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. There are 4 phases to every drug plan. The first phase is the deductible. Companies are allowed to go up to but not over $545 annually in 2024. 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%. Phase three is called the Gap Coverage. After the total drug costs reaches $5030 you pay about 25% of the drug cost, the insurance pays 5%, while the Pharma pays 70%. Once the total out of pocket costs of your drugs reaches $8000 you enter the last phase which is called the Catastrophic Phase where you will pay nothing for your drugs.

More Information on Part A

More Information on Part B

More Information on Part C

More Information on Part D