Are there different tiers of Medicare?

There are four parts of Medicare: Part A, Part B, Part C, and Part D. Part A provides inpatient/hospital coverage. Part B provides outpatient/medical coverage. Part C offers an alternate way to receive your Medicare benefits (see below for more information).

What do Medicare tiers mean?

If you’re wondering how much your prescription drugs will cost you, this information will give you some background on how we price medications. Drug tiers are how we divide prescription drugs into different levels of cost.

What happens if I don’t change my Medicare plan?

If you don’t switch to another plan, your current coverage will continue into next year — without any need to inform Medicare or your plan. However, your current plan may have different costs and benefits next year.

Is Medicare the same for everyone?

Generally, Medicare is available for people age 65 or older, younger people with disabilities and people with End Stage Renal Disease (permanent kidney failure requiring dialysis or transplant). Medicare has two parts, Part A (Hospital Insurance) and Part B (Medicare Insurance).

Is it mandatory to have Part D Medicare?

Is Medicare Part D Mandatory? It is not mandatory to enroll into a Medicare Part D Prescription Drug Plan.

Do I have to do anything to keep my current Medicare coverage?

In general, once you’re enrolled in Medicare, you don’t need to take action to renew your coverage every year. As long as you continue to pay any necessary premiums, your Medicare coverage should automatically renew every year with a few exceptions as described below.

Does everyone pay the same for Medicare Part B?

Most people pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.

What is the penalty for not having Part D coverage?

The late enrollment penalty amount typically is 1% of the national base beneficiary premium (also called “base beneficiary premium”) for each full, uncovered month that the person didn’t have Part D or other creditable coverage.