If you are in the Paoli or Orleans, IN area and are covered by Medicare insurance, you should be aware that there have been some fundamental changes to Medicare guidelines for 2018. Busick Insurance Agency LLC is aware of these guidelines and can answer questions that you may have about it.
Here are some of the top changes to look out for:
- Part B Premium Payments- Medicare Part B covers regular doctor visits, as well as outpatient services. For those on Medicare that have not begun collecting Social Security benefits, the monthly premium will remain the same. However, those actively collecting Social Security may be affected by the cost-of-living adjustment.
- Part D Prescription Drug Premiums Lowered- For the first time since 2018, monthly charges will go down about a dollar, depending on where you live, and which plan you have selected. Each year, do your due diligence and ensure that your current plan is covering any current medications you are taking.
- Part D Coverage Gap Narrowing- As a result of the Affordable Care Act that passed in 2010, coverage gaps are expected to close in 2020- making all beneficiaries of Medicare responsible for 25% of their prescription costs. Currently, once you have accrued $3,750 worth of prescription costs, you pay 35% for brand-name drugs and 44% for generic ones. Once you reach $5,000 in drug costs, you’ll pay no more than 5% of your prescription costs for the remainder of the year.
- High Incomes- Individuals earning $133,550 and up a year, and couples earning $267,000 a year will be prone to premium increases. There is a layout of the surcharges explained on the Medicare website.
Busick Insurance Agency LLC, serving the Paoli and Orleans, IN area, can provide you with further information on Medicare changes for 2018. Contact one of our trained and experienced agents to help you today!