It seems that every time you turn on the Television or Radio they are playing an urgent commercial about Medicare products. With all the fast-talking announcers and dramatizing, it’s hard to know how much information is actually reliable.
Think about it. Has anyone clearly explained all the different components of Medicare to you?
Do you know if you need a:
- Medicare Supplement?
- Medicare Advantage Plan?
- Medicare Prescription Plan?
What are the differences?
Medicare coverage can be complex and the cost can vary widely from provider to provider. Most people do not understand the difference between parts A, B, C and D. There can also be a penalty if you don’t sign up for part B or D. Choosing the right plan for you requires a careful assessment of your needs and up-to-date knowledge of regulations.
It is important to take the time to honestly and objectively evaluate your needs. This upfront investment of time can save you hundreds and perhaps thousands in premiums per year.
The experts at Creekstone Benefits can help. Our goal is to provide coverage options that are aligned and appropriate for your specific needs. We will gladly answer questions by phone. If you would like a Creekstone associate to perform a personal needs assessment, we frequently conduct these friendly sessions in the comfort of your own home.
What is a Needs Assessment?
A needs assessment is a meeting in which we carefully and respectfully analyze your medical needs and financial abilities. This information is then used to ensure that you only sign up for the services that you need.
Your coverage needs can be impacted by factors such as:
- How often and far you travel.
- What are your current medical needs?
- Are you comfortable with a set network of medical providers or do you want the freedom to go to the doctor of your choice?
- What is your budget for premiums?
Coverage We Offer:
- Medicare Supplements
- Medicare Part D (Rx Coverage)
- Medicare Advantage Plans
- Long Term Care
Companies We Work With:
Due to federal law, we are not allowed to list the companies we work with. We can say that we work with a lot different companies and will always suggest what is best for you!
Part A (Hospital Insurance)
You usually don't pay a monthly premium for Medicare Part A (Hospital Insurance) coverage if you or your spouse paid Medicare taxes while working. This is sometimes called "premium-free Part A." Most people get premium-free Part A. Click here for more detailed information on Part A costs.
Part B (Physician Insurance)
You pay a premium each month for Part B. If you get Social Security, Railroad Retirement Board, or Office of Personnel Management benefits, your Part B premium will be automatically deducted from your benefit payment. If you don’t get these benefit payments, you’ll get a bill.
Most people will pay the standard premium amount. If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago (the most recent tax return information provided to Social Security by the IRS).
If you're in 1 of these 5 groups, here's what you'll pay:
For more detail information on medicare part B cost please click here to go to the Medicare.gov website.
If you are in the higher income levels you can find more information from CMS here.
Part D (Prescription Drug Insurance)
You'll make these payments throughout the year in a Medicare drug plan: (The links below take you to Medicare.gov)
- Yearly deductible
- Copayments or coinsurance
- Costs in the coverage gap
- Costs if you get Extra Help
Your actual drug plan costs will vary depending on:
- The drugs you use
- The plan you choose
- Whether you go to a pharmacy in your plan's network
- Whether the drugs you use are on your plan's formulary
- Whether you get Extra Help
For more information please click here to go the the Part D Medicare.gov page.
*Information above is from the Medicare.gov website 2017.