Ask Mark – “What is Joe Namath talking about?”
We’ve all seen Broadway Joe talking about getting money put back into your social security. He’s referring to what’s called a part B reduction. There are a couple of ways someone can get Part B premium reduced or eliminated.
First, if you have access to creditable drug coverage outside of Medicare, like veterans or people with PACE, you can enroll in a Medicare Advantage plan that does not include drug coverage without penalty. There are several options in Western PA that will reduce your Part B premium as high as $60 per month. Second, there are Medicare Advantage plans with prescription drugs that include a part B reduction, but it is minimal. Lastly, if you qualify for medical assistance through the state based on your income, you may not have to pay for your Part B.
If you are a veteran, want to learn more about PACE, medical assistance, or available plans, please call for a review. As a reminder,
“How much will my Part B premium cost in 2022?”
You may have heard that Medicare costs increased for 2022. What does that mean for you? The part B premium amount increased from 148.50 in 2021 to 170.10 in 2022. People who experience a part B income-related adjustment amount may pay more and people who qualify for state medical assistance may pay less. It is wise to review your situation with a licensed and certified Medicare agent so you can identify any assistance programs or plan benefits that will help you offset the increased costs.
What does it mean when a plan earns 5 stars from Medicare?
Every year, Medicare evaluates plans on a 5-star rating system. For 2022, several plans in our market achieved the highest overall quality rating of 5 stars. If you didn’t review 2022 plan changes this Annual Enrollment Period, you have another opportunity to enroll into a 5-star plan at any time during the year. It’s always wise to review plan changes – many benefits have significantly improved in 2022!
Mark can meet with you in person at his office or your home, virtually, or by phone. Give Mark a call today at 814-226-6505.
Mark Graham Insurance Services is located at 11251 US Route 322, Shippenville.
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