Find The Medicare Plan That's Right For YOU!
Find The Medicare Plan That's Right For YOU!
For many of you who are retiring and will soon be on Medicare, you may be in for a surprise when it comes to your healthcare insurance. Particularly when we compare it to our working years when health insurance was almost a given and we did not give it much thought since we were younger and maybe healthier, some of us considered ourselves invincible. Most of us probably had health insurance in our jobs; you did not have to compare much. All we did was sign up for it, make a few selections and we were done since your employer’s administration did most of the work for us. Well, Medicare is different and more complex. Especially when it comes to choosing how you want to be covered and the cost associated with that coverage. You also must consider your current health status, your income, and what you plan to do when you retire.
Many individuals are uninformed of the many options available in the Medicare arena that can help reduce healthcare costs drastically. Some solely get what is called Original Medicare but they are oblivious of the potential expense related to it if some unfortunate health issue arises. It is understandable why many stay with just Original Medicare since it is so easy to get it without any consideration. In most cases, once you qualify it is automatically provided to you and if not then you simply apply online or at your local social security office, and you are done. But if you are unaware of the coverage Original Medicare provides, you have a lot of research to do and a lot to consider regarding your health coverage. Especially if you have underlining health conditions or you take a lot of prescription drugs.
Without going into too much detail, Original Medicare is divided into two parts. Part A is the inpatient hospital side and Part B is the outpatient physician side. Most people are entitled to it premium-free for Part A if they or their spouse worked and paid FICA taxes for at least 40 quarters (10 years). If you worked less than that you may have to pay for Part A. As for Part B, almost everyone pays a monthly premium and the premium can vary depending on your income two years before applying for Medicare Part B, which means you could end up paying a higher premium if your income was above a certain threshold balance back then.
H. Jackson Brown Jr.
Although there may not be a premium for Part A, there is a deductible associated with your hospital stay. The deductible, which typically goes up every year, is currently $1,632 for the year 2024 and it must be paid before Medicare pays anything. An interesting fact is that the deductible is not limited to a one-time annual payment, you can have four or possibly even five deductibles in a year depending on if they are 60 days apart from each inpatient hospital stay. As mentioned earlier, Part B has a premium that typically increases each year for most people but not all and currently it is $174.70 per month for the year 2024. The premium is normally subtracted from your social security. Besides the premium for Part B, there is also an annual deductible that needs to be paid before Medicare pays anything. The annual deductible does typically increase each year and currently, for this year 2024, it is $240. Next is the coinsurance associated with Part B, which means you must share the medical expense of any Medicare-approved diagnostic or remedial procedure. Original Medicare typically pays 80% and you pay 20% of the cost. 20% may seem like a small amount, but if you compare it to a hospital/doctor bill of $15,000 or $30,000 which is easily attainable that small amount is no longer small anymore. A $30,000 bill to Medicare could mean a coinsurance payment of $6,000. A larger bill of course is more, Part B has no cap.
Original Medicare does not cover eye, dental, or hearing routine exams. So, glasses, contact lenses, dentures, root canals, and hearing aids are typically not covered by Original Medicare. I am guessing it is not that important when we age to keep a great smile, read a good book or have a great conversation over the phone or in person. Prescription drugs and long-term care are also not covered by Original Medicare as well. So, if you are taking prescription drugs or not and you have no credible coverage when you retire you would need to sign up for a separate plan called Medicare Part D and that typically will involve another monthly premium.
There are options besides sticking with just Original Medicare that can avoid or reduce these potential Medicare costs. Fortunately, there are organizations like us throughout the country that help people like yourself make choices when it comes to choosing Medicare coverage. Most of these companies, including MarioCare, do not charge you because we get paid by the healthcare insurance companies and we get paid the same whether we choose one over the other. So, these companies along with MarioCare are here to help make your retirement go smoother with fewer worries when it comes to your healthcare. Our company only works with Las Vegas metropolitan and Henderson locals since we are familiar with the different medical groups and doctors.
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Need help choosing a Medicare plan in your area? Need to apply for Medicare or have many Medicare questions? Don't know what plan is right for you? Make an appointment with me, as a licensed insurance broker I can help recommend a Medicare plan that is right for you. There is no cost for using this service.