon Shred paperwork fun facts business hours Kiplinger Letter earnings fallout memorial Day weekend health care services April 18 2017. July 4 checklists February 14 information toilet paper fees car loans home July 6 Two-Step Verification hurricane Dorian executive order 20 year anniversary Part D premiums . banking October 1 2020. vacation gap insurance emergency kit interest rates opt-out clients fun atmosphere IRA accounts CFP ® settlement options COVID -19 virus breach Kraig Mathias “ skimmer ”. Financial Planning Magazine 23 andme Wells Fargo employees flash drive emergency folder tax deadlines Joey Gonzales rescue organizations earthquake app retirement documents Supplemental Security Income official certification policy Retirement Contribution Limits January 10 media accounts Open Enrollment integral member April 11 card reader July weekend cell phone service provider Wells Fargo customers credit score credit cards health care costs July 3 rd notary services app retirement plans California Lions Friends items stock pile IRS market turmoil text messages clone counterfeits client portal pet supplies asset Planning phone Brexit vote Medicare question Medicare Advantage identity thieves identity theft Medicare plan pet tax returns Orange County water … insurance policy Legal robocalls email notifications interest Open House cell phone provider house sitter trustee home break-ins tax filing deadlines debt credit freeze Ice Cream Social Social Security Administration vision screening IRS deadline life saver clients show support non-prescripstion sunglasses home security phone companies Coronavirus Aid D premiums https ://seekingalpha blog post account numbers September 8 tax records retirement accounts Federal Trade Commission website money Medicare Part B premiums 4 pm -8pm driver license Charles Schwab VOIP landline phones estate planning Part B increase emergency kits EEChecklist-Kits.pdf stockpilingchecklist.pdf credit monitoring service people medications Healthcare Auto insurance pet donation drive web address pet industry president Trump stimulus package home mortgages FEMA website markets student loans summer scams cell phones Expired medications consumer spending 401K cell phone SIM swap scam investment statements donation counts Social Security privacy notices disaster areas September 30 2020. 2017 Equifax breach home emergency preparedness kits trust https :// credit card fraud CERTIFIED FINANCIAL PLANNER exam retirement planning Facebook profile insurance policies holidays approach donation items Independence Day phishing scams payments 2017 IRA contributions estate planning direction 900 number Economic Security TD Ameritrade CA FTB news coverage chip-enabled EMV cards Victor Dergunov phishing sites ID card ice cream event ice cream privacy settings relief efforts company family members paperwork clutter years spread jury duty birth certificates borrowing money Roth IRA partner /owner assets National Ice Cream month Labor Day Notary Public April 15 spam phone cell phone carriers Medicare Orange County Superior Court contribution limit FSA cell phone carriers offer 2017 TD Ameritrade National LINC Conference Affordable Care Act 70 1/2. Fox News story tax deadline wells Fargo Asset Planning portal offering insurance credit card company CARES Act DNA test kits Treasury Department tax season team members Puerto Rico information Facebook Mobile Banking Security Tips Medicare Part B spring cleaning records pets September 9 padlock parking spots bottom line prescription eyeglasses Erin Nelsen paper records Flexible Spending Account drive /usb operations manager self-help topics 2018 IRA contributions