Medicare consists of four basic parts: Part A, Part B, Part C, and Part D. Generally, the different parts of Medicare help cover specific services. Depending on your situation, you can get Medicare coverage through a combination of these parts. Our advisors can help determine the combination of these four parts that is right for you. Call us at 855.999.7981 or schedule a call.
Part B generally covers two types of medical services. First, Medicare Part B covers medically necessary health services and supplies. Second, Part B covers preventive services.
A more exhaustive list for Medicare Part B coverage, can be found on Medicare.gov.
Medicare Part B has three associated costs: an annual deductible, a monthly premium, and coinsurance for covered medical services.
Annual deductible: $226
Monthly premium: $164.90 (for most Medicare enrollees)
Coinsurance: 20 percent of the total cost of covered services
After the deductible is met, you typically pay 20% of the cost of services and Medicare covers the rest. When budgeting for your Part B expenses, note that there is no cap on the 20% that you will be responsible for paying. Because of the potential costs with no maximum out of pocket you can incur while on Original Medicare (Part A and B), it is important that you contact our advisors to help you find a plan to help defray these costs. The Part B costs above apply if your only coverage is Original Medicare (Part A and Part B). One way to lower your out-of-pocket costs is by exploring Medicare Advantage or Medicare Supplement plan options. Let our advisors do the research for you at no cost or obligation. Schedule a call.
You pay a premium each month for Part B. For 2023, premiums start at $164.90 and increase depending on income. Most people pay the standard Part B premium amount. If your income is above a certain level, you will pay more for your Part B premium.
Individuals must be a U.S. citizen or permanent legal resident for at least five consecutive years. You must also meet at least one of the following criteria for Medicare eligibility:
Original Medicare also includes Part A. Medicare Part A is sometimes referred to as “hospital coverage.” Medicare Part A covers inpatient care: hospitalizations, skilled nursing care, hospice, and home health care.
If you are not automatically enrolled in Medicare, you can sign up for Part A and/or Part B via the online Medicare application, by calling Social Security at 800.772.1213, or by visiting your local Social Security office. If you are coming off group coverage, you will want to be sure your Medicare effective date lines up with the end of your other insurance coverage.
Most people can apply for Medicare three months before their 65th birthday month. Signing up is different if someone has a disability or receives Social Security.
When you're first eligible for Medicare, you have a 7-month Initial Enrollment Period. If you are eligible for Medicare when you turn 65, you can sign up during the 7-month period that begins three months before the month you turn 65, includes the month you turn 65, and ends three months after you turn 65. We recommend contacting one of our expert advisors for Medicare advice approximately six months before you turn 65. Read more here.
Retirement is not a requirement for enjoying the benefits of Medicare. Many individuals aged 65 and older are delaying retirement and staying in the workforce. If you’re past age 65, you can sign up for Medicare regardless of your current employment status. Read about comparing employer coverage to Medicare here.
We make it easy to enroll in Medicare without retiring. Our advisors provide personalized guidance to help you choose the health plan that is right for you.
If you have questions about your plan options or deferring Medicare Part A, contact our team of advisors in Dayton and Cincinnati.
Email us at firstname.lastname@example.org, call us at 855.999.7981, or schedule an appointment to speak with an advisor.
Medicare can be complicated but we’re here to help. Let’s get started with the basics.