When Medicare was enacted as a federal law in 1965, the funds to support the program became a payroll tax on earned income. The payroll taxes required for the Federal Insurance Compensation Act (FICA) are to support both your Social Security and Medicare benefits programs. Your employer makes a matching contribution to the Medicare program. […]
How Does Social Security Work for Married Couples?
When most people reach their 60s, they start thinking about their retirement benefits from Social Security. For married couples, there are advantages to making decisions about retirement as a couple, rather than as individuals. Taking into consideration joint life expectancy, future plans, and your household budget, you can make some decisions about retirement together. Are […]
How Does Medicare Part B Work with Private Insurance?
Though we associate Medicare with retirement, many people work past the age of eligibility for Medicare benefits. Working later is getting more common. Whether it’s for financial reasons or because you enjoy your career, working until age 70 is more common than it was for the previous generation. Retiring at age 65 may not appeal […]
How does Medicare calculate income?
The majority of Medicare beneficiaries qualify for Medicare Part A coverage at no cost, depending their contribution through taxes while working over a period of time. For those who have paid Medicare taxes for under 40 quarters, a monthly premium is charged. In 2020, the premium may be as low as $252 for those who […]
What Does Medicare Fund?
Medicare is run by the Centers for Medicare & Medicaid Services (CMS). CMS is a federal agency and branch of the Department of Health and Human Services (DHHS). Medicare insurance covers more than 60 million Americans and is associated with over $700 billion in annual costs, and these numbers continue to rise each year. Medicare […]
How Does Medicaid Spend Down Work?
Medicaid is a U.S. government program that offers health coverage to Americans who meet specific criteria. Eligible beneficiaries include low-income adults, children, pregnant women, the elderly and people with disabilities, according to the official Medicaid website. Though the program is administered by state governments, compliance with federal requirements is mandatory. Funding appropriation is a joint […]
Does Medicare Cover the Coronavirus Test and Treatment?
Millions of Medicare recipients are under shelter-in-place orders caused by the coronavirus, or COVID-19, pandemic. Seniors and individuals with compromised immune systems make up a large segment of the Medicare population and are at risk for serious complications caused by COVID-19. Although the virus can infect anyone, people with pre-existing conditions are considered especially vulnerable […]
What Does Social Security Provide?
Ever since 1935, the Social Security Administration has provided monthly benefits to people who qualify due to retirement, disability, the death of a spouse, for dependent children and also for survivors of beneficiaries. These monthly payments provide partial replacement income for 68 million Americans today. If you are wondering whether you qualify for Social Security […]
How Does Medicare Reimburse Hospitals?
Medicare provides coverage for millions of Americans over the age of 65 or individuals under 65 who have certain permanent disabilities. Medicare recipients can receive care at a variety of facilities, and hospitals are commonly used for emergency care, inpatient procedures, and longer hospital stays. Medicare benefits often cover care at these facilities through Medicare […]
How Does Medicare Affect Medical Billing?
Medicare is a federally funded health insurance option, and since Medicare is responsible for reimbursing all participating healthcare facilities, the billing process is very particular. Medicare is a high-volume payer, and billing must be completed accurately and specifically based on the exact services received and the relationship the provider has with Medicare. Understanding Medicare Providers […]
How Can Medicare Help Me During the COVID-19 Pandemic?
COVID-19, or commonly known as the coronavirus, has affected communities across the world, but Medicare recipients may be especially concerned about their health and well-being during this pandemic. With seniors and individuals with compromised immune systems at higher risk for serious complications and death from coronavirus, it is essential that everyone understands how to prevent, […]
What Does Medicare Part B Pay For?
When you turn 65, you become eligible to receive Medicare insurance benefits. Original Medicare offers Part A and Part B. These benefits are offered to all Medicare recipients. When signing up for Medicare, it is critical to know what coverage you can expect and what options you may have. What is Medicare Part B and […]
How Does Medicare Work?
Medicare insurance is available to all American citizens once they reach the age of 65, or to individuals under the age of 65 due to certain disabilities. If you are aging into Medicare, you may be eligible for federally funded healthcare insurance because of the Medicare taxes you have paid while working. When you apply […]
How Does Medicare Part B Work?
When you apply for Medicare coverage, you will automatically qualify for Original Medicare, which is made up of Part A and Part B. This coverage is meant to help cover the costs of inpatient and outpatient expenses respectively, and it is important to be aware of what each specific plan covers and the potential costs […]
How Does Medicare Part A Work?
Medicare is the healthcare insurance plan that is provided by the federal government once you reach the age of 65. This period of time is generally correlated with retirement and the acceptance of Social Security benefits. However, retired or not, you are able to apply for Medicare coverage three months prior to your 65th birthday, […]
How Does Medicare and Private Insurance Work?
Medicare works with private insurance carriers either by contracting with them to enhance or expand on existing Medicare benefits or by coordinating payment of claims for recipients who have ongoing coverage outside of Medicare. Medicare-related Private Insurance Plans Original Medicare, Part A and Part B, is a government-funded and administered program that was written into […]
What Does the Medicare Wellness Visit Cover?
Since you were a little kid, you’ve most likely heard that you should go to the doctor every year for your annual physical exam. These exams allowed the doctor to get new measurements on your height and weight, take your blood pressure, measure your body mass index, and more. However, Medicare benefits do not include […]
How much does Medicare cost at age 66?
There are a variety of costs associated with Medicare benefits. Medicare is a federal insurance program for seniors 65 years of age and older, as well as some people under the age of 65 who qualify due to certain disabilities. While Medicare can be cost effective when compared to private medical insurance and group insurance […]
Does Medicare Cover Trelegy?
Respiratory diseases like Chronic Obstructive Pulmonary Disease (COPD) can worsen with time, especially if the disease is not treated effectively. Certain medications, such as Trelegy, may be prescribed to help manage the progression of COPD. Understanding Causes and Symptoms of COPD Several factors can contribute to the cause of COPD. The Centers for Disease Control […]
How Does Medicare Work When You Turn 65?
Soon after seniors blow out the candles on their 64th birthday cake, it is time to start thinking about Medicare, a United States health insurance program designed for people who are 65 years or older. Individuals with certain disabilities or end-stage renal disease (permanent kidney failure that necessitates dialysis or a kidney transplant) may apply […]