medicare

Medicare Basics: 5 Things to Know About Medicare Part A

There are four basic parts of Medicare: A, B, C, and D. Each part helps pay for certain medical services. Here are 5 things to know about Part A:

#1  Part A is one of two parts of what is considered “Original Medicare”. (Part B is the other).
BBG65Plus Medicare Health Insurance

#2  Most people don’t have to pay a premium for Part A. They’ve already paid into the system in the form of the Medicare tax deductions in their paycheck if they (or their spouse) worked at least 40 calendar quarters (10 years) in the U.S.

#3  Medicare Part A helps cover the costs of inpatient care in the hospital, short-term skilled nursing facilities, home health care, and hospice care.

#4  Benefit periods apply. These benefit periods measure the use of inpatient hospital and skilled nursing facility services. Medicare will stop paying for your inpatient-related hospital or skilled nursing facility costs (such as room and board) if you run out of days during your benefit period.

#5  Most people either add a Medicare Supplement (Medigap) Plan or they opt to enroll in a Medicare Advantage Plan.  Both of these options in different ways can serve to limit liability, extend benefit periods, and cover some out of pocket costs (like deductible and coinsurance) associated with Medicare Part A.

You can read more about Medicare Part A covered services in this Medicare Minute Newsletter courtesy of the Medicare Rights Center.

 

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2020 Medicare Part B Monthly Premium and Income-Related Monthly Adjustment Amounts

On Friday Medicare announced the Part B rates that most Medicare enrollees will be responsible for paying in 2020.  Effective January 1, 2020 the standard monthly premium for Medicare Part B enrollees will be $144.60.  This represents an increase of $9.10 from the $135.50 enrollees paid in 2019.

Starting in 2007, a beneficiary’s Part B monthly premium has been based on income. Income-related monthly adjustment amounts (IRMAA) affect approximately 7 percent of all Medicare beneficiaries. The 2020 Part B premium levels adjusted for income as well as the Part D (Prescription Drug Plan) are shown in the following tables:

2020 Medicare Part B Income-Related Monthly Adjustment Amounts

 

Part D (Prescription Drug Plans) IRMAA in 2020

And, If your modified adjusted gross income is above a certain amount, you may also pay a Part D income-related monthly adjustment amount (Part D IRMAA).  Those amounts for 2020 are listed below.

bbg65Plus Certified To Facilitate National Medicare Educational Program

Medicare can be daunting and confusing and quite difficult to grasp.

This is true in the case of existing Medicare beneficiaries as well as their care givers.  And, it’s especially true for those prospective new enrollees who are about to turn 65 and have to deal with trying to understand their Medicare options for the very first time. 

The Medicare Minute was created and sponsored by the Medicare Rights Center to help address and alleviate some of the confusion surrounding Medicare. The program consists of an ongoing series of free monthly educational programs designed to equip people with the knowledge to more clearly understand their Medicare options, to make more informed decisions, and to ultimately utilize their Medicare coverage more effectively. 

Volunteers from across the country with experience in how health benefits work serve as facilitators for the Medicare Minute educational programs.  And, bbg65Plus is now certified and appointed to serve as a Facilitator of the Medicare Minute program. 

The Medicare Minute educational program is available free of charge to employers, organizations, and community groups interested in educating members on the ABC’s (and Part D) of Medicare. And now readers of our blog will be able to read a summary of some of highlights and key tips from those programs in this space each month. 

To learn more about the Medicare Minute educational programs and how you can schedule Medicare Minute presentations for your organization, contact Tom Barrett, Medicare Minute Facilitator for bbg65Plus at 866.845.8600 x130 or tbarrett@bbginc.net.

For more information — go here  1 Medicare Minute Overview and here 2 Medicare Minute FAQ

 

Medicare Minute

 

 

 

 

For Medicare Peace of Mind Turn To BBG65Plus

We have some very exciting news to share with you. Earlier this year, with great encouragement from our clients, we launched bbg65Plus.

Thinking about Medicare can be truly daunting. For years our clients have leaned on our knowledge, experience, and hallmark customer service for guidance on what to do and where to start when it comes to all things Medicare.

Now you can also turn to us to find the right coverage. We provide the full range of:

  • Medicare Advantage Plans,
  • Medicare Supplemental or Medigap Plans, and
  • Prescription Drug Plans

We match each person with the plan that’s right for them. And, we simplify the enrollment process making the transition to Medicare smooth and pain-free.

The age 65 and over demographic represents the fastest-growing segment of the U.S. workforce. Today, Medicare plays a much more significant role in the workplace.

Successfully transitioning to Medicare is a big deal that can also be a big cost and coverage win when done the right way. We can help.

Our goal centers on providing Medicare Peace of Mind. We remove the mystery and help you make the right decision about your Medicare coverage.

In launching bbg65Plus, we’re excited to serve the needs of our business clients as well as the Medicare needs of our families, friends, colleagues, and neighbors in the communities where we live and work.

So, for anyone needing assistance and hoping to experience Medicare Peace of Mind, please contact us. We’d love to help.

And, of course, we’d be very grateful if you’d help us spread the word.

(e) 65Plus@bbginc.net; (p) 866.845.8600 x130

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