
Celebrate the Holidays with Festive Health Medicare – Your Health is Our Priority!
Table of Contents Introduction How to Maximize Your Medicare Benefits During the Holiday Season Tips for Staying Healthy During the Holidays The Benefits of Medicare
Individuals 65 and older, as well as some people with impairments, are eligible for Medicare. However, it’s not without its drawbacks, like as convoluted regulations and occasionally hefty out-of-pocket expenses.
Out-of-pocket costs for Medicare are as follows:
Premiums.
Deductibles and coinsurance.
Hospital stays.
Supplemental insurance.
Prescription drug coverage.
Late-enrollment penalties.
Medical services that aren’t covered.
We can help get up to $0 monthly premium Medicare plans
In 2020, the average Medicare Part B premium will be $144.60 per month for most beneficiaries. Some Medicare users, however, pay a different amount than the general population. Some Social Security recipients pay reduced premiums since their benefits have not increased sufficiently to cover the current standard Medicare rates due to the fact that Medicare Part B payments cannot reduce Social Security benefits. If you make more than $87,000 a year ($174,000 for couples), you’ll be paying an additional $202.40 to $491.60 a month in Part B premiums, depending on your income level.
There is no charge for Medicare Part A hospital insurance for the majority of Medicare recipients. According to the plan you choose, the cost of Medicare Part D prescription drug coverage will vary. Social Security deducts the majority of Medicare beneficiaries’ premiums.
In 2020, the deductible for Medicare Part B will be $198. Most doctors’ services are then covered by Medicare in full, with beneficiaries responsible for paying the remaining 80%. There are many ways in which this could mount up over time, according to Tanya Feke, a physician and author of “Medicare Essentials: A Physician Insider Explains the Fine Print.” There’s no cap on how much you’ll have to fork down each year.
These cost-sharing requirements do not apply to certain Medicare treatments, such as a wellness visit every 12 months and a number of preventive care services, such as flu vaccines and cardiovascular disease tests, that Medicare beneficiaries are eligible for. A colonoscopy or mammography are two examples of preventive screening tests covered by Part B, but only if specific requirements are met. Although a problem may be found during a preventive checkup, it may necessitate extra medical procedures that cost money.
Medicare Part A has a $1,408 deductible if you’re in the hospital. If your stay in the hospital exceeds 60 days, you’ll be charged $352 per day for days 61 to 90 and $704 per day for up to an additional 60 lifetime reserve days. Feke claims that “everyone with Part A has to pay each time they are admitted to the hospital”. “Out-of-pocket expenditures could increase for consumers who use medical services regularly.” Expenses will be your responsibility once your lifetime reserve days are depleted.
As a result of the cost-sharing requirements imposed by regular Medicare, some beneficiaries purchase supplemental insurance coverage to cover those costs and some additional services. Health care expenditures can be more predictable if you have a Medigap policy. Medicare Part B out-of-pocket payments and lengthier hospital stays are often covered by private insurance policies.
Ronald Kahan, a medical doctor and author of “Medicare Demystified: A Physician Helps Save You Time, Money, and Frustration,” argues that “the out-of-pocket payments can be great or almost zero, depending on what sort of supplemental Medigap plan you choose.”
Medicare Advantage plans are another alternative, which means you’ll get your Medicare Parts A and B benefits from an insurance company rather than the government. Cost-sharing requirements for medical treatments may be different in Medicare Advantage plans than in standard Medicare.
To save money, Kahan recommends that patients exclusively seek care from specialists recommended by their primary care physician, rather than seeking it elsewhere. In exchange for that modest price, you get to see any doctor you want, whenever you want, without a reference.
We can help get up to $0 monthly premium Medicare plans
Each plan for stand-alone Medicare Part D prescription medication coverage has a different pricing and benefit package for beneficiaries to choose from. Plans can charge deductibles of up to $435, and the average monthly premium in 2020 is expected to be $30. People who have not had prescription medication coverage for 63 days or longer after becoming eligible for Medicare face increased premiums.
It is imperative that you compare plans each year to ensure that you are getting the best value for your money. According to Cindy Levering, a retired pension actuary in Baltimore, it’s a good idea to check your prescription drug plan every year because plans can change their level of coverage and new plans are always coming out. “I think it’s worth looking at your prescription drug plan every year, because sometimes plans change their level of coverage, and there are always new plans coming out,” Levering says.
During the seven-month initial enrollment period that begins three months before you turn 65, you can sign up for Medicare for the first time. As long as you have Medicare, you may be charged a late enrollment penalty if you don’t sign up within the initial enrollment period. For each 12-month period that you postponed Medicare coverage, your Part B premiums will rise by 10%. Because of this, you will be penalized if you don’t enroll in Medicare within eight months of either quitting your work or losing your spouse’s coverage, whichever comes first.
You’ll need to set aside money for eyeglasses, contact lenses, dental care, and hearing aids, which Medicare does not cover. According to Levering, “Most seniors lack dental insurance, and Medicare does not cover dental procedures.” There are only 100 days of nursing home care that Medicare will pay for, after which you will be responsible for any additional long-term costs.
Table of Contents Introduction How to Maximize Your Medicare Benefits During the Holiday Season Tips for Staying Healthy During the Holidays The Benefits of Medicare
Drug Source Inc. and UPMC Medicare provide comprehensive prescription drug coverage for seniors and other eligible individuals. Our plans offer a wide range of benefits, including access to a network of pharmacies, low copays, and more.
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Table of Contents Introduction How to Save Money Shopping at Drugsource Inc Understanding UPMC Medicare’s Prescription Drug Coverage Exploring the Benefits of Shopping at Drugsource
“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 or 1-800 MEDICARE to get information on all of your options.”