Medicare doesn’t have to be complicated. However, it can seem like there are a lot of variables that can make it hard to predict your costs and benefits. Additionally, changing legislation always brings the risk of higher costs and reduced benefits. This can make it more difficult for many older adults to understand their own Medicare plans.
Fortunately, there are ways to keep up with these changes. In this guide, we will help ensure that you don’t feel lost with your Medicare. So, let’s take a look at three tips to help you better understand your Medicare plan:
There are many different Medicare plans available to older Americans. To understand your plan, you must first know what kind of coverage you’re getting. If you’re 65 years or older and have started receiving Social Security, you will automatically be enrolled in Original Medicare. Original Medicare consists of Part A (inpatient insurance) and Part B (outpatient insurance). However, if you signed up for Medicare on your own, you could have chosen one of many different Medicare Advantage plans. You might also have a Medicare Supplement plan and/or Part D prescription drug coverage.
Medicare is designed to save older adults money on their medical expenses. However, that doesn’t mean that Medicare is free. Even if you qualify for premium-free Part A, you’ll still need to account for deductibles, Part B premiums, and potentially many other expenses. So, you’ll need to find out how much you have to spend before your insurance kicks in. In 2020, the annual Part A deductible is $1,408, while the Part B annual deductible is $198. This means that you will need to spend at least $1,606 each year to have both your Part A and Part B insurance kick in.
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Though Original Medicare covers the same costs for just about everyone, you’ll need to do a little more research if you have a Medicare Advantage plan or a Medicare Supplement plan. A Medicare Supplement plan can be combined with Original Medicare to help pay for deductibles, coinsurances, and copayments. Alternatively, Medicare Advantage covers the same costs as Original Medicare, though it’s brokered through a private provider. Additionally, many Medicare Advantage plans offer additional coverage, including Part D prescription drug coverage, hearing, dental, vision, and even an annual wellness check-up.
If you’re struggling to understand your Medicare plan, you’re not alone. Many people don’t know how much coverage they have or how much they need to pay to maintain their Medicare. Fortunately, there are many ways to understand your Medicare plan. With the tips above, you can figure out what you’re getting and how much you need to pay for it.
If you’d like to learn more about your Medicare coverage options, feel free to fill out this form or give us a call anytime. Time for 65’s partnered licensed agents are focused on giving you the information you need, with zero pressure to enroll in a plan.
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