If you or your spouse worked for at least 40 quarters where: Social Security taxes were withheld or you paid taxes on self-employed income, then you probably qualify for Medicare. In that case, there is no monthly premium for Part A (hospitalization). There is a monthly premium for Part B (medical), most beneficiaries pay around $135 per month for Part B coverage in 2019, however, Social Security (SSA) introduced an income-based premium scale around 10 years ago. Individuals with a Modified Adjusted Gross Income (MAGI) of more than $85,000, or couples with a MAGI above $170,000 can pay substantially more for their Part B coverage. Medicare Part C: is a way to get your Medicare benefits through a private company or carrier that is approved by Medicare. Medicare Advantage plans (which are usually HMO’s), are an example which include Part A, Part B and in most cases Part D (separate Rx coverage). People with traditional PPO type of Medicare Supplement plans need to choose a stand-alone Rx plan or Part D Plan (PDP). You make your Part D election by purchasing an Rx plan from a private Prescription Drug Carrier. The Rx plans generally offer a low option plan (usually around $30 per month) which will be adequate coverage for common, ordinary, mostly generic meds. They also offer a high option (usually around $100 – $120 per month) which will pay better if you have a long list of brand names or high cost specialty drugs, biologicals, etc. then you may well be better off paying more for a high option plan because over the course of the year, your overall share of cost may actually be less. At eIndividual, we know that choosing the right Medicare coverage can be a daunting and emotional process. Our friendly experts are standing by, ready to help you understand your options and craft a plan that fills all your needs and lets you rest easy, knowing your family is taken care of.
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