Estok Insurance llc

A Medicare Savings Account (MSA Plan) combines a high deductible Medicare Advantage Plan and a bank account. The plan deposits money from Medicare into the account. You can use the money in this account to pay for your health care costs, but only Medicare-covered expenses count toward your deductible.

Medicare can be a very confusing maze of choices and decisions. Do not get lost! Contact us today for a review of your options.

You don’t have to pay any premiums for Part A benefits, provided that you or your spouse has earned 40 credits through paying Medicare payroll taxes at work (the equivalent of about 10 years of work). If you don’t qualify for premium-free benefits, you can still get Part A coverage by paying monthly premiums for it.

Medicare Part A is funded mainly by a 2.9 percent payroll tax on earnings paid by employers and employees (1.45% each) deposited into the Hospital Insurance Trust Fund. Higher-income taxpayers (income greater than $200,000/individual and $250,000/married couple) pay a higher Medicare payroll tax on earnings (2.35%). The Part A Trust Fund is projected to be solvent through 2026.

Medicare Part B covers physician visits, outpatient services, preventive services, and some home health visits. Many Part B benefits are subject to a deductible ($185 in 2019), and, typically, coinsurance of 20 percent. No coinsurance or deductible is charged for an annual wellness visit or for preventive services that are rated ‘A’ or ‘B’ by the U.S. Preventive Services Task Force, such as mammography or prostate cancer screenings.