Medicare

 

Original Medicare

 

PART A

Hospital

  • Part A is Free if you qualify for

PART B

Medical

  • Part B is NOT Free.
  • Sign up through SS.
  • 2019 Part B - Premium $135.50 mo. (depending on income) higher for 85K / 170K
 

 

  • Original Medicare is 80% - 20%
  • They pay 80%, You pay @20% and there is NO LIMIT on how much you will pay.

WARNING:
Staying ONLY Original Medicare can lead to serious Medical Bills and can put you in finnaical harm

EXAMPLE:
Hospital Bill comes to $100,000. You pay 20%. ($20,000 ! )



There are 2 Options to supplement the 20% Medicare doesn’t pay...

 

Option #1

Medicare Supplement

Real name is MEDIGAP PLAN

  • Plans through Private Insurance Companies
  • Plans are Regulated by the Federal Gov’t.
  • All benefits the same with each company, they set their own prices.
  • Prices are aged-based. (Will increase with age.)
  • Average cost for T65. Plan G - average $120 mo.


 

Option #2

Medicare Advantage

  • Plans through Private Insurance Companies
  • Replaces Original Medicare Part A & B.
  • Includes ALL of Part A and Part B.
  • Typically offers extra benefits Original Medicare doesn’t cover.
  • INCLUDES PART D DRUG PLAN
  • Prescription Drug Plan built into it.

BENEFITS

  • $0 monthly premium plans, + Co-Pays.
  • There is a MAX OUT OF POCKET per year. Very few ever hit it…
  • Not all plans are created equal. We go through EVERY plan and know what plan is good for that year. Really need to pay attention to Networks!
  • No Charge for Preventive Care Screenings
  • If you travel, Emergency room and Urgent Care is covered.
  • Covers lot of benefits Medicare Does not. Medicare does not Cover: Preventative Dental & Vision, Hearing Aids, Chiropractors, Silver Sneakers, Routine Foot Care, etc...


 

Part D Prescription Drug

  • Plans through Private Insurance Companies.
  • National Average cost is $35 mo. Plus co-pay’s for your drugs.

WARNING
If you do not get a Part D Plan when you first go on Medicare and you need one years later, You will incur a LIFETIME PENALTY for the rest of your life.

  • To qualify for Extra Help, your annual income must be limited to $18,210 for an individual or $24,690 for a married couple living together. (2018)