Some people automatically get Medicare Part B (Medical Insurance) and some need to sign up for Part B. If you fail to sign up for Part B when first eligible, you may have to pay a late enrollment penalty. In 2021, the standard Part B premium is $148.50. Usually, you’ll pay the normal Part B premium rate. If your adjusted gross income (AGI) on your IRS tax return from 2 years prior is above a designated amount, you will pay the normal premium plus an Income Related Monthly Adjustment Amount (IRMAA) – an extra charge – is added to your Part B costs | Medicare costs.
All plans are required to cover a good sized range of prescription drugs that people with Medicare will need, including most drugs categorized in protected classes. Information about a plan’s list of covered drugs or “formulary”, varies by health plan. Many Medicare drug plans and health plans with drug coverage, place drugs into different “tiers” within their formularies. Drugs within different tiers have a different cost. For example, a drug in a lower tier will generally cost you less than a drug in a higher tier.
Medicare Advantage Plans are another name used for your Medicare Part A and Part B coverage. Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are offered by Medicare-approved private insurers that follow Medicare regulations. Most Medicare Advantage Plans include drug coverage (Part D).
If you meet lower income and resource levels, you can qualify for Extra Help. This program helps cover your Medicare drug costs, such as plan premiums, deductibles, and the costs of when prescriptions are filled, called copays or coinsurance.
Medigap is Medicare Supplement Insurance that fills in the “gaps” in Original Medicare and is sold by private companies. Original Medicare pays for much, but not all, of the cost for covered health care services and supplies.
We proudly offer medicare insurance services in the greater Sacramento area, Roseville, Rocklin, Granite bay and surrounding areas. If you have any questions at all, please contact us here or call (916) 396-4111.
Contact Flores & Associates
Contact us today to know what we can do for you and what is also happening with your insurance.
As the CEO of Flores & Associates Insurance Services, Inc., and as an independent agent/broker, Joe is an industry expert with real-world experience. Joe brings exceptional expertise in Medicare, the Affordable Care Act (ACA), and he brings a multitude of Life.Learn more about Joe Flores and how he and his team can craft a unique solution to your insurance needs.
CA License number #0C47455 DRE #02113878
We do not offer every plan available in your area. Currently we represent 12 organizations which offer 26 products in your area. Please contact Medicare.gov or 1-800-MEDICARE, or local State Health Insurance Program to get information on all your options.