Tag: Prescription Drug Plans

Caring for Elderly Parents

Caring for Elderly Parents

Caring for Elderly Parents: A How To Guide

Caring for Elderly Parents - a how to guide from medicare life health co.

Welcome to the ultimate guide to caring for elderly parents and/or grandparents. Aging is a natural part of life, and everyone should have a care plan for themselves and their aging loved ones. This guide helps you make the tough decisions to keep your loved ones safe and happy.

I personally know what it is like to live with elderly loved ones and care for them. I lived with my grandparents right before their health declined enough to move them to assisted living. It was the hardest year of my life. However, it was also rewarding to care for them after all of the years they cared for me.

This guide leads you through the decisions you will need to consider to help your elderly parents.

We will cover:

  • Where can my aging parents/grandparents safely live?
  • What services and products can keep them safe and happy?
  • How can I help them with health care and insurance?
  • Who should be in charge of their finances?
  • Where can I go for support?

Where can my loved ones safely live?

Senior Living Options with Medicare Life Health Co. is part of the caring for elderly parents series.

Helping your elderly parents or grandparents decide where they should live can be very emotional. This is true for all the people involved. The options range from staying at home to full-time care, and everything in between.

Senior Living Options

  • Living at Home – Options exist for helping your seniors live at home as long as possible.
    • There are non-medical care-giving services such as Home Instead and Right at Home. They provide help around the house and companionship, but not medical care.
    • The medical alert devices listed in the services in the next section also help give seniors and you peace of mind in regards to their safety. These are good for the home environment, as well as running around town.
  • Retirement Community / Apartment or Condo – Often times seniors will want to move to a retirement community or 55+ apartment or condo building. Seniors like the social aspects of these communities. In addition, there are add conveniences and informal safety networks in place to give everyone peace of mind.
  • Assisted Living – For seniors that need a level of care below the nursing home, assisted living is a great option. However, these homes can be expensive. There are not always spots open for low income or Medicaid beneficiaries.
  • Memory Care Centers – Dementia and Alzheimer’s is a growing disease in America. As a result, we see more centers and homes dedicated to residents with memory issues.
  • Nursing Homes and Long-Term Care – The last stop on the list is the nursing home / long-term care facilities. There are both private and public options in most cities, but it takes a lot of research to make sure you are finding the best fit for your loved one.

What services / products can keep elderly loved ones safe and happy?

Especially if your loved ones are living at home, there are different products and services that can give everyone peace of mind. These include aides to help with daily activities, as well as alert / check-in services.

Products to Keep Your Loved Ones Safe & Happy

Best gifts for seniors

We love products that keep seniors happy, independent and safe. Happily, more creative and innovative options exist that ever to make life easier. We are constantly on the hunt for life-improving and safety-enhancing innovations.

Best Gifts for The Elderly in Nursing Homes

For now, you can start by looking at our senior gift lists.

We love the idea of thoughtful and helpful house warming gifts for seniors that are making a move. Especially if this move was out of necessity. A little love and thought goes a long way with these big transitions.

Services to Keep Your Elderly Parents Safe

We all worry about falls and accidents. The elderly often experience a decline in balance and strength with each passing year. There are a few options out there of companies that will monitor your loved ones and give them the help they need in case of a fall. When we look at companies to refer you to, we look for ones with good customer service, customization options and no long-term contracts.

Here are our Top Senior Monitoring Picks:

  • MobileHelp – Provides an alert system that works with a “Fall Button” that can automatically detect when a fall occurs. This company gets almost 5/5 stars in most consumer review panels. Learn more here.
  • LifeFone – Is our other top pick for Medical Alert Systems. It also is rated very highly and offers a free trial period. Spouses are also included in their standard pricing, which makes it a good choice for couples.
  • Iamfine – As a different kind of monitoring service, Iamfine is a daily call service that checks in with your loved ones by phone. If they fail to answer after a few attempts, Iamfine will alert your “care circle.” The service has a free 2 week trial period as well.

How can I help elderly parents with health care and insurance?

If your loved one is either older than 65 or disabled, they probably qualify for the Medicare program. In addition, if they are living on a very small income, they could also qualify for Medicaid.

From a high level view, your loved one will need to choose if they want their Medicare coverage to be bundled with a Medicare Advantage Plan or to be put together with Original Medicare, a Supplement and a Drug Plan. These are the two paths to choose from.

Let’s back up now, and break down the parts of Medicare. We want you, the caregiver, to feel as comfortable and knowledgeable as possible when helping your seniors make their decisions.

Helpful Medicare Articles for Caregivers

MedicareLifeHealth.com is a great resource for learning about Medicare. We have articles to show you how to set-up your loved one’s health care. We understand it is so important to make sure they get the coverage and care they need.

Here is where to go for more information:

Who can I call or email for help with Medicare/Medicaid/Health Care Insurance?

MedicareLifeHealth is a national community, but health care questions and registrations are often different state to state. So, we have a couple different resources for you to work with.

Carly Cummings, Medicare and Medigap Expert

If you live in Nebraska or Iowa: Your fearless leader of Medicare Life Health Co. (Carly Cummings – that’s me!) is a licensed life/health agent in NE and IA. I would be glad to help you with your questions and enrollment needs.


Please contact me here.

If you live in all other 48 States: We are building our directory of national insurance agents. Find one now:

Insurance Agents Near Me

Who should be in charge of caring for elderly parents’ finances?

There might come a time when you realize your seniors need help with their finances. As a result, you will discover two phases of caring for your elderly parents’ or grandparents’ finances:

  1. Assisting with their decisions.
  2. Taking over the decisions.

This same process translates to Medical decisions, so we will include information on both.

Durable Power of Attorney

When working with seniors to help them in making financial and medical decisions, you will want to set up “Durable” Power of Attorney (POA). This is a document that will give you (or someone else they trust) power to act in their place if they become mentally incapacitated.

The “Durable” part is important. Regular power of attorney documents end when a person becomes mentally incapacitated. Durable powers of attorney contracts do not. With this document, you will be able to help your elderly parent with important decisions when they cannot.

In addition, you will want to have two separate Durable Power of Attorney Documents:

  1. One for Medical
  2. And one for Financial.

Medical Power of Attorney (POA)

Commonly called the durable power of attorney for health care, this document names the person who will be making health care decisions for your elderly parent.

The named person will be able to enroll the elderly parent in medical plans, speak to doctors on their behalf, and represent their wishes in regards to medical care.

caring for a dying parent - a how to guide from medicare life health co. by crystal bayliss

You will also want to make sure your loved ones have a living will and a regular will. Knowing your loved one’s desires for how end of life care and services will go is very important. Please see our full article on “Caring for Dying Parents” here.

Financial Power of Attorney (POA)

Your elderly family member will also need to name someone to carry out their financial wishes when they cannot. This is where a comprehensive durable financial power of attorney is important.

Note, this should be a separate document from the medical POA. The financial POA allows someone take over your elder’s retirement accounts, taxes, and bills. For this reason, it needs to be someone they trust, and should be done as soon as possible to make sure they are represented in the ways they wish.

Working Together

Finally, although these are two separate documents, you certainly can name the same person on both. In fact, having the same person do both will make life much easier and simpler. If you do have different people named on each document, you will want to ensure they communicate well and can work together effectively.

Where can I get support for caring for elderly parents?

I remember pulling over to the side of the road, one very stressful day, because I couldn’t see through my tears to drive. At the time, I was living with my grandparents and trying to care for them while their health continued to decline.

Caring for Elderly Parents Stress Management: A How to Guide Presented by Medicare Life Health Co.

I was overwhelmed by the amount of work it took to keep them safe in their own home (even with the help of a home care company). Consequently, we were reaching the tipping point of needing to move them to assisted living. However, the thoughts about and process of this change were also just sad. It was a lot for me to handle.

Luckily, I had a very strong support system and access to help. You need this too.

Find Someone to Talk to Regularly

The first step is to reach out to someone to talk to and confide in. Care-giving takes a lot out of you. As a result, you need someone to listen to you and give back to you. Whether this is a professional counselor, or just a friend, you need to make “talking it out” a priority. Better yet, make your conversations a habit or a standing date.

Seek Outside Help

The second step is to get outside help. If your parent is still at home, see what is in the budget for hiring a care service. Even if just for a few hours a week. These companies help with daily living activities for seniors wanting to still live by themselves. (This is non-medical help.)

Alternatively, you can see what social network your seniors are a part of that might want to help. My mom was excellent at getting visitors for her elderly parents from not only their friends, church member, etc. but also from her own social network. You would be amazed at how many people are willing to swing by a nursing home and say hello during the week. You just have to ask!

Set-up Self-Care

Care-giving makes you busy, tired and often plain run-down. The only way self-care happens is when you make it a priority. Moreover, you need to set it in your schedule as an important appointment.

First, create and stick to a weekly workout schedule. Then, create a routine for getting healthy meals onto your table. Finally, make sure you keep your hair appointments, massages or other healthy ways to relax and stay on top of your health.

I know it is all easier said than done, but you will be much more efficient and helpful if you are well rested and cared for first.

Action Steps for Caring for Elderly Parents

checklist for aging parents and caring for your elderly parents and grandparents

In summary, caring for elderly parents, grandparent and loved ones is a long, hard journey. However, you are not alone! In addition to all the helpful organizations, services and innovations out there, there are also real people that want to love and support you. You cannot, and should not, do this alone.

Here are a few good steps to get you started or move you forward with your loved one’s journey.

  • First, if you are considering housing options, reach out to a home care service. If a move is a necessity sooner or later, start by touring one assisted living center or nursing home.
  • Second, for seniors living at home or even in assisted living, look into a couple of medical alert systems. Falls are all too common, and you need to be prepared.
  • Third, in regards to health care, reach out to a professional to make sure your loved one has the best coverage in their area. Plans change all the time, so a review is always a good idea.
  • Fourth, legally, make sure you understand what your loved one needs and wants in regards to making financial decisions. Get together all the proper documents needed to secure current or future Power of Attorney options.
  • See in your loved one has any Long-Term Care Insurance in place. Additionally, they could have a life insurance policy with a Long-Term Care Rider or a Critical Illness Rider.
  • Finally, create a plan now for taking care of yourself and start implementing it right away. You deserve it. Thank you for taking care of your elderly parents and loved ones.
Do I need Long-Term Care Insurance?
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How Much Does Medicare Cost?

How Much Does Medicare Cost?

How Much Does Medicare Cost?

how much does medicare cost?

Medicare costs can be different person to person, depending on which type of plan you choose. After you have a basic understanding of Medicare and it’s basic components, you will want to know how much does Medicare cost? The answer is, it depends on how you structure it. Let’s break down what you could be paying.

Medicare Costs Broken Down & Made Simple

When you set up your Medicare, you will decide if:

Your costs will also be different if you get help in any way from any state or federal programs.

How Much Original Medicare Costs

  • Medicare Part A – For most people, there is not a cost or premium you pay for Part A. Your Part A is premium free if you worked in the US and paid Medicare taxes for at least 30 quarters. (You will pay between $252 – $458 a month depending on your work history for Part A if you do not meet the premium free requirements in 2020).
    • There is also a $1,408 yearly deductible for Part A services and coinsurance tiers on hospital stays.
  • Medicare Part B – You will pay a premium for Part B. In 2020, the standard premium is $144.60 per month. If you make more than $85,000 a year in retirement, you will pay more on an income dependent scale.
    • There is also a $198 Part B deductible and a 20% coinsurance (co-pay) for most approved services.
    • Late penalties may also apply to Part B (and less commonly, Part A) if you do not sign-up when you are first eligible.

How Much Prescription Drug Costs

Medicare Part D Prescription Drug Plans

Medicare Part D – Prescription Drug Coverage needs to be obtained from a private insurance company. Each company will price their service differently and you can shop for the best plan and price for you. In addition, you will pay more for your Part D coverage, on a sliding scale, if you make more than $85,000 a year while on Medicare.

Other costs to consider with your Part D coverage are co-pays and coinsurance, in addition to deductibles.

There are also late enrollment penalties associated with not signing up for Part D coverage when you are first eligible if you do not have “credible coverage.”

How Much Medicare Supplements or Medicare Advantage Plans Cost

On top of your Original Medicare, you will need to make a decision to either participate in a Medicare Advantage (Part C) plan or to consider having a Medigap (Medicare Supplement) Plan. If you need help deciding on which one is best for your needs, please read our article on Medicare Advantage Vs. Medicare Supplements.

  • Medicare Supplement Plan Costs – Medicare Supplements will each have a different cost depending on the Letter Plan you choose and the company you go with. The government decides what benefits are offered by each letter plan. Then, each private insurance company decides what price they can offer for each plan in each market. It is a good idea to compare multiple plans by multiple carriers (insurance companies) in your area before choosing a plan. An independent insurance agent will be able to help you do this.
  • Here are a Few Medigap Articles to tell you more:
  • Medicare Advantage (MA/MAPD) Costs – Part C, or Medicare Advantage Plans are also offered by private insurance companies and stand in place of Original Medicare. In addition, they often include Part D Prescription Drug Coverage. Some of these plans have low or zero premium plan options. A few even cover Part B premiums. All of them are required to have max out of pocket expenditures and deductibles. It is a good idea to talk to an independent insurance agent on MAPD plans in your area to help you choose your best option.

Medicare Costs Summary

In summary, Medicare will cost you something, unless you are on full benefits from Medicaid. Moreover, you have already been paying into the Medicare system during your working career with Medicare taxes. Common set-up for Medicare beneficiaries include:

  • Having Original Medicare, Part A Premium Free, Part B Premium at $135.50 /month and a stand alone Part D Premium to pay. Then, adding on a Supplement Plan to cover the expenses Original Medicare does not pay.
  • Or having a Part C Medicare Advantage Plan that includes a drug plan with a premium to pay (sometimes a $0 premium). Most commonly, you will still pay your Part B premium with Medicare Advantage.

Get More Help Understanding How Much Medicare will Cost You

One good resource for learning more about the costs of Medicare is the Medicare and You Book published by the government every year. It is a large book, so please star with our Medicare and You User’s Guide to learn what it offers and to get a copy if you need one.

In addition, finding the best Medicare options for your budget can be a lot to take on, but hopefully this breakdown is helpful. I strongly suggest talking to a professional to help you in setting up your Medicare plan. As an independent agent myself, I suggest using an independent agent. They are not tied to one company, so they work for you, not one carrier and can help you in considering many different carriers and plans.

Carly Cummings, Medicare and Medigap Expert

As always, if you live in Nebraska or Iowa, please give me a call, and I can help you out either in person or over the phone.

Carly Cummings, NE/IA Licensed Independent Insurance Agent for Life and Health.
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What is AEP?

What is AEP?

What is AEP? Medicare’s Annual Enrollment Period

Do you love a good acronym? How about a very large amount of them? The health and insurance industries are nothing if not full of confusing acronyms. Moreover, “industry people” will just assume you know them all. AEP is no exception, so let’s discuss what actually is the Medicare Annual Enrollment Period.

The Definition of AEP

Medicare Annual Enrollment Period (AEP)

AEP stands for Annual Enrollment Period. It is defines the period of time each year eligible seniors can enroll in both Medicare Advantage Insurance Plans (Part C) and Prescription Drug Plans (Part D). In addition, you will not be required to go through medical underwriting to join these plans. (ESRD is an exception.)

Outside of a SEP (Special Enrollment Period) or your IEP (Initial Enrollment Period), this is the only time that you can join a Part D or Part C plan. Yes, I know, more acronyms!

In addition, AEP is one of the two times you can switch plans, if you are already in one. (The US government just added the Medicare Advantage Open Enrollment Period. This is a second period of time – Jan. 1 – March 31 – where you can switch plans once if you are already in a plan. )

When is AEP?

The Medicare Annual Enrollment Period is October 15th – December 7th. The changes you make during this period of time will take place for the following year on January 1st.

Possible Changes During the Medicare Annual Enrollment Period (AEP)

Does AEP apply to Medigap (Medicare Supplement) Plans?

No, AEP does not apply to Medigap (supplements). You can switch a supplement plan at any time. However, you will be subject to medical underwriting. This means that you are not guaranteed to be accepted into the Medigap plan.

How do I Switch Plans / Join a Plan During AEP?

You can start researching and learning about the plans available to you the next year, starting October 1st. However, you will not be able to complete an enrollment application until October 15th.

When switching/joining a MA/MAPD or Drug Plan, I highly suggest using an independent insurance agent. There are many considerations when choosing a plan, and she/he will help you in making sure you pick the right plan for you. (If you live in Nebraska, please give me a email/call/text, and I will be happy to help.)

That said, you can also research plans and see their ratings at https://www.medicare.gov/find-a-plan.

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Part D Prescription Drug Plans

Part D Prescription Drug Plans

Medicare Part D Prescription Drug Plan Information

Part D Prescription Drug Plans

Part D of Medicare covers Prescription Drugs. There are different Part D Prescription Drug Plans available. When you choose a plan you will find various costs and coverage. However, the government establishes a “standard level of coverage” that each plan must meet.

Each plan has a formulary – a list of prescription drugs – they cover. In addition, they have a tier system that ranks how much you will pay for each drug. For example, a generic drug for a specific condition might be in a lower price tier than a brand name of the same drug. You can learn more about Part D drug coverage at Medicare.gov.

Where Do I Get Part D Coverage?

You can have Part D Prescription Drug Plans by themselves (with Original Medicare Part A and Part B, but with or without a supplement) or as a part of your Medicare Advantage Plan.

What do Part D Prescription Drug Plans Cost?

Each plan will have a monthly premium (this is included in your plan premium if you have a MAPD plan). In addition, plans will also have yearly deductibles, co-payments, and costs in what is called the coverage gap. Plans will often try to help you try to save money on your drugs by offering generic options, pharmacy networks, and sometimes mail order programs.

What is the Coverage Gap (aka the Donut Hole) in Part D?

In most drug plan there is a limit on what the plan will cover. In 2020, this limit was $4,020 ($3,820 in 2019).

However, once you hit $6,350 in 2020 ($5,100 in 2019) in out-of-pocket expenses in a year, you enter Catastrophic Coverage and your costs go back down to paying only small co-payments for covered drugs.

Fortunately, this “hole” in the middle of coverage has been closing-up since 2010, and by 2020, it is basically the same as initial coverage until you enter the catastrophic zone. In 2019, you pay 25% of the plan cost for covered brand name drugs and 37% of the plan cost for generics. Click here to learn more about how these costs apply to your total for entering catastrophic.

Are Medicare Part D Prescription Drug Plans Necessary?

Part D coverage is technically optional coverage. However, if you do not enroll in a plan right when you are eligible (and you don’t have any other coverage in place the government would consider creditable drug coverage), you will face fines later when signing up. Basically, if you think you will ever need drug coverage, you probably should take on a plan immediately. Penalties are calculated based on how long you are without coverage and last as long as you have Part D coverage.

How and When can I get or switch a Part D Prescription Drug Plan?

If you have both Medicare Part A and Part B, you are eligible to enroll in a Part D Prescription Drug Plan. We are always advocates of you speaking with a licensed professional before you purchase a plan or switch plans. You can review plan options online, but going over your medications and concerns with a licensed agent may save you from trouble down the road.

Your IEP, Initial Enrollment Period, for Part D is the same 7 month period when you can enroll for Medicare. This starts 3 months before you turn 65, your birthday month, and the 3 months after. Your coverage begins the first day of the month you turn 65. However, you must sign-up in time for that to happen.

Much like an MA/MAPD Plan, switching Part D plans can occur during a Special Enrollment Period. (For example, if you are moving out of a plan’s territory.) Secondly, you can sign-up each year during the Annual Enrollment Period (AEP). AEP happens yearly from October 15th to December 7th.

Other Related Topics

2020 Medicare Donut Hole Explained by MedicareLifeHealth.com
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What is Medicare?

What is Medicare?

What is Medicare?

Medicare is the U.S. national health care program that provides seniors age 65 and older, and some disabled people, with health insurance.

The U.S. government started the program in 1966. The Centers for Medicare and Medicaid Services runs these programs. Medicare also covers people with end stage renal disease and amyotrophic lateral sclerosis. (Visit the government’s website, if you want more info on these situations).

A Simple Guide to the Basics

To start, we will assume you know very little. This article breaks down the basics of our national health care system and its various parts. We will cover:

  • Eligibility
  • Signing-Up
  • What is Provided – Parts, A, B, C & D
  • Prescription Drug Coverage
  • Medigap vs Med Advantage Plans
  • Associated Costs
  • Guides and Further Information

Who is Eligible for Medicare?

You are eligible if:

  • First, you are 65 years old or older.
  • Second, you have End Stage Renal Disease (permanent kidney failure requiring dialysis or transplant) at any age
  • Finally, you are classified as disabled by the Federal Government, at any age.

When do I sign-up?

If you are mentioned in the above paragraph, you might be ready to sign-up. We are going to assume that you are in the senior category for simplicity’s sake. Turning 65 is the catalyst for many people to join the program, but if you are still working and covered by an employer’s program, you may opt to defer this start date. (Just remember to tell the government if you are opting to defer.)

Open enrollment starts 3 months before your 65th birthday and ends 7 months after that start (so 3 months after your 65th birthday month). If you do not have “credible coverage,” such as an employer plan, in place after this window, you could incur penalties from the government.

How do I Sign-up for Medicare?

  • First, you may be automatically signed-up if you are already receiving Social Security (SS) or Railroad Retirement (RRB).
  • Second, if you are not already receiving SS or RRB benefits, you must sign up for it when you turn 65 years old.
  • Conversely, if you are not ready for Medicare when you turn 65, you must notify the government that you want to delay your benefits. If you do delay, it must be because you have credible coverage in place. An example of this would be an employer plan.

Where do I Sign-Up?

Railroad Medicare Benefits and Choices at MedicareLifeHealth.com

What am I getting with Original Medicare?

What is Medicare? Learn the basics of Medicare Insurance.

Original Medicare, the national health care program sponsored by the US government, provides you with two points of coverage: Part A Hospital Insurance and Part B Medical Insurance.

In addition to these two basic parts, you have to option of adding on a Part D Prescription Drug Plan. These drug plans are not administered by the Federal government, but instead by private insurance companies, and you must sign-up for them individually.

The last part is Part C or Medicare Advantage. This is a second route you can take to manage your health care that replaces Original Medicare with a “bundled” program that rolls your Parts A, B and D all into one plan. These plans (also called MA or MAPD plans) are provided by private insurance companies. We will discuss how this works more after we look at the basic parts.

Let’s look at each part:

Part A

First, Part A, also known as “Hospital Insurance,” helps with coverage regarding:

  • Inpatient care
  • Skill nursing facility care
  • Hospice care
  • Home health care

Part B

Second, there is Part B, also known as “Medical Insurance.” Part B helps with coverage related to doctor and other provider services, including:

  • Outpatient
  • Home health
  • Doctors
  • Health care providers
  • Durable medical equipment
  • Prevention

What Part A & B Don’t Cover

When you visit the hospital, Part A pays for most of the costs associated with these services. In addition, your doctor and medical costs will mostly be covered by Part B. However, Part A and Part B do not pay for all of it. There are co-payments, coinsurance, or deductibles that may apply to covered services.

Typically, Medicare pays for about 80% of the costs. Most beneficiaries will supplement Original Medicare with either a Medigap plan or choose a Med Advantage Plan instead. Very few people just have the Original Parts A & B alone.

Finally, there is no part that covers Long-Term Care costs such as Nursing Home or Assisted Living Expenses. Skilled nursing, yes, but nursing homes no.

Next, there is a third part called…

Prescription Drug Coverage

Part D

Finally, you need Part D, also known as “Prescription Drug Coverage.” Private insurance companies provide Part D coverage rather than the government.

Consequently, if you decide not to take on Part D coverage right away, you might incur a penalty if you try to join later. This is if you do not have “credible coverage” (such as with an employer or union). Therefore, please make sure you are signed-up for a drug plan, not just Parts A and B. This is important if you ever suspect you will need this benefit in the future.

The Two Paths of Coverage

You can be covered one of two ways: Original Medicare / Medicare Advantage.

Original Medicare

What are Medicare Supplements_

Path One – Enroll and keep Original Medicare Part A and Part B, sign-up for a Part D or drug plan with a private insurance company, and then you can add on top of that a Supplemental Coverage Plan that picks-up the tab where Medicare leaves off.

There are different kinds of Supplement plans (Medigap Policies) that cover different benefits and they all cost different prices with different insurance companies. To learn more about Medigap or Supplements click here.

Medicare Advantage

What is Medicare Advantage?

Path Two – After your enrollment in Parts A and B, your second option is to join a Part C plan. We call these Medicare Advantage Plans, and private insurance companies run them.

In fact, the government calls these “bundled plans.” Most of them wrap parts A, B and D all into one package. In addition, they often give their members extra benefits and hopefully lower out-of-pocket costs. To learn more about Medicare Advantage click here.

Medicare Supplements vs Medicare Advantage

Medicare Advantage Vs Medicare Supplement

Not everyone will make the same choice on what plan is best for them. Both paths are good options and have many advantages. If you would like to read about the advantages and disadvantages to both, please read this article.

What is Open Enrollment?

Also called AEP – The Annual Enrollment Period is the time of year beneficiaries can make changes to their Medicare Advantage Plans and Part D Prescription Drug Plans. Conversely, you can change your Supplement (Medigap) Insurance any time of the year.

Information for new plans starts to become available each year on or around October 1st. However, changes can not be made until AEP actually starts on October 15th. AEP then ends on December 7th each year.

How Much Does Medicare Cost?

how much does medicare cost?

How much you pay for your insurance depends on how you set-up your plan. As for the basics. Most people receive Part A at no cost, and everyone pays a Premium for Part B. To learn more about who pays what, please read our article here.

Part A & B Cost Summary:

  • In 2020, the Medicare Part B Deductible will be $198
  • In 2020, the Medicare Part B Monthly Premium will be $144.60.

Click here to learn more about who pays the Part B Deductible and about income adjustments to these numbers.

Drug Costs

You will buy Part D, Prescription Coverage from a private insurance company. Each company will price their service differently. Additionally, you can shop for the best plan and price for you.

There is also an income adjustment for Part D coverage. This adjustment is on a sliding scale, and affects those that make more than $85,000 a year.

Part D also has co-pays and deductibles that raise your out-of-pocket expenses.

The Medicare and You Guidebook

how to read Medicare and You 2020 guidebook

Every year the Center for Medicare and Medicaid Services publish a guidebook that details out the Medicare Program: Medicare and You. In addition, this book outlines changes for the upcoming year.

The guide is helpful, but it is often way to long to capture most people attention long enough to get a full understanding of the program. For this reason, we at Medicare Life Health Co. produced a User’s Guide for the Medicare and You Guidebook, and you can find it here.

Where to find the guide

What are My Next Steps?

  • Talking to a licensed, independent insurance agent at any stage of your planning is a good idea. Agents know your area market and can tell you what the best options are for your unique circumstances.

Further Reading

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Medicare and Medicaid Difference Guide

Medicare and Medicaid Difference Guide The Medicare and Medicaid Difference Guide helps you understanding both services, so you can make ...
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Is Medicare Plan F Going Away?

Is Medicare Plan F Going Away?

Is Medicare Plan F Going Away? As a Medicare Health Insurance Agent I hear this question over and over: "Is ...
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Renew Active vs Silver Sneakers

Renew Active vs Silver Sneakers

Renew Active vs Silver Sneakers Does it sometimes seem like Medicare and Insurance companies are trying to make things as ...
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what is Silver Sneakers Senior Fitness

What is Silver Sneakers?

What is Silver Sneakers? Maybe you just overhead your neighbor talking about his free gym membership, or maybe your doctor ...
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What Does Medicare Part A Cover

What Medicare Part A Covers

What Medicare Part A Covers Here is what Medicare Part A Hospital Insurance covers: Inpatient Hospital CareSkilled Nursing CareStays at ...
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What is the Medicare Donut Hole? Or Doughnut Hole?

What is the Medicare Donut Hole?

What is the Medicare Donut Hole? The Medicare Donut Hole (or Doughnut Hole) is a coverage gap in the Part ...
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2020 Part B Deductible

2020 Part B Deductible

2020 Part B Deductible for Medicare The 2020 changes for Medicare were released this month. The 2020 Part B Deductible ...
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qualities of a good insurance agent

Qualities of a Good Insurance Agent

The Top 6 Qualities of a Good Insurance Agent What are the qualities of a good insurance agent you should ...
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medicare open enrollment 2019

Medicare Open Enrollment 2019

Medicare Open Enrollment 2019 Medicare Open Enrollment 2019 runs from October 15th to December 7th. These are the same dates ...
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Railroad Medicare Benefits and Choices at MedicareLifeHealth.com

Railroad Medicare

Railroad Medicare - What You Need to Know Here is what you need to know about Railroad Medicare Benefits to ...
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does medicare cover hearing aids?

Does Medicare Cover Hearing Aids?

Does Medicare Cover Hearing Aids? One questions we hear a lot at Medicare Life Health is "Does Medicare Cover Hearing ...
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how to read Medicare and You 2020 guidebook

Medicare and You 2020

Medicare and You 2020 Guidebook - Read This First Your Introduction to the Medicare and You 2020 Book, and where ...
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Medicare Parts A B C D Explained

Medicare Part A B C D

Medicare Parts A B C D Explained Medicare has four different parts: Medicare Part A B C D. Each of ...
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Medicare For All Explained

Medicare For All Explained The Presidential Debates have started, and once again, the rising costs of health care is a ...
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5 Biggest Medicare Mistakes

5 Biggest Medicare Mistakes

The 5 Biggest Medicare Mistakes and How to Avoid Them No one wants to make a mistake that will cost ...
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