Medical Medicare Insurance

Medical Medicare Insurance

The Medical Medicare Insurance is going to be the Part B of Medicare. This is your medical part of it. All of your outpatient procedures, doctors visits, lab work, x-rays etc. will be under your Part B medical part. For the medical part of your Medicare you will usually pay a monthly premium for it, and then Medicare will only cover 80% of your costs.

 

Part B premium

Most people pay $104.90 each month, but for the people who get Medicare in 2016 will pay a monthly premium of $121.80. After your $166 per year deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you’re a hospital inpatient), outpatient therapy, and medical equipment.

 

Free Medicare Supplement Quote
If your yearly income in 2014 (for what you pay in 2016) was You pay (in 2016)
File individual tax return File joint tax return File married & separate tax return
$85,000 or less $170,000 or less $85,000 or less $121.80
above $85,000 up to $107,000 above $170,000 up to $214,000 Not applicable $170.50
above $107,000 up to $160,000 above $214,000 up to $320,000 Not applicable $243.60
above $160,000 up to $214,000 above $320,000 up to $428,000 above $85,000 and up to $129,000 $316.70
above $214,000 above $428,000 above $129,000 $389.80

Reasons why you will have to pay the new Part B premium of $121.80

  • You enroll in Part B for the first time in 2016.
  • You don’t get Social Security benefits.
  • You’re directly billed for your Part B premiums.
  • You have Medicare and Medicaid, and Medicaid pays your premiums. (Your state will pay the standard premium amount of $121.80.)
  • Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount.

Late enrollment

In most cases, if you don’t sign up for Part B when you’re first eligible, you’ll have to pay a late enrollment penalty for as long as you have Part B. Your monthly premium for Part B may go up 10% for each full 12-month period that you could have had Part B, but didn’t sign up for it. Also, you may have to wait until the General Enrollment Period (from January 1 to March 31) to enroll in Part B, and coverage will start July 1 of that year.

 

If you are ready to get signed up for your Medicare Part B and/or want to get a Medicare Supplement plan. Please feel free to give me a call here at 1-800-Medigap. Or you can reach me at directly at 901-KORTNI8. I am a Licensed Broker, I can look at multiple companies and see who if offering the cheapest rates for these plans.

Medicare Sign Up


By MEDIGAP on Incline