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.
|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.
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.