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Medicare ABC's

MEDICARE 101

When you first sign up for Medicare and during certain times of the year, you can choose how you get your Medicare coverage.

 

There are 2 main ways to get Medicare:

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Original Medicare is a fee-for-service health plan that has two parts: Part A - Hospital Insurance and Part B - Medical Insurance. After you pay a deductible of $240, Medicare pays its share of the Medicare-approved amount, and you pay your share (coinsurance). If you want Medicare drug coverage (Part D), you can join a separate Medicare drug plan. *Part B costs $174.70 and has an annual deductible of $240.

 

Medicare Advantage (also known as “Part C”) is a type of Medicare health plan offered by a private company that contracts with Medicare. These plans include Part A, Part B, and usually Part D. Plans may offer some extra benefits that Original Medicare doesn’t cover. Your decision about how to get Medicare affects how much you pay for coverage, what services you get, and what doctors you can use.

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*The amount you pay may be higher depending on your income. Social Security uses a sliding scale based on your modified adjusted gross income (MAGI) to calculate an additional premium called IRMAA - "income-related monthly adjustment amount", for high income earners.  IRMMA applies to both Part B and Part D.

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Medicare ABC's

2024 Required Medicare Disclaimer: “We do not offer every Medicare Advantage plan available in your area. Currently we represent 5 organizations which offer 43 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.” (plan availability may vary by county in which you reside)

 

2024 Required Medicare Disclaimer: “We do not offer every Medicare Part D (Rx) plan available in your area. Currently we represent 5 organizations which offer 9 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.”

Not affiliated or endorsed by the Government or Federal Medicare Program.

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