Everyone needs a little assistance when it comes to Medicare. Here’s the basics:
Medicare Parts A and B:
Original Medicare has two parts:
Medicare Part A (Hospital Insurance)
Most people don’t pay a premium for Part A, but if you don’t qualify for a $0 premium you’ll pay $565 per month.
Medicare Part B (Medical Insurance)
Most people do pay a premium for Part B of $202.90, but if you make $85,000 or more you’ll pay more.
Click here to see more Medicare 2014 costs at a glance.
Medicare Late Penalties
Fantastic question. Part A and Part B penalty’s work slightly different.
Part A late enrollment:
If you don’t sign up for Part A when you’re first eligible, your monthly premium may go up 10%. You will pay this premium for twice the number of years you were eligible for Medicare but didn’t sign up.
Part B late enrollment:
If you don’t sign up for Part B when you are first eligible, you might have to pay 10% for each full year that you could have had Part B, but didn’t. Here’s the kicker, this premium may stay with you for the life of your Medicare coverage.
The late fees can add up, so, sign up as soon as you can.
What does Medicare cover?
The basics of the coverage are short-term hospital stays and basic general medical care. There are gaps in Medicare that aren’t covered, but there’s options to cover these costs, such as Medicare Supplement Plans, also known as Medigap, that cover a wide arrange of areas such as blood transfusions, deductibles, coinsurance, and extending your hospital stay by 365 days.
Next Steps:
To find out how much Medigap costs and what plans are in your area call the number above or contact Senior65.com.