Medicare Part A
This insurance covers things like hospital stays, nursing facility care, hospice care and home health care. You usually don’t pay a monthly Premium for Medicare Part A if you paid Medicare taxes throughout your career. You can get premium-free Part A at 65 if:
- You already receive benefits from Social Security or the Railroad Retirement Board.
- Are eligible to get these benefits but haven’t filed for them yet.
- You or your spouse had Medicare-covered government employment.
If you currently receive, or plan to enroll in a Medicare Advantage Plan, different rules may apply. Be sure to speak with your provider about any services or procedures needed, as your plan must give you at least the same coverage as Original Medicare.
Medicare Part B
If you are not yet getting benefits from Social Security at least 4 months before you turn 65, you’ll need to sign up with Social Security to get Part A and Part B. This insurance covers medically necessary and preventative services, similar to the health insurance secured through employer sponsored, or exchange supported plans.
Some individuals may choose not to receive Part B benefits if they are still covered under an employee delivered insurance plan, or their spouses employee sponsored plan. This is different from Part A which will be provided upon turning 65. However, it is important to pay attention to enrollment dates for Medicare Part B and your eligibility as you may have to pay a late enrollment penalty for missing the deadline.
Standard premiums for Medicare Part B are calculated based on your income. Tax returns from the previous two years will be used to establish the monthly premium payment. You’ll pay the standard premium amount if:
- You do not currently get Social Security benefits.
- Get billed directly for Part B premiums instead of deductions from your Social Security benefits.
- Also have Medicaid, and Medicaid pays your premiums.
You will pay a higher amount if your modified adjusted gross income from 2 years ago is above a certain amount, and an Income Related Monthly Adjustment is added to your standard premium. To review the income related adjustment levels, click here.
Brownell Insurance regularly offers Navigating Medicare – Workshop Series to help seniors and their families better understand the process and navigate the options. If you would like more information, or need assistance in enrolling for Medicare please email Marie Brownell at Marie@brownellinsurance.com.
