Medicare Options

Four Parts of Medicare

Medicare Frequently Asked Questions

Medicare Part A

How much is Medicare Part A going to cost me?

Most people usually do not have to pay a monthly for Medicare Part A Hospital Coverage if you or your spouse paid Medicare taxes for a certain amount of time back when either of you were working. Here are some criteria for getting Medicare Part A for no monthly premium:

• You are already getting retirement benefits from Social Security or the Railroad Retirement Board.

• Your circumstances make you eligible to get Social Security or Railroad benefits, but you have not filed for them yet.

• You or your spouse had had a job that offered you Medicare-covered government coverage.

• You are under the age of 65 and you got Social Security or Railroad Retirement Board disability benefits for at least 24 months.

• You meet certain requirements due to having End-Stage Renal (Kidney) Disease, ESRD.

If you do not meet the above requirements, you may have have to pay for access to Medicare Part A.

• If you don't qualify for zero premium-free Part A, you can buy Part A for a monthly premium of either $259 or $471 in 2021 depending on how long you or your spouse worked and paid Medicare taxes. If you do not want to buy part A, you can still buy Part B. But if you do not have both Medicare A and B, you may not be able to purchase Part D prescription coverage, a Medicare Part C Advantage plan, or a Medicare Supplement.

Medicare Part B

Do I automatically get Medicare Part B when I become eligible for Medicare?

Not necessarily. Many people automatically get Medicare Part B that covers Medical/Doctor expenses without having to signup or visit their local Social Security office. Some people have to take action and sign up for Part B. You can contact us, and we can help you figure out which category you fall into.

How much does Part B cost?

Most people will pay the standard premium amount that you hear your friends and family are paying for Medicare Part B. If your modified adjusted gross income is higher than a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Medicare uses the modified adjusted gross income that you reported on your tax return 2 years ago. This is the most recent tax return information provided to Social Security by the IRS.  The standard Part B monthly premium amount in 2021 is $148.50. Most people pay this standard Part B premium amount. If your modified adjusted gross income on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount and an additional Income Related Monthly Adjustment Amount (IRMAA) added to your monthly premium.

How do I pay for my Part B monthly premium?

You pay a premium each month for Part B. Your Part B premium will be automatically deducted from your Social Security check if you get benefits from one of these:

• Social Security

• Railroad Retirement Board

• Office of Personnel Management

If you are getting Medicare Part B but are not going to draw social security yet, you’ll get a bill that you can pay by check. 

If I sign up for Medicare Part B, what are my out of pocket expenses going to be if I do not have a Medicare Supplement or convert to a Medicare Part C Advantage Plan?

In 2021, you will pay $203 for your Part B deductible. After you meet your deductible for the year, you will typically pay 20% of the Medicare-approved amount for these:

• Most doctor services (including most doctor services while you're a hospital inpatient)

• Outpatient therapy

• Durable Medical Equipment

Does Medicare Part B have a Maximum Out of Pocket amount each year that when I have paid a certain amount out of my pocket, Medicare will pay 100% for the remainder of the year?

No. Once you meet your Medicare Part B deductible, you will pay your 20% coinsurance for the remainder of the calendar year. That is why many people purchase a Medicare supplement or Medicare Part C Advantage plan to help protect them from a catastrophic loss.

Do I have to take Medicare Part B?

No. But if you do not sign up for Part B when you first become eligible, you may have to pay a late enrollment penalty for the rest of your life if you sign up for it later.

What happens if I delay taking Part B?

Give us a call or email us today for a comparison of all the plans and options available to you.

731-584-0706