Did you know that you will be required to pay a fee for most, if not all, parts of Medicare?
Many people believe that Medicare is free because, for much of their working life, you have paid into Medicare by taxes, but that assumption is not right.
Medicare was financed mainly from three sources in 2016, according to a 2017 study: general sales, payroll taxes, and beneficiary premiums.
Medicare Part A (Hospital Insurance) is largely funded by a percentage tax on wages earned by employers and workers. Higher-income taxpayers pay a higher payroll tax on earnings (more than $200,000 / individual and $250,000 / pair). Once we join Medicare, most of us will not pay any additional fees for Medicare Part A because we, or our spouse, have paid more than 40 quarters into Medicare. However, you may have to pay up to $458 a month if you or your partner haven't worked for 40 quarters.
Medicare Part B (Doctors' Insurance) is funded by general taxes, premiums, and interest from patients, and other sources. When we sign up for Medicare, most of us will pay $144.60 a month for Medicare Part B.
About this Medicare Part B fee, there are two special things:
In addition to the regular payments above, depending on which of the two Medicare schemes, you would likely have additional fees
You can enroll in Medicare Part C if you choose Medicare Advantage. Depending on the plan you choose, Medicare Part C comes with a wide variety of premiums, deductibles, and out-of-pocket.
You can participate in a Medicare Part D prescription plan if you choose Original Medicare. We also suggest that you get a Medigap supplement plan that helps pay for some of the health care expenses not covered by Initial, such as copayments, coinsurance, and deductibles.
The state you live in is another aspect to consider. For plans, some states charge more, while others charge less.
Medicare has many components and many variables that decide how much you're going to pay for coverage every month, so most of our customers have overall monthly Medicare payments ranging from $250-$300 a month.
These explanations for Medicare will help you understand how Medicare is funded and what you can expect when you are set to enroll to pay.
To easily make the right Medicare decision, you can call us!
Medicare is covered only by home health care services prescribed by a physician and delivered by qualified nurses, although patients must meet strict eligibility criteria.
What is the easiest way to apply for Medicare? Well, you are in the right place! Most people were automatically enrolled and became eligible for Social Security when they turn to 65. We didn't need to apply for Medicare until President Reagan signed the legislation which raises the retirement age in 1983 and begins in 2003.
While eye care is a common need as we age, Medicare coverage is extremely restricted for most vision services. It is normally based on whether you encounter any medical problems that can impair your eyesight.
Often, Medicare premiums come as a shock to new Medicare recipients. You may have noticed that the federal government has been deducting taxes for years from your paychecks. And yes, these deductions go into paying your future payments for Medicare Part A as well as your income checks from Social Security.