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Medicare Social Security

Let Us Help You Understand Medicare Social Security

Understanding the process and key steps for initiating both Social Security and Medicare can help pave the way for a smoother transition into retirement. In this comprehensive guide, we will explore the fundamental aspects of getting started on Social Security for Medicare.

Medicare Social Security

Ways to apply for Medicare:

There are multiple methods available to enroll in original Medicare.

  • Include your name, Social Security number, and the preferred enrollment date.

  • The office will provide you with the required information and any further steps for enrollment.

If you are already receiving benefits from SSA or RRB, you will be enrolled in Medicare automatically. For inquiries or to review your coverage, you can contact RRB at 877-772-5772 (or 312-751-4701 for TTY) from Monday to Friday, between 9 a.m. and 3:30 p.m.

When to apply to Medicare:

If you are considering enrolling in Medicare, it is essential to be aware of various enrollment deadlines and dates.

Medicare Advantage also has a separate open enrollment period that runs from January 1 through March 31 each year. During this time, you can switch from one Part C plan to another or go back to original Medicare. But you can’t go from original Medicare to Part C during this period.

Medicare Costs for 2024

The Centers for Medicare & Medicaid Services revealed the Medicare Costs for 2024 on October 12, 2023.

Part A – Hospital Coverage

* Inpatient Hospital Stay
The benefit period ends 60 days after you are discharged from care.

* Part A Premium$0
Roughly 99% of Medicare beneficiaries are exempt from paying a Part A premium if they have worked a minimum of 40 quarters in Medicare-covered employment, as verified by the Social Security Administration.

* Part A Deductible $1,632

* Part A Coinsurance – Days 1 – 60 $0
Per day of each benefit period.

* Part A Coinsurance – Days 61 – 90$408
Per day of each benefit period.

* Part A Coinsurance – 60 Lifetime Reserve Days$816
Per day after day 90 of each benefit period.

* Skilled Nursing Facility Stay
A 3-day inpatient hospital stay is required first.

* Part A Coinsurance – Days 1 – 20 $0 – Per day of each benefit period.

* Part A Coinsurance – Days 21 – 200 $204 – Per day of each benefit period.

Part B – Medical Coverage

2024 Medicare Part B Costs

* Part B Premium $174.70
* Part B Deductible $240

In 2024, the standard premium for Medicare Part B is fixed at $174.70.
The pricing for Medicare Part B is based by your income from two years prior. Therefore, your Medicare Part B costs for 2024 will be based on your 2022 tax returns. Any premium increase beyond the standard rate is known as “IRMAA” or Income-Related Monthly Adjustment Amount.

IRMAA represents an additional cost that some individuals may be required to pay in addition to their regular Medicare premium if their modified adjusted gross income (MAGI) surpasses a specific threshold. Our chart below demonstrates the total premium due for your 2024 Medicare Part B expenses across different income brackets to provide clarity.

United Insurance Experts

The 2024 Part B total premiums for high-income beneficiaries with full Part B coverage are shown in the following table:

If your Annual Income in 2022 was
Beneficiaries who file individual tax returns with modified adjusted gross income:Beneficiaries who file joint tax returns with modified adjusted gross income:Income-Related Monthly Adjustment Amount:Total Monthly Premium Amount:
Less than or equal to $103,000
Less than or equal to $206,000
$0.00

$174.70

Greater than $103,000 and less than or equal to
$129,00
Greater than $206,000 and less than or equal to $258,000$69.90$244.60
Greater than $129,000 and less than or equal to
$161,000
Greater than $258,000 and less than or equal to $322,000$174.70$349.40
Greater than $161,000 and less than or equal to
$193,000
Greater than $322,000 and less than or equal to $386,000$279.50$454.20
Greater than $193,000 and less than $500,000
Greater than $386,000 and less than $750,000
$384.30

$559.00

Greater than or equal to $500,000
Greater than or equal to $750,000
$419.30

$594.00

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This is a solicitation of insurance. Contact may be made by a licensed insurance agent or insurance company.Not connected with or endorsed by the U.S. Government or the Federal Medicare Program.

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1–800–MEDICARE (TTY users should call 1-877-486-2048) 24 hours a day/7 days a week to get information on all of your options.

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