Medicare 101

Medicare 101

Congratulations, you now have Medicare….What next?

What is Medicare anyway?  Does it cover all of my healthcare expenses?  Do I have to pay anything for it?….These are all great questions, and they all have simple answers!  Medicare is health insurance for those who are 65 and older or have certain disabilities.  Many Americans earn their Medicare by virtue of working and paying taxes.  With that being said most people do not have to pay a premium for Part A of Medicare as long as they (or a spouse) had 40 quarters of taxes paid.  As for Part B, the standard premium for those beginning coverage in 2017 is $134 per month.  This premium is usually withheld from your Social Security benefit or is billed quarterly if you are not receiving Social Security.   So what does Medicare cover and how much do I have to pay when I receive services?

Original Medicare cost shares for 2017Part A – Pays for hospital Expenses

Deductible – $1,316 for inpatient days 1-60

Days 61-90 – $329 per day

Days 91-150 – $658 per day

 

Part B – Medical Expenses

Deductible – $183

20% co-insurance after deductible is met

 

What options do I have to cover my out of pocket expenses?

Medicare Supplement

Medicare Advantage

We have answers to these questions and many more regarding Medicare.  If you would like a personal review of your unique situation please contact our office.   Our representatives are licensed and certified with each individual carrier to give you the advice you need. Call us at 318-629-3777