Medicare Secrets You May Not Know About
June 14, 2023 | Kari Mellone
If you know anything about Medicare, it’s probably the fact that it’s complicated! There is a lot of information to decipher and details to understand. Medicare provides essential health insurance coverage to millions of seniors and disabled individuals. You may be familiar with the fundamental basics of Medicare, but here are some less-known aspects of the Medicare program that you may not be aware of.
1. Medicare isn’t free:
Not everyone realizes that Medicare has costs! For most individuals, Medicare Part A will be premium free. Medicare Part B, on the other hand, will have a monthly premium that you must pay. Original Medicare, consisting of Medicare Parts A and B alone, does not have a limit on your out-of-pocket costs and can leave gaps in your healthcare coverage. As a result, most Medicare recipients will enroll in supplemental coverage, which may include Medicare Part C (Medicare Advantage), Medicare Part D (prescription drug coverage), and/or a Medigap policy. These plans generally have an associated premium and can have deductibles, copays and/or coinsurance.
Find out more: Medicare Coverage & Costs
2. Medicare could cost you even more if you were a high-income earner:
A potential extra charge could be added to your Medicare Part B or Part D premiums if you were a high-income earner before starting Medicare. When your modified adjusted gross income (as reported on your IRS tax return from 2 years ago) is above a certain amount, you will then pay the standard premium amount in addition to an Income Related Monthly Adjustment Amount (IRMAA).
Read: What is IRMAA?
3. There are overlooked limitations and lesser-known benefits:
Medicare is complex, and when it comes to coverage limitations and benefits, it’s impossible to know it all. Many individuals do not initially realize that Medicare doesn’t cover all your healthcare needs, such as vision, hearing and dental. On the other hand, Medicare covers some medical services that are not as commonly known, such as a balance exam and obesity counseling.
Read: The SurePlan® Medicare System Makes Medicare Decisions Easy
4. You can request an appeal
It is important to know that if your Medicare plan unexpectedly denies coverage for medical services, you have the right to appeal the coverage determination. Such services may include a doctor visit, medical procedure, prescription medication, durable medical equipment or a hospital stay. If you believe the denied claim is inaccurate based on your benefit coverage, you will want to file for an appeal. Need help filing a Medicare appeal? 6 Tips For Filing a Medicare Appeal
There is so much to consider when planning for retirement and signing up for Medicare. Working with an experienced insurance broker can help you know your plan options and determine what is ideal for your individual needs. Contact Twin City Underwriters for help today.
Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!
Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, Blue Cross/Blue Shield of Minnesota, Medica and UCare. We work with you to find the best plan for your needs and budget. Contact us today to get started.
