Paying too Much for Medicare?

by admin on September 14, 2020

Medicare coverage can be very expensive. Premiums for Medicare Part B are $88.50 per month in 2006. If you sign up for Medicare Part D your premiums can cost $35.00 per month or more depending on the plan you choose. Not only do you have to pay these premiums for Medicare, but they go up every year!medicare3.jpg

Is there any help paying these ever-rising premium costs? The answer is yes; however, it depends on your income. There are two programs that could help pay your Medicare premiums. One is a Social Security program and the other is your State’s program.

For assistance with your Medicare Part B premium, you may be eligible to have your State pay the $88.50 for you. The program is called “QMB” or “Qualified Medicare Beneficiary.” Your state will evaluate your income to see if you qualify. To see if you qualify for QMB contact Social Services in your state and ask to apply for QMB. If you need contact information for your State, Medicare can provide you the number to call. Contact Medicare at their toll-free number: 1-800-633-4227.

Medicare Part D has a monthly premium and an annual deductible of $250. If you qualify for Social Security’s extra help with prescription drug plan costs, you will not have to pay this premium or deductible. Social Security will consider your monthly income and any money you have in the bank to determine if you qualify. You should apply even if you think you may be over the income limit as Social Security awards partial subsidy amounts for people in certain income categories. To apply for the extra help with prescription drug plan costs, contact Social Security at 1-800-772-1213.


How to Pick a Medicare Part D Plan

August 15, 2020

Medicare was confusing enough before Part D came along. What is Medicare Part D and how do you enroll in it? Medicare Part D is prescription drug coverage under Medicare. It was added as part of the Medicare Modernization Act of 2003. This plan is administered by private insurance companies for Medicare. You will need [...]

Read the full article →

How Do I Sign Up For Medicare?

August 5, 2020

There are several different ways to qualify for coverage under Medicare. These requirements are for Hospital Insurance (Part A), Medical Insurance (Part B), and Prescription Drug Coverage (Part D). Most people who are age 65 or older are eligible based on their own employment, or that of a spouse. You qualify for Medicare coverage if [...]

Read the full article →

Medicare Part D Enrollment Deadline

July 6, 2020

The Medicare Part D enrollment deadline is quickly approaching. You must enroll in a Medicare part D prescription drug plan before May 15th 2006. If you miss the May 15th deadline you face delays and possible penalties getting enrolled in a plan. Here is the easiest way to find the right prescription drug plan for [...]

Read the full article →

Medicare Part B

June 16, 2020

Medicare Part B or the doctor’s “Medical Insurance” pays when you visit your doctor in their office and other outpatient care. If you need to enroll in Medicare Part B here is what you need to know. General Enrollment vs. Special Enrollment General Enrollment is only open to the public January through March of each [...]

Read the full article →
Page 1 of 212