March Medicare Must-Knows

By RetireMEDiQ

Here at RetireMEDiQ, we strive to keep you informed about the latest Medicare news. Each month, we recap the top information you need to know about recent developments in the Medicare industry.

New Medicare App: What’s Covered?

Are you unsure if Medicare will cover an upcoming test or service? Medicare has released a new app that makes it simple for you to check what is covered under Original Medicare, whether you’re at home, the doctor’s office or the hospital. Get easy access to reliable Medicare information when you need it, even when you’re offline! Download the free app today.

Medicare What's Covered App

Image Source: Medicare.gov

“Medicare for All” Defined

Medicare for All has been a hot topic in the news lately, so we wanted to define it, so you know what all the talk is about. According to a recent New York Times article, Medicare for All describes a health care “system in which all Americans, not just older ones, get health insurance through the government’s Medicare system.”

If this type of system were to be approved, private health insurance would be eliminated. There are pros and cons to this kind of system, so we will have to see how it plays out in the 2020 presidential election.

Qualifying Health Coverage Notice

If you’re enrolled in Medicare Part A, you will receive a Qualifying Health Coverage Notice in the mail no later than mid-March. This notice lets you know that your Medicare Part A coverage is considered “qualifying health coverage” under the Affordable Care Act. This communication will include IRS Form 1095-B from Medicare.

If you receive this form, no immediate action is required. You should just keep it with your other important tax information, like your W-2 form.

According to Medicare, if you had health coverage other than Medicare in the past tax year, you will receive a separate Form 1095-B from your other health care provider.

It’s okay if you do not receive this communication because not everyone will, and you do not need it to file your taxes.

2019 Medicare Savings Programs: Are You Eligible?

Did you know Medicare has programs that beneficiaries can apply for in order to save money on their deductibles, copays and more? Learn more here.

Applying for Medicare Savings Programs

If you answer yes to all three of these questions, you may qualify for your state’s Medicare Savings Program:

  1. Do you have, or are you eligible for, Part A?
  2. Is your income for 2019 at, or below, the income limits listed here?
  3. Do you have limited resources, below the limits listed here?

If you think you could qualify for savings, visit this link to see your state’s Medicare Savings Program website!

We’d Love to Hear from You!

If you have questions about anything covered in this post, please comment below, call us at 1-877-222-1942 or email us at client@retiremediq.com.

If you are not yet a RetireMEDiQ client and have questions about how these topics may affect you as you approach retirement, contact our team of advisors at 1-866-600-5638.

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