Good morning all,
I hope all is well in your world. This is the second blog in the series of what Medicare for All would look like if it was implemented for everyone. Again this is not a political commentary, as I have no party affiliation; I do not trust anyone in Washington DC. I know that I have gone over this people turning 65, but hopefully, this will provide some insight to individuals that are well below 65 and want to get some information on how it would work for them. Today, I will talk about the second part of Medicare, Part B. All of the prices are as of 2018, it will change every year and as it changes, I will update as soon as they come out.
Part B covers doctor’s visits, any outpatient procedures, emergency room visits, and anything that does not involve you being admitted into the hospital. If you have to go to the emergency room and are not admitted into the hospital then it will fall under Part B. If you are admitted into the hospital then it will fall under Part A.
Part B will also cover some prescriptions if it is administered by a doctor. An example of this is if you have cancer and after chemotherapy, your doctor has to give you a shot to increase your white blood cell count. This would be covered under Part B. If you go to the pharmacy and give yourself the shot at home then this would be covered under Part D, or your prescription plan. We will touch on that later this week.
Part B has a monthly premium of $134.00 for most people. If your income is above a certain threshold you will incur IRMAA. IRMAA is IRMAA is an additional charge for people in a higher tax bracket. I will provide a chart at the bottom of this post.
Part B has a deductible of $183.00 per year. You will be responsible for the first $183.00 of any charge for a Medicare-approved procedure. If you had to get an MRI done or an X-ray, you will owe the first $183.00. After your deductible has been met then your coverage will become an 80/20. Medicare will cover 80% and you will owe the other 20%. Unlike traditional insurance, there is no maximum out of pocket for Part B. If you do not have a Supplement then that amount could add up quickly-especially if you have a serious health issue, i.e. chemo, dialysis or something else, it can be costly. Most people purchase a Supplemental policy to pick-up most of the costs that Medicare does not.
If you have any equipment you need to get for an illness will also fall under Part B. Any durable equipment will fall under Part B and you will owe 20% if the costs. Diabetes, Sleep Apnea, and things of that nature will add up.
Part A & Part B are considered Traditional Medicare. You can go see any doctor that accepts Medicare. There are no networks to worry about, and as long as it is an approved Medicare procedure your care is between you and your doctor.
Something else to keep in mind if you go with Part A & Part B you will also need to enroll in a separate prescription plan, otherwise known as Part D. You will also probably need a Supplement.
If you're in 1 of these 5 groups, here's what you'll pay:
As always, if you have any questions please give me a call or shoot me an email. I will be more than happy to have a no pressure/ no obligation conversation about Medicare and make sure you have all the information you need to make the best decision for you.
Please do something nice for someone today, just because.
All the best,
Randall J. Lawson
The HgO Group
National Producer Number #9276045
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