Is Medicare Insurance?

Is Medicare Insurance?

The first step is to contact your insurance company and find out what plans they cover, what the cost-sharing is, and how to apply.

Is there a maximum amount that I can pay each month?

Yes. Part B has a yearly deductible, as well as a yearly "coinsurance" amount that you will have to pay. The yearly deductible for 2018 is $183.00. This means that, in 2018, you will pay the first $183.00 of your Medicare costs each year. After you have paid your deductible, you and your insurance company will pay part of your Medicare costs each year. In 2018, the coinsurance amount is 25%. This means that you will pay 25% of the Medicare eligible costs for covered services. After you have paid the yearly deductible and coinsurance, the Medicare program will pay 100% of the Medicare eligible costs for covered services. You must make payments directly to your doctor, hospital, or other provider for any costs that are not covered by Medicare.

How can I pay for my Medicare Part B if I do not have insurance?

If you do not have insurance, you can pay for your Part B premium with cash, check, or money order. You can also set up a credit card account by calling 1-800-MEDICARE (1-877-690-1012, TTY 1-877-690-1012) or you can enroll online at www.socialsecurity.gov/medicare/card.

What happens if I do not sign up for Medicare Part B when my employer's group health plan ends?

You can sign up for Part B any time during the year. However, if you do not sign up when you are first eligible, you may have to pay a late enrollment penalty. This penalty may be as much as 10% of the premium that would have been charged for Part B that year. If you are 65, you are eligible for Medicare.

What happens if I do not pay my Medicare Part B premium?

If you do not pay your premium, your Medicare benefits will be canceled. If you later pay your premium, your Medicare coverage will be reinstated. If you are also eligible for Social Security or Railroad Retirement benefits, you may be able to continue your health coverage by enrolling in their Medicare Savings Programs.

What happens if I do not pay my Medicare Part D prescription drug premium?

If you do not pay your premium, your Medicare drug coverage will be canceled. If you later pay your premium, your Medicare drug coverage will be reinstated. If you are also eligible for Social Security or Railroad Retirement benefits, you may be able to continue your drug coverage by enrolling in their Medicare Savings Programs.

What happens if I enroll in Medicare Part B, but my employer continues to pay my Medicare Part A premium?

If your employer continues to pay your Part A premium, you do not need to enroll in Part A. You must be enrolled in Part B if you are eligible.

Is there a fee for signing up for Medicare?

No. The only time you will have to pay a fee is when you want to sign up for a Part D Prescription Drug Plan. In that case, you will have to pay a yearly enrollment fee.

When can I sign up for Medicare Part D?

You can sign up for Part D prescription drug coverage at any time. You can enroll in any time of the year, even if you have Medicare Part A or Part B. However, if you sign up during the general enrollment period (January 1 to March 31), you will be automatically enrolled in a Prescription Drug Plan that covers your drugs at the lowest possible cost.

The general enrollment period is from January 1 to March 31 of each year.

If you sign up for Part D later than March 31, you can enroll in any month of the year.

What happens if I do not sign up for Part D when I become eligible?

You will have a late enrollment penalty if you do not enroll when you are first eligible for Part D. This penalty may be as much as 1% of the national base premium for every month that you could have had Part D, but did not sign up.

Are there different types of Medicare drug plans?

Yes. There are four different types of Prescription Drug Plans:

Original Medicare Plan. You must be eligible for both Medicare Part A and B to enroll in this plan.

You must be eligible for both Medicare Part A and B to enroll in this plan. Medicare Advantage Plan. This plan is already available through your Medicare Advantage Organization. You can enroll in one of these plans at any time.

This plan is already available through your Medicare Advantage Organization. You can enroll in one of these plans at any time. Private Fee-for-Service Plan. You must have a current Part D Prescription Drug Plan or be eligible for both Medicare Parts A and B.

You must have a current Part D Prescription Drug Plan or be eligible for both Medicare Parts A and B. Prescription Drug Plan for Special Needs Individuals. These plans are for people who are unable to afford the costs of the standard plans.

I heard that some Medicare Prescription Drug Plans include services that are not covered by Medicare. Is this true?

Yes. The extra services include routine vision care, routine hearing and routine dental care. These services are not covered by Medicare.

I heard that some Medicare Prescription Drug Plans charge a higher premium. Is this true?

Yes. Some Medicare Prescription Drug Plans charge a higher premium than the standard drug plans. The higher premium covers the extra benefits.

What happens if I choose not to enroll in a Medicare Part D Prescription Drug Plan?

If you do not enroll in a Medicare Prescription Drug Plan when you are first eligible, you will have a late enrollment penalty. This penalty may be as much as 1% of the national base premium for every month that you could have had Part

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