Monthly Medicare Part B premiums are tax-deductible. And just like other types of medical expenses, you can deduct them from your taxes. You’ll need to meet specific rules to deduct your Part B premium. It is possible to take advantage of the medical expense deduction, but only if you follow certain rules. To do so, file your taxes in a certain way and itemize your deductions instead of choosing the standard deduction. Your medical expenses will only be worth claiming after surpassing 10% of your adjusted gross income (AGI). You may want to look at your specific situation before deciding whether or not you should deduct your medical expenses. Let expert Kevin Leinum help you understand the many parts of Medicare and determine the right fit for you. Give me a call to discuss the options available to you.

The Medicare Wellness Visit differs from a routine physical because it focuses on preventing disability and disease. During this visit, you and your health care provider (a doctor, nurse practitioner, physician assistant, or nurse) will develop a personalized plan for your health and wellness goals. Is the Medicare Wellness Visit free? If you qualify, Original Medicare covers the Annual Wellness Visit at 100% of the Medicare-approved amount when you receive the service from a participating provider. If you’ve had Medicare Part B (Medical Insurance) for more than a year, you’re eligible for a free annual Medicare Wellness Visit. As long as your health care provider accepts Medicare Assignment, you don’t have to pay anything for this visit. If they perform additional services or tests and Medicare doesn’t cover these services or tests, you may be required to pay an additional fee. Ask your provider if you have questions. During your first Annual Wellness Visit, your Personal Care Provider (PCP) will develop your personalized prevention plan. Let expert Kevin Leinum help you understand the many parts of Medicare and determine the right fit for you. Give me a call to discuss the options available to you.

A Medicare PFFS Plan is a type of Medicare Advantage Plan (Part C) offered by a private insurance company. PFFS plans aren’t the same as Original Medicare or Medigap. The plan determines how much it will pay doctors, other health care providers, and hospitals, and how much you must pay when you get care. Yes – you can save money simply by paying the monthly premium for Part B and going directly to doctors and hospitals for your health care. You will not have to pay the Part B deductible, and you can continue to use Medicare prescription drug coverage. The main disadvantage of this approach is that if you ever have to enter a hospital or skilled nursing facility, you will have to pay up-front for the cost of your stay, which may be substantial. You would also have to pay your physician directly for any services you received while you were in the hospital or skilled nursing facility. Seniors save nearly $2,000 on average a year in total healthcare spending in Medicare Advantage (MA) compared to fee-for-service Medicare, a new study finds. Kevin Leinum – your local Medicare Expert – can help you understand the many parts of Medicare and determine what the right fit is for you. Give us a call to discuss the options available to you.

Medicare beneficiaries can qualify for Extra Help paying for their monthly premiums, annual deductibles, and co-payments related to Medicare prescription drug coverage. The Social Security Administration estimates that Extra Help is worth about $5,100 per year in 2022. To qualify for Extra Help, you must be receiving Medicare and have limited resources and income. You must also reside in one of the 50 states or the District of Columbia. This program assists low-income Medicare beneficiaries in paying for Medicare prescription drug insurance premiums, deductibles, and coinsurance. It also helps with the cost of prescription drugs not covered by Medicare Part D . The program is available to people with limited income and resources who do not qualify for Medicaid and who have not yet enrolled in Medicare Part D . The state Medicaid agency administers the program. It is funded jointly by the state and the federal government. To participate, you must also have coverage with one of the following Medicare health plans: Medicare Advantage Part C – Prescription Drug Plan; a stand-alone prescription drug plan (PDP); or Medicare Advantage Part C – HMO Medicare Advantage plan with a prescription drug benefit (MA-PD). Call Kevin Leinum – your local Medicare Expert about what Medicare covers or how enrolling in a Medicare Advantage or Medicare Supplement plan can improve your coverage and reduce your out-of-pocket costs.

The Medicare brochure titled “Medicare & Other Health Benefits: Your Guide to Who Pays First” describes this in detail. In summary, if you have Medicare and other health insurance (like from a group health plan, retiree coverage, or Medicaid), each type of coverage is called a “payer.” When there’s more than one payer, “coordination of benefits” rules decide who pays first. The “primary payer” pays what it owes on your bills first and then sends the rest to the “secondary payer” (supplemental payer) to pay. In some rare cases, there may also be a third payer. If the insurance company doesn’t pay the claim (usually within 120 days), your doctor or other providers may bill Medicare. Medicare may make a conditional payment to pay the bill and then later recover any payments the primary payer should’ve made. Kevin Leinum – your local Medicare Expert – can help you understand the many parts of Medicare and determine what the right fit is for you. Give us a call to discuss the options available to you.