Understanding Health Insurance terminology first will be helpful in understanding Medicare policies! Premium: A monthly payment for health insurance. If you’re fortunate enough to have employer-provided insurance, the company picks up all or part of the premium. Copay: Your copay is a predetermined rate you pay for health care services at the Read more…
Medicare doesn’t cover long-term care (also called custodial care). Most nursing home care is custodial care. Your costs in Original Medicare You pay 100% for non-covered services, including most long-term care. What it is Long-term care is a range of services and support for your personal care needs. Most long-term care Read more…
Medicare was never designed to pay 100% of all your medical bills. I will explain the deductibles and co-insurance that comes with Part A and Part B. Procedures must be approved before Medicare pays their share. In general, Part A covers: Part A: $0.00 per month if you have 40 Read more…
Your monthly premium will be taken from your Social Security Check. If you are not on Social Security you will receive a Quarterly bill in the mail from Medicare. This option can be dangerous if you neglect to pay the bill. You will lose your Medicare benefits and because you Read more…
For some people, the lines between Medicare and Medicaid may not be clear. With similar names and the same basic purpose, it is easy to confuse what each program has to offer and how it works. While there are many differences, the government runs both programs in order to help Read more…
What to watch out for when you are still working in a group under 20. First if your employer insurance is ACA compliant you will not be penalized for not taking Part B or Part D, but if the employers insurance is not ACA compliant you can be penalized for Read more…
When learning about enrollment, it’s important to keep a few key things in mind when it comes to rules and risks. Medicare cost enough without additional penalty fees. Medicare Part A penalty Most people eligible for Medicare are entitled to Part A for free. This is because you or your spouse already paid the Medicare Read more…
IRMAA is an acronym for Medicare’s Income-Related Monthly Adjustment Amount. A higher premium is charged by Medicare for Part B and Part D monthly premiums to individuals with higher incomes. This has nothing to do with your Supplement or Medicare Advantage plan premiums. The 2020 IRMAA amount is based on your Read more…
So you just lived through all the commercials for Annual Open Enrollment, Now what? There is a Special Election Period starting Jan 1st 2021 Colorado regulators have created a one-time “special” enrollment period! This Special “Enrollment Period” allows anyone living in Colorado on Medicare Plan F, C or HDF to Read more…