How Medicare Works

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When you go on Medicare, you automatically get Part A (hospitalization) coverage to start on the first day of the month you turn 65 (or the first of the month before if your birthday falls on the first).

Part A costs nothing, and basically covers your hospital room an board, with the exception of a deductible and daily hospital copay that starts after an extensive state.

Part B is Medical and it is normally automatically signed up for the same effective date, unless you aren’t drawing Social Security and still have group coverage. If you have group coverage and don’t want to retire, its best to compare the cost and benefits of your group coverage to Medicare. If you decide to stay on group coverage, DON’T active Part B right away.

Once you have decided you do need Part B, you’ll likely have to pay for it. For most people, the Part B premium is $134 per month. Part B has a $183 calendar year deductible, and after that it pays 80% of surgeries, doctor’s office visits, durable medical equipment rentals, and all sorts of other stuff. The 20% on Part B is your responsibility and has NO limit on how high it can be.

So, this is where the cost mitigators come in. We recommend a Medicare Supplement or Medigap Plan F, G or N to be purchased to attach to your Medicare Parts A and B and cover all or most of the costs for you.

Plan G is the best value Medicare Supplement plan. It leaves only one hole in the coverage, and that is for the Part B calendar year deductible, which is currently just $183. Aside from that you pay absolutely no Part A and B approved expenses. You can also still go to any doctor or hospital that accepts Medicare. This part varies in price from area to area and age to age, but we can search 50 available plans in most zip codes and make sure you have the absolute best rate!

The last step is ensuring you have drug coverage. This is important to avoid a penalty, and to cover you for large out of pocket drug costs. There are 20 different plans, and we typically just put your prescriptions in Medicare’s Part D calculator to help pick a plan for you. The average cost on this is about $20 to $25 per month depending on what you need. It can be as low as $12.60 per month.

I hope this simplifies the process a little bit for you. So many people do bookoos of research, and if they allow us to we can save them a lot of time and energy by putting them with the best plan from the start!

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Call 1–800–462–3980 for questions or help!

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Justin Brock

President & CEO of Bobby Brock Insurance