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Medicare Part B costs

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When you enroll in Medicare and get Original Medicare, you usually must sign up for Medicare Part B. Although you may have premium-free Part A, you will have to pay monthly premiums to get Part B coverage. There are certain aspects that affect how much you have to pay. In this article, we will explain what you need to know about Medicare Part B costs.


 Medicare Supplement Plans

Monthly premiums of Medicare Part B

     Whether you get Medicare Part B automatically or you have to sign up for it, you will have to pay monthly premiums to get the coverage. You will get a bill to pay the monthly premium unless you have certain benefit payments, which apply if you get Social Security, Railroad Retirement Board of Office of Personnel Management benefits. In those three cases, you won’t get a bill and your monthly premium will be automatically deducted from your benefit payment.

Most people pay the standard premium monthly amount, which is $134 in 2018. However, some people who get Social Security benefits pay a lit bit less, $130 on average.

How much you have to pay will also depend on your modified adjusted income. If it is above certain amount, you will pay an Income Related Monthly Adjustment Amount (IRMAA). This means that you will have to pay the standard premium amount plus the IRMAA. To calculate your IRMAA, Medicare will use the modified adjusted gross income report on your IRS tax return from two years ago, which is the most recent provided to Social Security by the IRS.

You pay the standard amount of $134 or higher (depending on your modified adjusted income) if you enroll for Part B for the first time in 2018, you don’t get Social Security benefits, you are directly billed for your Part B premiums, your modified adjusted gross income is above a certain amount or you have Medicaid and they pay for your premiums. In the last case, your state will pay the standard premium amount of $134 because you have Medicaid.

Quotes and information on  Medicare Supplement Plans can be located on the following site:

How much do I have to pay depending on my Modified Adjusted Gross Income (MAGI)?

In 2018, the monthly premium amounts depending on your Modified Adjusted Gross Income (MAGI) are the following:

  • If your MAGI is $85,000 or less, or you are a married couple with a MAGI of 170,000 or less, you only pay the standard premium of $134.
  • If your MAGI is above $85,000 up to $107,000, or you are a married couple with a MAGI above $170,000 up to $214,000, you pay the standard premium of $134 plus $53.50.
  • If your MAGI is above $107,000 up to $133,500, or you are a married couple with a MAGI above $214,000 up to $267,000, you pay the standard premium of $134 plus $133.90.
  • If your MAGI is above $133,500 up to $160,000, or you are a married couple with a MAGI above $267,000 up to $320,000, you pay the standard premium of $134 plus $214.30.
  • If your MAGI is above $160,000, or you are a married couple with a MAGI above $320,000, you pay the standard premium of $134 plus $294.60.

In case you disagree with the amount you have to pay, you have the right to appeal the decision.

In case your income goes down and that could make a difference in how much you pay, contact Medicare.

      Part B late enrollment penalty

If you don’t enroll to Medicare Part B when you were first eligible, your monthly premium will go up 10% for each 12-month period that you could have had Part B, but didn’t sign up for it. You will have to pay the Part B late enrollment penalty for as long as you have Part B.

Part B Deductibles and Coinsurance

Part of Medicare Part B costs are deductibles and coinsurances. Your deductible will be $183 per year. After you pay your deductible, you pay 20% of the Medicare-approved amount (coinsurance) for most doctor services, outpatient therapy and durable medical equipment.



Tips to save money on Medicare Supplement Plans

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Medicare Supplements Plans almost always provide greater exposure to Medicare Advantage Plans that is why a lot of individuals are deciding to enroll in normal Medicare and purchase supplemental-insurance. Individuals who have physical complaints and issues must use this period to purchase a Medicare Supplemental quotation.

A lot of individuals are chatting about saving money nowadays. It is a main matter of conversation. Costs for few things look as if set in stone still, as if there is no means to decrease your expenses. Most elders think that Medicare Supplement plans come into the “set in stone” group. But, that is not essentially the case, as there are quite a lot of considerable ways to save wealth on your Medigap plans.

Below are 3 ways to save wealth on your Medigap insurance which numerous people might not be familiar with or know about.

Household spouse discount

This is perhaps the simplest method to save money to have the same plan as your partner. Not all firms offer this, however the bulk of competitively- assessed firms do. It is an encouragement to keep all of your business both you and your partner with the same firm. If you are with the same firm and are not getting this discount, you must inquire with your present firm about it or, perhaps, find another firm which would be less costly and or give this discount.

Medicare supplement plans 2019

Payment Mode Discount

Firms manage this in various ways. Several are less costly when you pay once-a-month by bank draft. But, few are still less costly if you pay semi-annually or annually. Anyways, this is something to check out.  To find out how you can enroll in 2019 Medicare Supplement plans

Early Enrollment Discount

Some firms give an early enrollment discount for those who register in their plan within a specific period of time after turning sixty five years. This discount mostly is decreased over time. But, while registering at or near age sixty five, the discount can make one firm’s charges better than another.

Bear in mind that the real charge for Medicare Supplement plans is fixed. One broker or agent cannot give a better rate than the other. But, these firm-offered discounts may affect the charges a good bit and make one firms charges more inexpensive than another.

If you are not receiving all this, or any, of such benefits and you feel like you must be suitable, we suggest comparing your coverage to find if there is any other firm which provides the discounts and would be more beneficial to you money-wise.