Medicare is ConFUSing
We can take the “fus” out of confusion. We teach a FREE Medicare Classes on a regular basis at the Noblesville Senior Citizen Organization. Reach out for more information:
**The event is for education purposes only. There will be no marketing material available and no company-specific plans will be discussed.
Medicare 101
Medicare is confusing, sometimes even maddening. However, I appreciate that our government gives us such a wonderful benefit. Here are some basics. Medicare has 4 parts:
Part A
The cost of this is ZERO if you meet the qualifications, that is if you’ve worked a minimum of 40 quarters (10 Years) or you were married to someone who did work 40 quarters. Medicare Part A begins when you turn 65 or are disabled. This part covers the hospital costs. There will be significant copays for you to pay along with what Medicare pays. Good reason to have a Medicare supplement or Medicare Advantage.
Part B
This part is optional but very necessary. Wise folks take this as soon as they are able. There is a charge for Part B and that charge is based on you income level. The Standard rate for 2024 is $174.70. This part covers the doctors costs. There is a small annual deductible then an 80% – 20% copay. Thank God Medicare pays the 80%, but I’ve seen the 20% bankrupt people. Another good reason to have a Medicare supplement or Medicare Advantage.
Part C
Also know as a Medicare Advantage program or MA or MAPD plan. This will be covered in a different tab. But you need to know this, by law, you can not have both a Medicare Supplement and a Medicare Advantage program.
Part D
The “D” will help you to remember this is coverage for your DRUGS. As of 2025 there are only 3 phases to every drug plan. The first phase is the deductible. Companies are allowed to go up to but not over $590 annually in 2025. Many companies have lower deductibles and some are $0 deductibles. Phase two, is the copay phase. The guideline is Medicare pays 75% and you pay 25%. The old phase three known as the Gap Coverage is now gone. Now when the out of pocket (OOP) threshold of $2000 is reached you enter the last phase which is called the Catastrophic Phase where you will pay nothing for your drugs.
Part D
You Might Qualify for Extra Help
In 2025, you would qualify for assistance with the cost of your prescription drugs if…
-
your income is under $22,590 a year ($30,660 for a married couple) AND
-
you have less than $17,220 in resources ($34,360 for a married couple)