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Medicare

Parts of Medicare

Part A Hospitalization

As long as you have worked 10 years, or for 40 quarters, you receive this part for free. There is a deductible for most people, but PART A does not cost a person any money. The Deductible for this is $1600 in 2023.

Part B Doctors

This part covers doctor visits, procedures, treatment, etc. For most people for the 2023 year, the cost is $164.50 per month. This is taken right out of your social security check. This part of Medicare covers 80% of your medical bills. There is no maximum out of pocket.

Part C Medicare Advantage

Cheaper Monthly Premium
Includes a drug plan
May include some extra benefits not tied to Medicare

More out of pocket costs if you see doctors
Can change year to year
May be limited on who and where you can be seen

What are your options once you get Part A and Part B for Medicare?

Part D Drug Coverage

This is your drug coverage. Everyone is required to have this, or there is a penalty of 1% for each full month without credible coverage. This lasts the rest of your life.

Medicare Supplements aka Medigap

Easier to budget Monthly expenses
Can see anyone who accepts Medicare
Can never lose coverage unless premiums are not paid.
Paying very little to doctors out of pocket.

More expensive premiums than a Medicare Advantage
No drug plan included
Can increase yearly

Don’t hesitate, contact me for better help, Medicare can be a lot to understand.

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