Why do I have to pay for Medicare?

Your Original Medicare Parts A and B coverage is not fully funded by the Medicare contributions you made when you were employed. You may be eligible for Part A Medicare coverage that is premium-free (no monthly cost) if you have paid Medicare taxes for a sufficient amount of time while working (often 10 years or 40 quarters by Social Security standards).

Hospitals and other inpatient treatments is covered by Medicare Part A. Depending on the number of years they have worked, individuals who haven't made enough Medicare tax contributions may have to pay a premium for Medicare Part A Coverage.

In addition to Part A, you'll also need Medicare Part B coverage, which pays for things like doctor visits and other medical services and equipment. Higher earnings receive an extra Income Related Monthly Adjustment Amount (IRMAA), which raises that amount. In other words, if you are a high-income earner, your Part B provider premium may cost a little more money.

1. Coinsurance or copayments: After meeting the annual deductible, beneficiaries typically pay 20% of the Medicare-approved amount for most services covered under Part B. This coinsurance or copayment amount may vary depending on the specific service received or the beneficiary's chosen plan.

Get FREE help with Medicare plans and comparisons!
No Charge, No Obligation! Call us anytime!

CALL NOW!  813-777-8056

2. If you are enrolled in Original Medicare and don't currently have an existing group or individual "Creditable" Prescription Drug Plan," you would also have to enroll in Medicare Part D and may pay a separate premium for prescription drug coverage. 3 Ways to Avoid Medicare Part D Late Enrollment Penalties.

3. Keep in mind that with all parts of Medicare Parts A, B, and D or Medicare Advantage: Part C (MA, MA-PD), there will still be deductibles, copayments, or co-insurance for certain services and products.

It's important to note that certain individuals may qualify for assistance programs that can help with Medicare costs. These programs include the Medicare Savings Program and the Extra Help program for prescription drug coverage. Eligibility for these programs depends on income and asset limits. It's important to note that the premium costs associated with Medicare Part B can change annually.

MedHelpCenter.us recommends that you call the Senior Health Insurance Agency at 813-592-8568 for further help and explanation.