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What People Don't Realize About Medicare

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By Daniel Petkevich
Mar 27, 2023

Avoid these pitfalls, and save money on your healthcare spending

Our team of experts has seen and done it all when solving the puzzles of Medicare. Here's what they say are the most common issues new to Medicare beneficiaries experience:

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1. Misunderstanding the Part D Deductible

"Many PDP plans are marketed as having a single deductible, but if you read the fine print, you'll see that some plans cover tier 1 and tier 2 drugs before the deductible is met."
Your deductible may vary with your choice of Part D plan. Deductibles cannot be higher than $505 per calendar year in 2023.
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Example of Prescription Drug Cost

2. Missing out on Over-the-Counter Benefits

Some of our clients do not realize their Medicare Advantage plan might give them credit (sometimes ranging between $20-$300) to use for over-the-counter purchases of everything from daily supplements to wearable fitness trackers.
Check out our online OTC Catalog for some of the top insurance carriers:

3. Not adding the Part B premium to the Medigap/Medicare Advantage premium

You've probably seen "$0 premium" marketing for Medicare Advantage plans. But paying $0 per month is extremely rare. At the very least, you should expect to pay the standard Part B Monthly Premium of $164.90 in 2023. The standard premium is added to your Medicare plan monthly premium amount.

4. Higher-income beneficiaries paying more through IRMAA

Check out this chart to see how your income might affect your monthly Part B premiums:
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Medicare Part B IRMAA Chart
And here's Part D:
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Medicare Part D IRMAA Chart
If you're interested in doing a deep dive into IRMAA and what it means for you and your family,

check out this article

.

What's new in Medicare this month?

Lawmakers Debate Obesity Treatment Drugs Getting Medicare Coverage

The

Treat and Reduce Obesity Act

is expected to be reintroduced in Congress this year. Medicare currently doesn't pay for some drugs developed for diabetes but commonly used for obesity. The statutes preventing coverage for obesity drugs seem outdated based on modern medical definitions. However, this Act might face an uphill battle as additional Medicare coverage/spending is under heavy political scrutiny.

Medicare can be confusing, but we're working to simplify it. Our licensed advisors are here to take your call. Click the button below, or dial (888) 302-4257.

Stay Up to Date on Medicare!

Join the Fair Square Medicare Newsletter to stay informed on cost savings, changes to Medicare, and other valuable healthcare information.

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Virgil Insurance Agency, LLC (DBA Fair Square Medicare) and www.fairsquaremedicare.com are privately owned and operated by Help Button Inc. Medicare supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program. This is a solicitation of insurance. A licensed agent/producer may contact you. Medicare Supplement insurance is available to those age 65 and older enrolled in Medicare Parts A and B and, in some states, to those under age 65 eligible for Medicare due to disability or End-Stage Renal disease. Virgil Insurance Agency is a licensed and certified representative of Medicare Advantage HMO, HMO SNP, PPO, PPO SNP and PFFS organizations and stand-alone PDP prescription drug plans. Each of the organizations we represent has a Medicare contract. Enrollment in any plan depends on contract renewal. The plans we represent do not discriminate on the basis of race, color, national origin, age, disability, or sex. Plan availability varies by region and state. For a complete list of available plans please contact 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov. © 2022 Help Button Inc

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