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Medicare FAQ
Frequently Asked Questions
What is a Medicare Advantage Plan?
Medicare Advantage Plans, also known as Part C, are Medicare Plans run by private insurance companies. A Medicare Advantage Plan offers all of the benefits covered under Original Medicare and more. Medicare pays a fixed fee to the plan you choose in accordance with the 2003 Medicare Prescription Drug, Improvement, and Modernization Act. It covers all of the benefits covered under Original Medicare and more, like Dental, Hearing, vision and Gym Memberships.
Is Medicare Advantage and Medicare Supplement the same thing?
No, Medicare Advantage plans and Medicare Supplement plans (also called Medigap plans) are not the same. To learn more visit the Medicare 101 section by clicking here.
What is the best Medicare Advantage Plan?
When selecting a Medicare Advantage plan it is important to take several factors into consideration. Medicare Advantage plans receive a star rating from CMS (the Centers for Medicare & Medicaid Services) every year, from 1 star (poor) to 5 stars (excellent). At times, what is a good plan for one individual, may be poorly suited for another. Factors such as: prescription drug coverage, current provider's network status, plan availability by location, and needed extra benefits, can all factor into a plan decision.
What is the best Medicare Supplement plan?
Medicare Supplement plans (also called Medigap plans) have standardized coverage in most states and are designated by a Plan letter, A, B, D, G, K, L, M, N. (For those eligible for Medicare prior to 2020, Plans C and F are also available.) Generally Medicare Supplement plans are not network based so any healthcare provider who accepts Medicare will accept your Medicare supplement. When shopping for a policy, it is important to consider coverage level, premium amounts and how the premiums are determined, group size, quality of customer service, and available premium discounts.
When to start Medicare?
Most individuals will become eligible for Medicare at age 65, though some individuals will become eligible for Medicare before age 65 due to disability or other qualifying conditions, such as ALS (Lou Gehrigs disease) or end-stage renal disease.
Working Past Age 65 - if you are planning to work past age 65 it is strongly recommended to weigh out your decision of whether to continue your insurance with the employer group plan or to go onto Medicare. There are three main points to consider when making the decision:
Coverage for dependents
Current costs (usually in the form of payroll deductions)
Prescription drug coverage
How much does Medicare cost?
Part A of Medicare usually has no monthly premium if you or your spouse paid Medicare taxes for a total of 40 quarters while working.
If you don’t qualify for “Premium free Part A,” you can buy Part A which will cost between $275-$505/month in 2024, depending on the total number of quarters you have worked. If you paid Medicare taxes for less than 30 quarters, you will pay the higher Part A premium. In most cases, if you choose to buy Part A, you must also have Medicare Part B, which also has a premium.
Part B of Medicare has a monthly premium. In 2024 the Part B premium is $174.70. Most people pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
Part B deductible and coinsurance
The part B deductible for 2024 is $240. After you meet your Part B deductible for the year, you 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 (DME)
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Not affiliated with or endorsed by the government or federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your State Insurance Health Program (SHIP) to get information on all of your options.