Medicare Cheat Sheet: Getting Started
There are several parts of Medicare (A, B D). We take a look at what each covers in this video.
thank you. Welcome, folks, to the Medicare Cheat Sheet Guide. Siri's. Greg, we've got a great box set for folks that are watching this. We've got a guidebook that goes along with this, but I thought would be a good job. A good time to put together a little video and talk about the five very important segments inside this Cici, By the way, Greg, Barry and folks, Coach Pete here. Greg, Let's talk about a B and D. What does that mean in the Medicare world? Alphabet soup, man, it sounds like it's Ah, it's probably one of the most confusing components of Medicare. Uh, first of all, uh, your part? A. That is the part that covers your hospital, and that is free. For the most part, most people have that for free, and then the second part is your part B that's considered original Medicare. And this year it's $144.60 for the part B per day, no for for the whole per month promote. That's that's how much that's for doctors, and that should cover. What does it cover up to certain? Max. 80 coder. It covers 80% of your doctors eighties. Okay, 80%. 80%. What about the other 20%? It's up to you. And that's why we talk about Medicare supplement. This is why this is where we're going the educational right now. Just what is Medicare? What does it cover? So a B what about D? And then D is the pharmacy play That's a drug, otherwise drug plan. You know the fear. Don't hold these to call it. Oh, yeah, One of things I've seen. If you don't, if you don't apply right away, you could be penalized for all the months you should have applied before. Absolutely. That gets a lot of people in trouble sometimes, especially the part being the party. There could be some some significant penalties. And here's the thing, Coach, if you don't, If you have that penalty when you're 65 years old, 70 years old, that states for you for the rest of your life. Okay, so it's a lifetime penalty. Lifetime penalty and sort of like a marriage ago that went wrong. Okay, A radio address, my little said, My little drum thing. My little drum. The thing that gives it like comedian uses, but all of that. Alright, so let's talk about costs. What it costs of each one a B N D. Well, of course, the A is free. For the most part, most people don't pay anything, and then you're be actually is interesting. It starts off. Most people pay $144.60. However, the more money that you make. For instance, if you make more than $500 a year, it'll be like over $400 a month. You get penalized for making more. They call this means testing. Before that, when you hear this word here Congress talking about means testing. It's very mean, but they make more people. If you make more money, you pay more money. Exactly, they can afford it. You know, maybe you can maybe can't, but that this goes against what I believe in capitalism. I think everyone should should not be penalized. But if that's this way, this so we play the rules by the way they are. All right, so the penalties, let's talk about penalties Now. We talked about the D. We'll talk about a little bit more about that. Are there any penalties for not starting A and B B B, Not not the egg. So what are the penalties there? Well, they're actually, they're factored in by the federal government. Believe it or not. Believe it or not, it's a complicated formula. Yeah, I believe it. And so we we don't ever quote penalty. We just notify our clients that Yes, if you do have an issue, there will be a So what does the penalties? What causes the penalties? Just not filing on time or applying on time or not applying on time. If you don't have some sort of creditable coverage and even that you have to be careful. For instance, if you have a now outside insurance company that's provided not by a company with 20 or more employees, you could still get that penalty. So you gotta be really, really careful. Okay, So a lot of rules they need to follow. So if you're watching there, you really need a guide to make sure that navigate through this now the donut hole or the d the D penalty, the penalty on the drug coverage of the drug plan. Let's go about that. What are some of the the very important topics of people watching can can avoid doing to make sure they don't fall into that trap. Well, most people, when they when they start their playing, what they do is they. They're paying copays. And, of course, it's tier tier one through five on the medications, the more expensive ones. They all count towards that doughnut hole that dreaded donut hole. Once you hit that, what happens is your coverage goes down dramatically once. Also, when you when you get through the donut hole, it comes right back again for you. So the D plan. What does it cover? If you get in on time and you do the right things, how much of the drug coverage does it cover? How much? How much does that? There's drugs? Does it cover it? Well, it depends. It depends on the drugs. First of all, let's say you're like, Let's say you take a typical Staten, you know, like for high blood pressure. It's almost free. It's It's a very, very generic drug. But then there's some drugs I have run, Coach, Believe it or not, I ran. I ran a case for a client, and they had very expensive medications tier five medications and depending on the company we went with his annual premium on his medication went from 6000 2. 50,000. So it makes a big difference on who you pick supplement wise. We're gonna talk about that on the next year again on the Medicare cheat sheet, and I hope you're enjoying it. So far, we come back, we're gonna talk about the different options of supplements out there. Then later on, we're gonna talk about Medicare advantage. If that's the right. If that makes sense, we're gonna combine everything later on. This a five part series, number number one.