Wasatch Benefits Group and partners have been helping seniors receive their full Medicare benefits for over 40 years. We are a trusted leader in the Medicare market, and our independent agents are here to help you understand costs, enrollment dates, and what to consider when choosing a Medicare plan.
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About UsWasatch Benefits Group and partners have been helping Seniors receive their full Medicare benefits for over 40 years.
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Frequently Asked QuestionsMedicare decisions are highly personal. There may be as many different questions about Medicare as there are beneficiaries—maybe more. Some questions seem to come up more often than others.
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TestimonialsWasatch Benefits Group and partners great pride in helping Seniors determine the best Medicare coverage. We treat each client like a member of our family as these testimonials demonstrate.
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The Top Four Things to Know About Medicare Before You Retire
When to enroll
Perhaps the simplest enrollment occurs when you are already receiving Social Security benefits.
If you are already taking Social Security benefits, you will be automatically enrolled in parts A and B. You have the option to turn down Part B, since it has a monthly cost. If you keep it, the cost will be deducted from your Social Security. If you choose to turn down Part B you could incur a late enrollment penalty in the future and be limited as to when you can start you Part B benefits.
For those not yet receiving Social Security you will have to sign yourself up for parts A and B. There is a seven-month initial enrollment period beginning three months before the month you turn 65 and ending three months afterward.
If you are working and have health insurance through your employer, or if you’re covered by your spouse’s employer coverage, you may be able to delay signing up for Medicare. However, be mindful that you will need to sign up for Medicare within eight months of losing your employer’s coverage to avoid significant penalties when you eventually enroll.
Options available through Medicare
Medicare offers several coverage options.
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care and some home health care.
Part B covers certain doctors’ services, outpatient care, medical supplies and preventive services.
Part D adds prescription drug coverage to some Medicare programs.
Often referred to as “Part C,” Medicare Advantage Plans are approved by Medicare and run by private insurance companies. These plans often have networks, which means you may have to see doctors who belong to the plan or go to certain hospitals to get covered services.
What you will pay
For Part B and Part D, your monthly payment depends on your income level. Part A, which pays for hospital services, is free if either you or your spouse paid Medicare payroll taxes for at least 10 years. If you did not pay the Medicare payroll taxes for at least 10 years, you will still be able to take part in Plan A, but it will cost a monthly premium.
Part B and Part D have surcharges when your adjusted gross income is more than $85,000 if you are single or $170,000 if married filing jointly. For example, Part B, which covers doctor visits and outpatient services will cost new enrollees about $134 per month if income is below these thresholds and will increase if income exceeds these thresholds.
Part D, which covers prescription drug costs, also has a monthly charge that varies depending on which plan you choose. In addition to premium costs, you’ll also be subject to co-payments, deductibles and other out-of-pocket costs. If you choose not to enroll in Part D you may incur a late enrollment penalty if you enroll in the future.
Medicare doesn't cover all services
While Medicare is meant to be a wide-ranging health benefit for you in your retirement years, it doesn’t cover everything. In fact, Medicare does not cover final expense, preventive vision, dental or hearing services. Because many seniors require services they enroll in additional plans outside of Medicare to get coverage for these needs.
When you need supplemental coverage to take care of the gaps in Medicare, or when you aren’t sure what coverage you need, reach out to Wasatch Medicare for help.
Perhaps the simplest enrollment occurs when you are already receiving Social Security benefits.
If you are already taking Social Security benefits, you will be automatically enrolled in parts A and B. You have the option to turn down Part B, since it has a monthly cost. If you keep it, the cost will be deducted from your Social Security. If you choose to turn down Part B you could incur a late enrollment penalty in the future and be limited as to when you can start you Part B benefits.
For those not yet receiving Social Security you will have to sign yourself up for parts A and B. There is a seven-month initial enrollment period beginning three months before the month you turn 65 and ending three months afterward.
If you are working and have health insurance through your employer, or if you’re covered by your spouse’s employer coverage, you may be able to delay signing up for Medicare. However, be mindful that you will need to sign up for Medicare within eight months of losing your employer’s coverage to avoid significant penalties when you eventually enroll.
Options available through Medicare
Medicare offers several coverage options.
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care and some home health care.
Part B covers certain doctors’ services, outpatient care, medical supplies and preventive services.
Part D adds prescription drug coverage to some Medicare programs.
Often referred to as “Part C,” Medicare Advantage Plans are approved by Medicare and run by private insurance companies. These plans often have networks, which means you may have to see doctors who belong to the plan or go to certain hospitals to get covered services.
What you will pay
For Part B and Part D, your monthly payment depends on your income level. Part A, which pays for hospital services, is free if either you or your spouse paid Medicare payroll taxes for at least 10 years. If you did not pay the Medicare payroll taxes for at least 10 years, you will still be able to take part in Plan A, but it will cost a monthly premium.
Part B and Part D have surcharges when your adjusted gross income is more than $85,000 if you are single or $170,000 if married filing jointly. For example, Part B, which covers doctor visits and outpatient services will cost new enrollees about $134 per month if income is below these thresholds and will increase if income exceeds these thresholds.
Part D, which covers prescription drug costs, also has a monthly charge that varies depending on which plan you choose. In addition to premium costs, you’ll also be subject to co-payments, deductibles and other out-of-pocket costs. If you choose not to enroll in Part D you may incur a late enrollment penalty if you enroll in the future.
Medicare doesn't cover all services
While Medicare is meant to be a wide-ranging health benefit for you in your retirement years, it doesn’t cover everything. In fact, Medicare does not cover final expense, preventive vision, dental or hearing services. Because many seniors require services they enroll in additional plans outside of Medicare to get coverage for these needs.
When you need supplemental coverage to take care of the gaps in Medicare, or when you aren’t sure what coverage you need, reach out to Wasatch Medicare for help.