How can I stop my Medicare Part B?
To stop your Medicare Part B coverage, you must complete a voluntary termination process through the Social Security Administration. This is a serious decision that requires careful consideration, as you may face penalties and coverage gaps if you decide to re-enroll later. The termination process requires submitting Form CMS-1763 to the Social Security Administration and […]
What Medicare Benefits are available for people with Disabilities?
People under 65 with disabilities are eligible for Medicare. People eligible for Social Security Disability benefits must have received benefits for at least 24 months or suffer from End Stage Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (ALS). The waiting period for Social Security Disability benefits begins five months after a beneficiary is determined to […]
Now Medicare Part D covers vaccines at no cost
Medicare Part D now covers all adult vaccines recommended by the Advisory Committee on Immunization Practices at no cost to beneficiaries. This significant improvement took effect January 1, 2023, as part of the Inflation Reduction Act of 2022. Previously, Medicare vaccine coverage was confusing and inconsistent. While Part B covered flu, pneumococcal, COVID-19, and hepatitis […]
Medicare Drug Price Negotiation – When will Medicare drug discounts begin?
As a result of the Inflation Reduction Act Medicare bill be able to negotiate directly with drug manufacturers to lower the price of some of the costliest single-source brand-name Medicare Part B and Part D drugs. This law requires drug companies that raise their drug prices faster than the rate of inflation to pay Medicare […]
What is the Additional Medicare Tax?
As a result of the Affordable Care Act (ACA), the Additional Medicare Tax was added in 2013. Additional Medicare Tax rates are 0.9 percent and apply to highly compensated workers. Individuals are liable for Additional Medicare Tax if their wages, compensation, or self-employment income (together with their spouse’s income if filing a joint return) exceed […]
Medicare and Hearing Aids
It is your responsibility to cover the full cost of your hearing aids since Medicare does not cover hearing aids or hearing health services. In addition to the type of hearing aid you select, the price of your hearing aid will depend on whether you choose to bundle it with audiology services and the cost […]
What is the Medicare Qualified Disabled and Working Individuals (QDWI) Program?
The Qualified Disabled and Working Individuals (QDWI) Program is a Medicare Savings Program that helps pay the Medicare Part A premium for certain individuals with disabilities who have returned to work. You may qualify if you’re under 65, disabled, and no longer eligible for premium-free Part A because you returned to work. You must not […]
How is Medicare Financed?
Medicare financing comes from several sources depending on the part. Part A, covering hospital stays, skilled nursing facilities, some home health visits, and hospice care, is primarily funded through payroll taxes. Employers and employees each pay 1.45% of earnings, totaling 2.9%. High earners pay an additional 0.9% Medicare tax on income above $200,000 for singles […]
Who Should Get a Medicare Supplement Plan G?
It may be a good idea for you to consider a Medicare Supplement Plan G if you fall into the following categories: * Are receiving your Part A and Part B benefits under Original Medicare and wish to have comprehensive coverage for most of your out-of-pocket expenses. * Would like to see any Medicare provider […]
Medicare and Long Term Insurance
Medicare and Long-Term Care Insurance work together to protect your health and financial security, but they serve very different purposes. Medicare provides limited coverage for long-term care services, covering skilled nursing facility care only after a qualifying hospital stay of at least three days and only for up to 100 days per benefit period. Medicare […]