TAKE THE MEDICARE QUIZ! 

1.     TRUE OR FALSE.  Medicare Part A has a $1484 Annual Deductible.

2.     TRUE OR FALSE.  Medicare Advantage plans are not really Medicare.

3.     The Medicare Part D Prescription Plan my spouse has is probably the best one for me?

4.     TRUE OR FALSE.  All Medicare Part D Prescription Drug Plans cover the same list of medications?

5.     TRUE OR FALSE.  I can get a better price on my Medicare Supplement if I sign up now while I’m still 64 years old even though my coverage won’t start until I’m 65.

6.     TRUE OR FALSE.  Medicare Part B pays 20% of my expenses up to a maximum of $6500 out of my pocket each calendar year.  Then Medicare pays 100% the remainder of the calendar year.

7.     TRUE OR FALSE.  I own my home and get over $1000 per month in Social Security.  I won’t qualify for Extra Help with my monthly premiums and copays.

 Scroll Down for the Answers….

ANSWERS

1.     False.  Medicare Part A has a $1736 deductible per 60-day benefit period.  You could be responsible for paying this $1736 deductible multiple times per year.  Medicare Supplement plans B through N pay this deductible for you.

2.     False.  If you join a Medicare Advantage Plan, the plan will provide all of your Hospital and Doctor coverage through Medicare Part C. Medicare Advantage Plans may offer extra coverage, such as vision, hearing, dental, and/or health and wellness programs. Most include Medicare prescription drug coverage (Part D).  Your area has Medicare Advantage plans including prescription coverage beginning at $0 per month for the plan premium.

3.     Some counties have over 25 plans available. If your spouse does not take the same exact prescriptions you take, it is always best to compare all the plans and choose the best plan for each individual.

4.     False.  Each Medicare Part D prescription plan has its own list of covered drugs.  Those lists vary not only by company, but also by plan within the same company.  There are many different Part D plans available in your area.  With access to the Medicare Prescription comparison system, we can enter your prescriptions in the system and tell you which plan is right for you.  Plans change every January 1st, so we offer this comparison as a free annual service to all our Part D clients.

5.     This very well could be true.  Insurance companies have rate increases for various reasons throughout the year.  By signing up at age 64 ½, you lock your price in at today's price. So even if the insurance company has a price increase between now and when you turn 65, your price will not change and you will get today’s good rate.

6.     False.  There is no out of pocket maximum on Medicare Part B.  The 20% that you owe on doctor’s charges after your deductible continues no matter how many charges you have during a year.  $100 doctor bill?  20% is $20.  $35,000 air ambulance bill?  20% is $7000.  $100,000 surgeon bill?  20% is $20,000.  A Medicare Supplement plan can assist you in paying this 20%.

7.     False.  There are several levels of qualification for getting assistance, not only in paying for prescriptions but in paying for the monthly plan premium as well.  Even those who receive monthly income and have money in the bank may qualify.  We can help you to see if you qualify.