Throughout your career, you’ve been paying into Medicare through payroll withholdings. However, people approaching the age of 65 might think medicare comes free. That is not the case.
In reality, Medicare has a number of expenses.That includes copays, premiums and certain deductibles. If you’re a current high earner, you might have to pay more for premiums and there’s no out-of-pocket maximum.
Medicare in Nevada
Nevada has more than 3 million residents. Recent data shows that 445,990 of those people are enrolled in Medicare across the state of Nevada.
Nevada Medicare coverage includes Original Medicare Parts A & B, Medicare Advantage (Part C), prescription drug coverage (Part D) and Medicare Supplement Insurance (Medigap).
A big question is, which plan is right for you? That’s where we can help. As insurance brokers located in Reno, our clients have asked us many times which plan is right for them.
We’ll walk you through each option and also give you resources to apply:
Original Medicare Parts A & B
Part A covers care at hospitals, nursing homes, or hospice. This option does not have a premium as long as you have paid taxes into Medicare for more than 40 fiscal quarters.
Part B covers regular care. Such as preventive medicine and doctor visits. Most Part B premiums start at roughly $130 dollars per month. That number can vary based on your earning. In addition to the annual deductible, you pay 20% of the costs for doctor’s visits and other outpatient care. Original Medicare covers the other 80 percent.
Part C
If you need more coverage than what comes with Parts A & B, then you can choose a Medicare Advantage Plan from a private insurer; which is called Part C.
This plan requires the same benefits as Original Medicare but may include additional benefits such as vision or dental care, or prescription drug coverage. Some plans offer $0 premiums – but have higher copays or deductibles.
Since this offer comes from a private insurer, it’s best to have someone overlook and explain this option for you. You can have a preferred medical insurance broker from NV Silver Insurance do the work for you and show you different insurance plans.
Medicare Supplement Insurance
Medicare Supplement Insurance (or Medigap), is a purchase plan that covers gaps in medicare costs. Examples include plans that cover all copays and coinsurance costs you would incur on Original Medicare.
These plans vary. Some plans have high premiums with few expenses. Some have low premiums with less expenses than the latter.
We at NV Silver recommend choosing a plan depending on how often you visit your doctor and whether your doctor visits have steep costs.
If you think this is your best option, contact us and we can walk you through this option.
Part D
This plan is optional – and is provided by private insurers.
In Nevada, there’s 26 different types of Part D plans. Across the state, premiums range from $20 – $98 per month.
Similar to Medigap, you’ll have to find which plan is best for your prescription drug needs. Not all of these plans cover prescription drug costs.
In Nevada, you have more opportunities to switch prescription drug plans than you do other Medicare plans, and your insurer must notify you if they stop covering your prescribed drugs.
Talk To Your Insurance Provider
As Nevada’s preferred health insurance broker, we want to provide you with the right choice in Medicare
Medicare offerings can seem overwhelming. Not sure which plan fits works for you? Contact us by clicking here.
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