Wednesday, March 10, 2021

Here's What You Need to Know About Medicare 2021

Know About Medicare 2021. Get All Your Benefits

Medicare has Four Parts
Part A is hospital insurance, covering inpatient hospitalization, skilled nursing facility stays, home health care, and hospice care.

Part B is medical insurance, covering doctors' services, diagnostic tests, durable medical equipment, and outpatient hospital services 

Part C covers Medicare Advantage Plans, and Part D covers prescription drug plans. 

Part A, which is free for most Americans, and Part B, which charges a monthly premium of $148.50 for most people, provides the foundation of health insurance for Americans 65 and over.

But here's more. Medicare Part A has large deductibles (for example, $1,484 for a hospital stay of 60 days or less). Medicare Part B has no cap on out-of-pocket costs after Medicare pays 80 percent of approved expenses. 

Once the annual amount of $203 Part B deductible is met, as an example, Medicare will pay 80 percent of  your bill and you will have to pay 20% of whatever amount remains with no limits. The $203 is the 2021 deductible up from 2020. All deductibles, premium, and co-insurance amounts above are for Part A and Part B effective January 1, 2021. 

Medicare Additional Coverage
The limitations of Parts A and B prompts an estimated 39 percent of people on Medicare to enroll in a Medicare Advantage Plan. Medicare Advantage plans, Part C, are offered by private companies approved by Medicare, Besides services included in Medicare Parts A and B, they usually offer additional coverage, including vision and dental, health club membership, and both prescription drugs and transportation. 

Go to Medicare Advantage Plans And see what plans are available to you and take advantage of the benefits you have coming.

If you have additional questions call (773) 614-3201 or email me at

Are You Aging into Medicare? Here's What You Need to Know

Learn about Medicare and the choices you have.

Remember that Part B which pays 80% of doctors, supplies, outpatient services, physical or speech therapy does not have a cap after the 80% is paid by Medicare. 

At this point, most people would buy a separate private Medicare Supplement plan, often referred to as a Medigap plan, which picks up where Medicare leaves off.

Medicare Advantage - Part C 
If you are all right with managed care and visiting doctors within the plan's network, a Medicare Advantage Plan may work for you. However, if you want some flexibility, you travel a lot, or you spend your time between two homes, Original Medicare plus a Medicare Supplement Plan and a Part D Prescription Drug Plan is usually a better choice.

If you have health insurance through your work or your spouse's work, you can delay enrolling in part B. But if your employer has fewer than 20 workers or if you are on a company retirement plan, you must enroll in Part B as soon as you turn 65. Your workplace or retiree plan will become your secondary plan. 

You will need to check your Part D Plan every year because the list of covered drugs can change.

If you are already receiving Social Security, when you turning 65, you will be automatically enrolled in Medicare Part A if you have earned 40 credits through payroll taxes while working . Medicare Part A covers hospitalizations, blood transfusions during hospitalization, home health care, hospice care, and stays in skilled nursing facilities.

If not, go to the Medicare web site or visit your local Social Security office either three months before your birthday month, on your birthday month, or no later than three months after your birthday month. This is your eligibility window.

With regards to Medicare Part B, you do not need any work credits to qualify for Part B. However, if you don't sign up during your eligibility window, but then decide to enroll later, your premium goes up 10% for each 12 month period.   As an example, if you wait five years to sign up, your premium would then be 50% higher than someone who signed up on time.

As I mentioned earlier, you also have an option of choosing Medicare Part C, which is commonly known as Medicare Advantage. This is a managed care type plan which covers all your benefits under Part A and Part B, and often will cover your Part D Prescription benefit and may include dental, vision and physical fitness. These plans usually have zero or minimum monthly premium

Nevertheless, before deciding on a Prescription Drug Plan, make a list of the medications you are taking, check to see if they are covered under the plan you are considering. If and when you enroll, you will pay a regular plan premium which varies according to coverage. 

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