Medicare and You_2 Flashcards
What’s the Part A late enrollment penalty?
If you aren’t eligible for premium-free Part A, and you don’t buy it when you’re first eligible, your monthly premium may go up 10%. You’ll have to pay the higher
premium for twice the number of years you could have had Part A but didn’t sign up. For example, if you were eligible for Part A for 2 years but didn’t sign up, you’ll have to pay a 10% higher premium for 4 years.
How much does Part B coverage cost?
The standard Part B premium amount in 2024 is $174.70. Most people pay the standard Part B premium amount every month. To determine if you’ll pay the IRMAA, Medicare uses the modified adjusted gross
income reported on your IRS tax return from 2 years ago. Visit Medicare.gov to
learn more about IRMAA.
What is IRMAA?
The Medicare income-related monthly adjustment amount, or IRMAA, is a surcharge on Medicare premiums for Medicare Part B (medical insurance) and Part D prescription drug plans.
What’s the Part B late enrollment penalty?
If you don’t sign up for Part B when you’re first eligible, you may have to pay a late enrollment penalty for as long as you have Part B. Your monthly Part B premium may go up 10% for each full 12 months in the period that you could’ve had Part B, but didn’t sign up.
How are my premiums deducted if you’re a federal retiree with an annuity from the Office of Personnel Management and you aren’t entitled to Social Security or RRB benefits?
You can ask to have your Part B premiums deducted from your annuity. Call 1-800-MEDICARE (1-800-633-4227)
What are the 4 ways to pay your premium Medicare bill:
Pay online by credit card, debit card, savings, or checking account.
How to sign up for Medicare Easy Pay.
Visit Medicare.gov/medicare-easy-pay, or call
1-800-MEDICARE to find out how to sign up.
What does Medicare Part A cover?
Part A (Hospital Insurance) helps cover:
* Inpatient care in a hospital
* Skilled nursing facility care
* Hospice care
* Home health care
Medicare Part A deductible?
$1,600 ($1,632 in 2024) for each time you’re admitted to the hospital per benefit period, before Original Medicare starts to pay. There’s no limit to the number of benefit periods you can have.
Inpatient stay co-pays?
Days 1-60: $0 after you pay your Part A deductible
Days 61-90: $400 ($408 in 2024) each day
Days 91-150: $800 ($816 in 2024) each day while using your 60 lifetime reserve days
After day 150: You pay all costs
Skilled nursing facility care minimum?
Medicare only covers skilled nursing facility care after a 3-day minimum medically necessary inpatient hospital stay* (not including the day you leave the hospital) for an illness or injury related to the hospital stay
Does Medicare cover acupuncture?
Medicare only covers acupuncture (including dry needling) for chronic low back
pain. Medicare covers up to 12 acupuncture visits in 90 days for chronic low back pain defined as:
* Lasting 12 weeks or longer
* Not having an identifiable cause (for example, not an identifiable disease like cancer that has spread, or an infectious or inflammatory disease)
* Pain that isn’t associated with surgery or pregnancy
Are wellness visits covered?
If you’ve had Part B for longer than 12 months, you can get a yearly “Wellness” visit to develop or update your personalized plan to prevent disease or disability based on your current health and risk factors. The yearly “Wellness” visit isn’t a physical exam. Medicare covers this visit once every 12 months.
What ISN’T covered by Part A and Part B?
Some of the items and services that Original Medicare doesn’t cover include:
✖ Most dental care*
✖ Eye exams (for prescription eyeglasses)
✖ Dentures
✖ Long-term care
✖ Cosmetic surgery
✖ Massage therapy
✖ Routine physical exams
✖ Hearing aids and exams
What part of Medicare pays for ambulance?
You pay 20% of the Medicare-approved amount. The Part B deductible
applies.
