Original Medicare (Part A and Part B) includes some out-of-pocket costs such as deductibles and monthly premiums. Your Medicare Part B premium rate can increase based on your income.
The standard Part B premium is $148.50 in 2021.
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Every year, the Centers for Medicare and Medicaid determine rates for Medicare Part B premiums. If your reported income two years prior is above a specific threshold, you may have to pay more than the standard premium.
Though most beneficiaries will not pay a monthly premium for Medicare Part A, some people may have to pay up to $471 per month in 2021.
Both Medicare Part A and Part B have deductibles and coinsurance.
Original Medicare does not typically cover prescription drugs.
If you want Medicare prescription drug coverage, you can consider enrolling in:
You can learn more about Part D plans available where you live and enroll in a Medicare prescription drug plan online when you visit MyRxPlans.com.
Medicare Advantage plans may help some enrollees save money on health care costs.
All Medicare Advantage plans offer the same basic benefits available through Original Medicare, and some MA plans offer additional benefits that can include:
Medicare Advantage plans also include an annual out-of-pocket spending limit, which could help protect you from Medicare costs that can add up quickly when you have a serious illness or injury.
Medicare Advantage plans are sold by private insurers, so monthly costs and rate increases will vary based on your plan.
To learn more and to select the right Medicare Advantage plan for you, call today to speak with a licensed insurance agent.
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Christian Worstell is a licensed insurance agent and a Senior Staff Writer for MedicareAdvantage.com. He is passionate about helping people navigate the complexities of Medicare and understand their coverage options.
His work has been featured in outlets such as Vox, MSN, and The Washington Post, and he is a frequent contributor to health care and finance blogs.
Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism. He currently lives in Raleigh, NC.
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