How might my income impact my Medicare premiums each month?
The amount you pay monthly for Medicare can be affected by your income level. If your income surpasses designated thresholds, you could face an Income-Related Monthly Adjustment Amount (IRMAA), resulting in higher premiums for both Medicare Part B and Part D.
Should I enroll in Medicare Part A and B if I am still employed?
Whether you need to sign up for Medicare Part A and B while working depends on the size of your employer. If your company has fewer than 20 employees, it’s advisable to enroll when you turn 65. However, if you work for a larger employer, you can postpone enrolling in Part B without facing penalties and continue with your employer’s health coverage.
How can I bypass the coverage gap in Medicare Part D prescription drug plans?
To steer clear of the coverage gap, often referred to as the “donut hole,” you might select a Part D plan that includes gap coverage, opt for generic medications where feasible, or investigate pharmaceutical assistance programs that can help lower your prescription costs.