Navigating Medicare can be frustrating and difficult. Without the proper understanding, you can end up spending way more than you need to for great coverage. Our very own Jeff Tomlin is an expert in health insurance and the forever changing “rules” of Medicare, and recently held a free course at Lane Community College on the topic: Medicare 101 – The A, B, C & D’s. Below you will find a video and summary of Parts A + B of his presentation, the Medicare Basics.
How Can We Help?
Navigating your Medicare choices and options can be confusing. We can help. And our advice is free. Click to learn more.
Parts A + B: Medicare Basics
Medicare Part A is ” Inpatient Hospital” coverage, and generally has no monthly premium. Medicare Part B covers “Medical”, or outpatient services. This would include emergency room visits, doctors, labs, office calls, etc. In 2018, Part B will cost most people $134 per month , although higher income people will pay more. Th e premiums are deducted from your monthly SSA check or billed quarterly.
If you have paid, or a spouse has paid, 10 years into the system, then there is no charge for Part A. If you have not paid into the system, for a variety of reasons, you have the option of buying Part A; however, it comes with a hefty price of approximately $420 per month.
Part B, you do pay for, regardless of how much you have paid into the system. This price is based on your income. If your income is over $85,000, and you are single, you will pay more for Part B. If your income is over $170,000, and you are married, then you will also pay more for Part B. There is an exception; low-income beneficiaries may receive help paying the premium.
Important: The income test is two-year retroactive. It’s a continuous two-year look back on your adjusted gross income.
If you have deferred social security and you go on Medicare, you will be billed quarterly. For most people turning 65, that will be $134 a month. If you are taking social security, Medicare Part B premiums are always w it held from your monthly deposit (automatically).
Medicare plans are always per person. There are no spouse or family Medicare plans. Often times, each spouse will want a different type of plan, depending on needs.
At Tomlin Health Insurance, we can help you understand these Medicare basics and help you find a Medicare health plan which is right for both you and your spouse. There are also new developments in 2018 that we would love to share with you, as you might find them beneficial to your medical situation and/or income. Contact us today to get started.
It will cost you nothing to meet with Jeff or any of the other agents at Tomlin Benefit Planning, and your insurance premium is the same regardless of whether you have an agent. Talk about no-risk!
Interested in attending Jeff Tomlin’s next presentation? Save the date: Tuesday, July 17th, 2018. This session will be offered at two different times: 3:00pm and 6:00pm at the downtown Eugene LCC campus . Registration will be available soon.