How Much Does Medicare Cost At Age 65?
What are the costs of Medicare?
Medicare will cost you a monthly premium of $104.90 in 2012.
Medicare Part B premiums are based on your income. If your income is less than $85,000 a year, you will pay this amount. If you make more than $85,000 a year, you will pay a higher premium.
If you have to make Medicare Part B premium payments, you may also have to pay a portion of the Part B deductible. The amount of the deductible depends on your income. People with incomes above $85,000 pay higher Part B deductibles. For example, if you have an income of $90,000 and you have to pay a Part B deductible, you will pay $123.80 a year ($211.70 if you have two or more services in 2012).
In 2012, the Part B deductible will be $166.
Medicare also helps pay for some prescription drugs. The amount of help you get depends on the drugs you take, whether you have reached the donut hole, and whether you have prescription drug coverage through your employer.
If you are not on Medicare and your Medicare Advantage plan does not cover prescription drugs, it is important to have Medicare Part D prescription drug coverage.
Are there any other Medicare costs?
Yes. As of January 1, 2012, Medicare will have a change in how it pays for durable medical equipment (DME), such as walkers and wheelchairs. Medicare will no longer pay for DME that is prescribed by a doctor or ordered by your health care provider for your use. You will have to pay for the DME.
This change will not affect people who have Medicare because of a disability.
What is the Medicare donut hole?
The donut hole is a gap in Medicare prescription drug coverage. You will fall into the donut hole once you have spent $2,850 this year, or $6,000 over your lifetime, on prescription drugs.
When you reach the donut hole, you will have to pay 50% of the cost of your prescription drugs. If your drug costs more than $3,800 this year, or $7,600 over your lifetime, you will have to pay 100% of the cost of your prescription drugs. This is called catastrophic coverage.
Medicare will help pay for prescription drugs once you reach the donut hole. The amount you pay depends on the type of drug you take and your income.
If you have prescription drug coverage through your employer, you may have to pay a deductible for drugs that are covered under Medicare.
What does Medicare pay for?
Medicare pays for a lot of doctor and hospital services. But it does not cover everything. It also has a lot of different parts. Each part has its own rules about what is covered.
Medicare Part A pays for inpatient hospital care, skilled nursing facility care, and hospice care.
Medicare Part B pays for most of your doctor office visits and outpatient hospital care.
Medicare Part C is the Medicare Advantage Plan.
Medicare Part D is the Medicare prescription drug program.
Medicare will pay for the care you get in a foreign country if you meet the Medicare requirements. The care must be medically necessary and it must be provided by a hospital, clinic, hospice or another medical care provider.
Medicare Part A pays for hospital care in the U.S. or in a foreign country. It also pays for hospice care in the U.S. or in a foreign country.
Medicare Part B pays for doctor office visits in the U.S. or in a foreign country. It also pays for care in a foreign country that is medically necessary.
How do I get Medicare?
If you are eligible for Medicare, you will be automatically enrolled in Medicare Parts A and B when you reach age 65.
You will also be automatically enrolled in Part D prescription drug coverage if you are eligible for Medicare.
If you are not receiving Social Security benefits, you can get Medicare coverage by filing an application. You may apply for Medicare by calling 1-877-690-1012 or visiting www.medicare.gov.
If you are on Social Security disability and you are not getting Medicare Part A, you can apply for Medicare by calling 1-877-690-1012 or apply online at www.socialsecurity.gov/applyfordisability.
How can I get help with Medicare costs?
Medicare helps pay your Medicare costs. If you are having trouble paying your Medicare costs, there are many options available.
You may be eligible for Extra Help if you have limited income and resources.
If you have limited income and assets, you may be eligible for Extra Help from the Medicare Prescription Drug Plan.
You can also apply for Medicaid or help from a charitable or religious organization.
What is Medicare?
Medicare is a federal health insurance program that is available to people who are age 65 or older, and some people with disabilities.
Medicare helps pay for some medical services. Some of the services that Medicare covers are doctor visits, hospital stays, medical equipment, and prescription drugs.
Medicare is very complicated. It has a lot of rules that you must follow. You should talk to your doctor, social worker, or other health care provider about Medicare. You should also talk to these people if you have questions about your Medicare coverage.
How much does Medicare cost?
Medicare Part B premiums are based on your income. If your income is less than $85,000 a year, you will pay this amount. If you make more than $85,000 a year, you will pay a higher