2020 Medicare Costs

This article briefly covers what the 2020 Medicare costs are, as well as the 2 main ways of getting your Medicare coverage.  In addition, I’ll explain the differences between these 2 options and what you can expect to get out of the Medicare coverage you decide on.

What is Original Medicare?

Original Medicare is referred to as Medicare Part A and Medicare Part B.  Medicare Part A pays 80% of your hospital related expenses.  Medicare Part B pays 80% of your doctor/physician related expenses.  (this is after you’ve paid the Medicare Part A & B deductibles)

If you want more coverage than just the 80% under Medicare Parts A and B, for example… coverage of the other 20% Medicare coinsurance and deductibles, you have 2 ways of doing that.  My agency can help you with either of these options and my services as an independent insurance agent are free to you.  I get compensated by the insurance company.

The 2 Main Ways to Get Your Medicare

Option 1:

Medicare Part A, which pays 80% of your hospital expenses, plus, Medicare Part B, which will pay 80% of your medical expenses.  Then, add a Medicare Supplement insurance plan, also known as a “Medigap” plan.  (for example, a Medicare Supplement Plan G or Plan N)

Medicare Supplement “Medigap” insurance plans pay the 20% Medicare coinsurance and deductibles for you.

The last component would be the drug coverage.  This is called Medicare Part D.  These plans are stand-alone drug plans that help with your prescription drug costs.

OR…

Option 2:

Enroll in Medicare Part C, also known as a “Medicare Advantage” plan.  These plans replace your “Original Medicare”.  Medicare Part C plans usually include your Medicare Part A, Part B, and typically Part D drug coverage.

Plans may be referred to as a “Medicare all-in-one-plan”.  These plans are offered by many insurance companies, like Aetna and Humana, for example.  However, they are not Medicare Supplement plans.  Medicare Part C plans typically are PPO’s or HMO’s.  You will have to make sure the doctors you wish to see are in the plan’s network.

Basically, you leave the protections of Original Medicare and you agree to get all of your Medicare Part A and Part B benefits directly from the insurance company, not Medicare.

2020 Medicare Costs Under Option 1:

Medicare Part A Hospital – $0 premium per month  (most people qualify for premium free Part A)

Medicare Part B Medical – $144.60 premium per month paid to Medicare (2020 standard amount, but yours could be more or less)

A Medicare Supplement insurance “Medigap” Plan G or Plan N would be my recommendation.  Do you want rates specific to your area?  Please contact me or run a quote from the Home Page (button top right of page).

Medigap Plan G AND Plan N both pay the 20% coinsurance under both Medicare Part A and Part B.  Plus, the Medicare Part A hospital deductible of $1408 (2020, and per occurrence), so you have 100% hospital coverage.  You would be responsible for the calendar-year, Part B deductible of $198 (2020), with everything above that covered at 100%.

** The benefits of any supplement plan you see on the Medicare Supplement plan chart (click here to see chart: http://bit.ly/2MHGsk2 )in this email and how that plan pays with Medicare… will be the same at each company that sells these plans, the only difference being the rates.  I have more companies than you see below, however these are the most competitive in your area. 

Are you ready to lock in your Medicare Supplement insurance plan rate?  The next step is applying, which I can handle all for you.  Contact me now to apply!  Call (888) 901-4870.

Part D (Medicare Rx Plan) – $13-25+ premium per month (please email your drug list to chad@lifelonginsurance.com along with your name, date of birth and zip code)

In your email please provide your drug list like this example-  Lisinopril 20 mg 1 x day.

To Recap:

Part A- $0

Part B- $144.60 paid to Medicare per month

Medicare Supplement “Medigap” Plan- see above on how to get rates

Part D- $13-25 per month for drug plan

Plus, no networks or referrals!  You can use any doctor or hospital that accepts Medicare.

You’re done!

If you would like dental, vision and hearing coverage, I can help with that as well.

2020 Medicare Costs Under Option 2:

To Recap:

Part A- $0

Part B- $144.60 paid to Medicare per month

Part C- $0-100+ (Premiums for Medicare Advantage plans can range from $0-100+ per month, plus copays & coinsurance for services or procedures… which would apply to the plan’s max out of pocket for the calendar year.)

** For compliance purposes and so that I can help you better understand the Medicare Part C “Medicare Advantage” and Medicare Part D Rx plans available in your county, CMS (Centers Medicare/Medicaid Services) requires agents to get “permission” to discuss plan benefits with a “Medicare Beneficiary” first, before the actual phone call or appointment.  The technical term is “scope of appointment”.

In order to send the scope to you, I would need your first and last name, full address, date of birth and phone.  This can be signed electronically, as well as all insurance applications we complete.

Signing up for Medicare Part A and Part B

If you’re not collecting Social Security or Railroad Retirement at this time, you will need to sign up for Medicare Part A and Part B.  You can sign up for Medicare beginning 3 months before your 65th birthday month, which I would advise.  The earlier the better!  I’ve included sign up options below.  If you’re collecting Social Security or Railroad Retirement, you will be auto-enrolled into Medicare Part A and Part B three months before your 65th birthday month, which is okay if you know you will be definitely taking Medicare as your health insurance at age 65.  Your Medicare card will be mailed out 3 months before, in this case.

Sign up online for Medicare go here: https://secure.ssa.gov/iClaim/rib

You can also apply:

• By phone – Call Social Security at 1-800-772-1213 from 7 a.m. to 7 p.m. Monday through Friday
• In person – Visit your local Social Security office.  (Call first to make an appointment)

Next Steps

If you have questions or would like to apply for coverage, please call (888) 901-4870 Direct, or you can schedule a phone call with me here:

Book Phone Appointment w/Chad

2020 Medicare Costs