In most cases, Part A includes the following services. However, some of these are only covered under specific situations and for a limited amount of time.

Medicare Part B covers medically necessary services and preventive services. These include:

Your premium is free if you or your spouse paid Medicare taxes for 10+ years. Otherwise, it will cost $227-$413 per month.

• The deductible is $1316 (per year).

• First 60 days are free

• Next 30 days will cost $329 per day

• Next 30 days will cost $658 per day

• After that, you pay the full amount

• First 20 days are free

• Next 80 days will cost $164 per day

• After that, you pay the full amount

The standard premium is $134 per month (or higher depending on your income). However, on average you will pay $109 or less if you receive Social Security benefits.

The deductible is only $183 per year. Once you meet your deductible, you will be responsible for 20% of your health care bills..

Your first enrollment window for all Medicare plans is called the Initial Enrollment Period (IEP). This enrollment period includes the three months before your 65th birthday, the month you turn 65, and three months after your birthday.

If you don't sign up during your IEP, you can also enroll during the General Enrollment Period (January 1–March 31st each year). However, enrolling in Part B outside of your IEP may result in a late enrollment penalty.

The cost varies depending on what plan you choose. To see your specific rates, you can call one of our licensed insurance agents at 855-935-5622.

You can enroll during or anytime after your Initial Enrollment Period (IEP). This enrollment period includes the three months before your 65th birthday, the month you turn 65, and three months after your birthday. However, you must be enrolled in Part B before you can enroll in a Supplement plan.

If you enroll after your IEP, you can be turned down or charged more based on any pre-existing condition.

Depending on which plan you choose, it will cost anywhere from $0 to more than $100 per month. Anyone who enrolls in an Advantage plan will pay the same regardless of age or health history.

When you first enroll in both Medicare Parts A and B.

Or during the annual Open Enrollment Period (October 15th–December 7th).

Prescription drugs are covered at different rates depending on what tier they fall under:

Tier 1: Generic drugs

Tier 2: Preferred brand-name drugs

Tier 3: Non-preferred brand-name drugs

Tier 4: High-cost drugs

For example, your plan may cover 80% for “generic drugs” and 20% for “preferred brand name drugs”.

The average premium costs $34 per month (but may vary depending on the plan you choose and where you live). Deductibles also vary but are capped at $400.

If you are enrolled in Medicare Part A and B you can enroll in Part D during your Initial Enrollment Period:

The seven-month period that includes the three months before your 65th birthday, the month you turn 65, and the three months after your birthday.

Under 65 with a disability

You will automatically be enrolled in Medicare Parts A and B if you have received disability benefits from Social Security or the Railroad Retirement Board for 24 months.

ALS (Amyotrophic Lateral Sclerosis, also known as Lou Gehrig's disease)

If you have ALS, you will automatically be enrolled in Medicare Parts A and B the month your disability benefits begin.

If you haven’t paid Medicare taxes for 10+ years, you can still enroll in Medicare but will have to pay a premium.

Copayment:

The fixed amount you pay for specific health care services (visiting your doctor, refilling your prescriptions)

Deductible:

The amount you’re required to pay before your insurance starts helping you cover the cost

Coinsurance:

The percentage you have to pay for medical bills after you hit your deductible and before you reach your out-of-pocket max

Out-of-pocket max:

The most you will pay during your coverage period (typically 12 months)

We also wrote a blog post that covers each of these in detail Click here to learn more.