Medicare

Get The Facts On Medicare.

We know Medicare can be confusing and intimidating. If you’re nearing 65, you’ve probably been flooded with mailings and flyers from numerous insurance companies. With all these options, how do you know which option is best for you? That’s where we come in. We will sit down and explain the ins-and-outs of ALL of your Medicare options in simple terms so you can make a fully informed decision.

Medicare Plans

Medicare supplement icon with fork in the road sign

Medicare Supplement

Medicare Supplement, also known as Medigap, plans are offered by private insurers. These plans cover additional expenses Original Medicare does not, such as such as co-insurance, co-pays, and deductibles.

Medicare Advantage icon with hospital bed and patient

Medicare Advantage

Medicare Advantage plans are offered by private insurers that contract with Medicare to provide you with all your Part A and Part B benefits. Most plans included Part D coverage and cost little to no premium.

Medicare Part D icon with pill bottle

Part D Prescriptions

Medicare Part D plans are optional, stand alone prescription drug plans. Although optional, you might have to pay a late-enrollment penalty if you do not enroll when you first become eligible for Medicare.

Have a question about medicare? call us. (561) 845-6100

Frequently Asked Questions

When Can I Enroll In Medicare?

If you’re eligible for free Part A, you can sign up for Part A anytime during your Initial Enrollment Period. However, you can only sign up for Part B (or Part A if you have to buy it) during the times listed below. Remember, if you don’t sign up for Part A and Part B when you’re first eligible, you may have to pay a late enrollment penalty for as long as you have the coverage.

Initial Enrollment Period

You can first sign up for Part A and/or Part B during your 7-month Initial Enrollment Period. The IEP begins 3 months before the month you turn 65, includes the month you turn 65, and ends 3 months after you turn 65. If you sign up for Part A and/or Part B during the first 3 months of your Initial Enrollment Period, in most cases, your coverage starts the first day of your birthday month. However, if your birthday is on the first day of the month, your coverage will start the first day of the prior month.

If you enroll in Part A and/or Part B the month you turn 65 or during the last 3 months of your Initial Enrollment Period, the start date for your Medicare coverage will be delayed.

General Enrollment Period

If you weren’t automatically enrolled in Medicare, and you missed your IEP, you can still apply for Medicare Part A and/or Medicare Part B during the General Enrollment Period. The General Enrollment Period runs from January 1 to March 31 each year. However, if you enroll in Medicare during the General Enrollment Period, your coverage begins in July.

Special Enrollment Period

If you (or your spouse) are still working, you may have a chance to sign up for Medicare during a Special Enrollment Period. If you didn’t sign up for Part B (or Part A if you have to buy it) when you were first eligible because you’re covered under a group health plan based on current employment (your own, a spouse’s, or if you’re disabled, a family member’s), you can sign up for Part A and/or Part B:

• Anytime you’re still covered by the group health plan

• During the 8-month period that begins the month after the employment ends or the coverage ends, whichever happens first.

Usually, you don’t pay a late enrollment penalty if you sign up during a Special Enrollment Period. This Special Enrollment Period doesn’t apply to people with End-Stage Renal Disease (ESRD).

How Much Does Medicare Cost?

Part A

Most people eligible for Medicare are entitles to Part A for free. This is because you or your spouse paid Medicare taxes while working.

If you buy Part A, you’ll pay up to $413 each month in 2017. If you paid Medicare taxes for less than 30 quarters, the standard Part A premium is $413. If you paid Medicare taxes for 30-39 quarters, the standard Part A premium is $227.

Part B

You pay a premium each month for Part B. Most people will pay the standard premium amount.

The standard Part B premium amount in 2017 is $134 (or higher depending on your income). However, most people who get Social Security benefits pay less than this amount. This is because the Part B premium increased more than the cost-of-living increase for 2017 Social Security benefits. If you pay your Part B premium through your monthly Social Security benefit, you’ll pay less ($109 on average).

Part D

If you enroll in a stand alone Prescription Drug Plan, you will have to pay a monthly premium. Since Part D plans are offered by private insurers, there is not set price. Each plan has it’s own formulary and premium amount. Depending on the formulary, Part D monthly premiums can vary from around $17 to $100.

What Is IRMAA?

If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago (the most recent tax return information provided to Social Security by the IRS). Essentially, IRMAA is a penalty for making too much money.

What Does Medicare Cover?

Medicare covers services (like lab tests, surgeries, and doctor visits) and supplies (like wheelchairs and walkers) considered medically necessary to treat a disease or condition.

In general, Part A covers:

  • Hospital care
  • Skilled nursing facility care
  • Nursing home care
  • Hospice
  • Home health services

Part B covers two types of services:

  • Medically necessary services: Services or supplies that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practice.
  • Preventive services: Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.

What Part D drug plans cover:

Each Medicare drug plan has its own list of covered drugs (called a formulary). Many Medicare drug plans place drugs into different “tiers” on their formularies. Drugs in each tier have a different cost.

What If I Have Coverage Through My Employer?

If you’re eligible for free Part A, you can sign up for Part A anytime during your Initial Enrollment Period. However, you can only sign up for Part B (or Part A if you have to buy it) during the times listed below. Remember, if you don’t sign up for Part A and Part B when you’re first eligible, you may have to pay a late enrollment penalty for as long as you have the coverage.

Initial Enrollment Period

You can first sign up for Part A and/or Part B during your 7-month Initial Enrollment Period. The IEP begins 3 months before the month you turn 65, includes the month you turn 65, and ends 3 months after you turn 65. If you sign up for Part A and/or Part B during the first 3 months of your Initial Enrollment Period, in most cases, your coverage starts the first day of your birthday month. However, if your birthday is on the first day of the month, your coverage will start the first day of the prior month.

If you enroll in Part A and/or Part B the month you turn 65 or during the last 3 months of your Initial Enrollment Period, the start date for your Medicare coverage will be delayed.

General Enrollment Period

If you weren’t automatically enrolled in Medicare, and you missed your IEP, you can still apply for Medicare Part A and/or Medicare Part B during the General Enrollment Period. The General Enrollment Period runs from January 1 to March 31 each year. However, if you enroll in Medicare during the General Enrollment Period, your coverage begins in July.

Special Enrollment Period

If you (or your spouse) are still working, you may have a chance to sign up for Medicare during a Special Enrollment Period. If you didn’t sign up for Part B (or Part A if you have to buy it) when you were first eligible because you’re covered under a group health plan based on current employment (your own, a spouse’s, or if you’re disabled, a family member’s), you can sign up for Part A and/or Part B:

• Anytime you’re still covered by the group health plan

• During the 8-month period that begins the month after the employment ends or the coverage ends, whichever happens first.

Usually, you don’t pay a late enrollment penalty if you sign up during a Special Enrollment Period. This Special Enrollment Period doesn’t apply to people with End-Stage Renal Disease (ESRD).

How Much Does Medicare Part B Cost?

If you’re eligible for free Part A, you can sign up for Part A anytime during your Initial Enrollment Period. However, you can only sign up for Part B (or Part A if you have to buy it) during the times listed below. Remember, if you don’t sign up for Part A and Part B when you’re first eligible, you may have to pay a late enrollment penalty for as long as you have the coverage.

Initial Enrollment Period

You can first sign up for Part A and/or Part B during your 7-month Initial Enrollment Period. The IEP begins 3 months before the month you turn 65, includes the month you turn 65, and ends 3 months after you turn 65. If you sign up for Part A and/or Part B during the first 3 months of your Initial Enrollment Period, in most cases, your coverage starts the first day of your birthday month. However, if your birthday is on the first day of the month, your coverage will start the first day of the prior month.

If you enroll in Part A and/or Part B the month you turn 65 or during the last 3 months of your Initial Enrollment Period, the start date for your Medicare coverage will be delayed.

General Enrollment Period

If you weren’t automatically enrolled in Medicare, and you missed your IEP, you can still apply for Medicare Part A and/or Medicare Part B during the General Enrollment Period. The General Enrollment Period runs from January 1 to March 31 each year. However, if you enroll in Medicare during the General Enrollment Period, your coverage begins in July.

Special Enrollment Period

If you (or your spouse) are still working, you may have a chance to sign up for Medicare during a Special Enrollment Period. If you didn’t sign up for Part B (or Part A if you have to buy it) when you were first eligible because you’re covered under a group health plan based on current employment (your own, a spouse’s, or if you’re disabled, a family member’s), you can sign up for Part A and/or Part B:

• Anytime you’re still covered by the group health plan

• During the 8-month period that begins the month after the employment ends or the coverage ends, whichever happens first.

Usually, you don’t pay a late enrollment penalty if you sign up during a Special Enrollment Period. This Special Enrollment Period doesn’t apply to people with End-Stage Renal Disease (ESRD).

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contact us

 

mail

frenchfinancialservices@gmail.com

call

561.845.6100

visit us

Lake Park, FL

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9AM - 5PM  M-F

get social

contact us

 

mail

frenchfinancialservices@gmail.com

}

hours

9AM - 5PM M-F

call

561.845.6100

visit us

1194 Old Dixie Hwy, Ste 101
Lake Park, FL 33403