Medicare Insurance – Everything you need to know.

We have accumulated thousands of hours in client meetings discussing Medicare Insurance. Discovering a common theme rise to the top.

“Most individuals and employers want to know what to do in order to reduce their overall costs but still find or provide competitive benefits for themselves or employees age 65+ “.


Common Medicare questions:

We have compiled the most commonly asked FAQ’s in our Medicare discussions with individuals & employers If you have a question that isn’t answered; or if you want help navigating the in’s and outs of Medicare, contact Kristy Ward at or call (405) 728-1377

Medicare Insurance Annual Enrollment Dates

1. Can I delay signing up for Medicare Part B?

If you have medical coverage through an employer, or you’re covered under your spouse’s employer plan, you can delay enrolling in Medicare Part B, which covers medical services, without paying a penalty. Many people don’t enroll in Medicare Part B until they stop working. Once you’re not covered under your employer plan (or your spouse’s), you’ll have eight months to enroll in Medicare Part B without paying a penalty.


2. How does enrolling in Medicare affect my HSA plan?

If you have a health plan through your employer and it includes a health savings account (HSA), signing up tor Medicare Part B, or being enrolled in Medicare Part A, will change things. You can stay on your employer plan, but you can’t add money to your HSA once you enroll in Medicare.

If you’re considering this option, contact Premier for financial advice.  Our dedicated team of professionals knows the ins and outs of how Medicare will affect your HSA and your taxes. Helping you figure out your best option.


3. When should I start planning for retirement?

Choosing a Medicare plan can be a long process! There’s a lot to consider and it takes time to find the right plan for you. If possible, I recommend starting your search about six to nine months before your retirement date. This gives you enough time to look into the plans that interest you.

If you don’t have much time contact Premier to speak with one of our Medicare specialists. Our team can quickly help you find a plan that fits your needs and budget.


4. How will my current employer plan work with Medicare?

If you have Medicare and also have health insurance through your job, these plans will work together. The coverage through your job will pay for some services, and your Medicare plan might cover some other services.

If you have questions about Medicare choices as an employed person, ask advice from your current benefits administrator.


5. What’s covered and how much you pay?

Hospital care is covered by Medicare Part A. Medicare Part B is medical insurance that pays for doctor’s visits and outpatient services. Medicare Advantage plans, or Medicare Part C, are an alternative to traditional Medicare offered by private insurance companies, typically with different premiums and restrictions.
Prescription drug coverage is provided through Medicare Part D.

Workers and employers each pay 1.45 percent of employee earnings into the Medicare system. Self-employed workers contribute 2.9 percent of their income. People who earn more than $200,000 for individuals and $250,000 for couples pay an additional 0.9 percent tax on that income.

Most people don’t pay a premium for Medicare Part A. The standard Medicare Part B premium is $135.50 in 2019 and $144.30 in 2020 but costs are higher for retirees with a modified adjusted gross income above $85,000 for individuals and $170,000 for couples. Medicare Supplement, Medicare Part D, and Medicare Advantage premiums vary depending on your plan choice. There’s a $185.00 Medicare Part B deductible in 2019, after which you will be charged 20 percent of the Medicare-approved amount for most services.

There’s no annual limit on out-of-pocket costs. Medicare Part A has a $1364 deductible if you are hospitalized, and additional costs apply if your hospital stay exceeds 60 days.


6. What’s not covered

Medicare doesn’t cover everything. It typically doesn’t cover vision, dental care, or hearing aids. Medicare also won’t pay for won’t pay for more than 100 days of long-term care such as nursing home stays or assisted living.

A Medicare Supplement Insurance (Medigap) policy helps pay some of the health care costs that Original Medicare doesn’t cover, like:

  • Copayments
  • Coinsurance
  • Deductibles
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