Medicare Costs Still Rising
By iHeartMedia’s Sally Adams
Going to the doctor is so expensive - especially for older Americans. Medicare helps - even if the rates are going up. Max Richmondt with The National Committee to preserve social security and Medicare explains how Medicare is funded. Part A is Hospital Insurance. “Part A is paid for out of payroll tax – the tax you have paid for years.”
Part B is Medical Insurance. "Part B is optional – most members take it. “
The monthly rate for Part B is going up a dollar and a half next year. Not bad. Part D is pharmaceutical coverage and many private carriers offer it for a monthly premium.
You've heard this is open enrollment time for Medicare - but what exactly does that mean? Casey Lowrey of Texas Family Benefits in Sugar Land explains. “During this time period, people who are only on Original Medicare, can add service – like Part D.” And it's a time members can discuss their coverage with their adviser and make other changes. Open enrollment ends December 7th.