Do I have to pay a deductible?

Yes. The Part A deductible for 2022 is $1,556. That means you will not receive any Medicare Part A benefits unless you fully pay off the deductible. This is a per-visit deductible, meaning that if you go to the hospital on Monday and then again on Wednesday for a different reason, you will have to pay for the deductible twice!

What happens after my deductible is met?

Great question! Once your deductible is met, you need to be admitted to a 2-night stay in a hospital before your hospital benefits kick in. After the 2 nights, you are fully covered at a 100% rate for nights 3 through 60.

What happens after 60 days?

Between days 61 and 90 at the hospital, you are responsible for a daily deductible of $352.

Am I covered after 90 days at all?

Yes, however, the daily deductible after day 90 becomes a whopping $704! This continues until day 150 at the hospital.

Am I covered after day 150?

You are not covered under Medicare Part A after day 150. This means that any incurred costs after day 150 needs to be fully covered out of pocket by the patient!

Am I eligible for Medicare Part B?

Anyone who is eligible for Medicare Part A is also eligible for Medicare Part B. Enrollment is required for Part B and the current 2020 premium is $144.60 (varies depending on income and marital status - see chart below for details).

That's the monthly premium. Is there also a deductible?

Yes, there is also a deductible for Part B. The current annual deductible for Part B is $198, so your Part B coverage won't start until that is fully paid.

That's a really low deductible!

Yes, it is! However, once the deductible is met, you have to pay a 20% coinsurance fee for every visit uncapped -which means you could be responsible to pay large sums of money for ongoing outpatient care and/or significant surgeries!

How can I protect myself and my wealth from this?

To protect from these excessively high medical bills, many seniors will consider purchasing private insurance called Medicare Supplement insurance policies (also known as Medigap policies).

Whew. Where can I learn more about these Medicare Supplement policies?

Click on the Medicare Supplement tab to learn more, or schedule a free appointment/consultation with one of our experienced agents by calling 855.200.6335 or by scheduling a free consultation session with us!

When Can I Switch Back To Original Medicare?

If you are currently on a Medicare Advantage plan and you're trying to switch back to traditional Medicare, you have two times to do so: Annual Enrollment Period - (October 15th – December 7th) Medicare Advantage Disenrollment Period (MADP) - (January 1st – February 14th)

Where can I learn more about Medicare Part C?

If you have any questions about switching your plans, feel free to contact us at 855.200.6335 or schedule your free consultation now!

How do I enroll in Medicare Part D?

here are two ways to enroll in a Part D Plan: A stand-alone Medicare Part D Plan (PDP). A Medicare Advantage plan that includes drug coverage (MAPD).

What is Donut Hole (Coverage Gap)?

The "donut hole" is a gap in coverage that can occur in certain Medicare prescription drug plans (Part D) when an individual's total drug costs reach a certain threshold. During the coverage gap, known as the "donut hole," the individual must pay more out-of-pocket for their drugs before their plan's coverage kicks in again. The Affordable Care Act (Obamacare) has closed this coverage gap over time so that by 2020, beneficiaries will pay no more than 25% of the cost of their drugs while in the coverage gap.

How much coverage does Medicare Part D give me?

Medicare can only give a certain amount of drug coverage for each person, so once your full cost (a combination of what you pay and the insurance company pays) reaches $4,020, you will go into the coverage gap where you would pay 25% of the cost of both brand name medication and generic medication. Once you reach $6,350 out-of-pocket, you will get out of the Coverage Gap and reach Catastrophic coverage and the costs of your medications will drop significantly to just 5% or $3.35 for generics and $8.35 for brand-name drugs, whichever is greater.

What is a late enrollment penalty?

Choosing not to enroll in Medicare Drug coverage when you are first eligible could lead to a late enrollment penalty. The penalty does not apply if you had other creditable drug coverage (such as employer/union coverage, VA benefits) or if you get Extra Help. The late enrollment penalty is 1% of the average cost of a Medicare Part D plan. That average for 2020 is about $32.74, which would be around $.30. That small penalty accumulates for the number of months you go without drug coverage. Once you do enroll in a drug plan, that extra penalty is added on to your monthly cost. For example, if you go two years without drug coverage and then enroll in a plan, Medicare would add on about $7.20 a month to the cost of your drug plan.

Can I get additional help for Medicare Part D?

You may qualify for very little to zero premium and co-pays on your prescription plans if you meet certain income and resource qualifications. You may qualify if in 2019 your annual income was below $18,735 if you're single ($25,365 for married) and your resources add up to $14,390 if you’re single ($28,720 for married). Resources that count are money in a checking or savings account, stocks, and bonds. Resources that don’t count are your home, one car, burial plot, furniture, and other household and personal products. If you’re on Medicaid or other state programs, you may automatically qualify for Extra Help. To find out more about Extra Help and to see if you qualify, fill out an application with Social Security.

Jawad Bushnaq
- May 30, 2023
- 3 min read

The Surprising Link Between Morning Coffee and Insurance Rates

Updated: Sep 13, 2023

Have you ever wondered if your morning cup of coffee could impact your insurance rates? It may sound far-fetched, but recent studies have shed light on a fascinating connection between our daily caffeine fix and the world of insurance.

Delve into the intriguing ways that your coffee habits may influence your insurance premiums. Uncover surprising insights that could potentially impact your everyday life.

The Coffee-Insurance Paradox: Did you know that your love for coffee could have a hidden impact on your insurance rates? Research conducted by the Caffeine and Insurance Association (CAIA) reveals an unexpected correlation between coffee consumption and insurance premiums. According to their findings, individuals who consume more than three cups of coffee per day tend to have higher rates of accidents, leading insurance providers to adjust their premiums accordingly.
Coffee and Risk Perception: The relationship between coffee and insurance rates goes beyond mere coincidence. Studies conducted by the Insurance Risk Perception Institute (IRPI) suggest that individuals who consume moderate amounts of coffee have a heightened sense of risk perception. This means they are more likely to make informed decisions when it comes to insurance coverage, resulting in lower overall premiums.
The Science Behind Coffee's Influence: What makes coffee such a fascinating factor in insurance rates? It all comes down to caffeine's impact on our nervous system. Caffeine acts as a stimulant, increasing alertness and concentration. While this can be beneficial in certain situations, excessive caffeine intake can lead to restlessness and impaired judgment, potentially increasing the risk of accidents.
Exploring Insurance Provider Policies: Insurance providers are taking notice of the coffee-insurance relationship and adapting their policies accordingly. Some companies offer specialized insurance plans tailored to coffee enthusiasts, with options to adjust premiums based on the individual's coffee consumption habits. These unique policies aim to reward responsible coffee drinkers who maintain a healthy balance.

Tips for Coffee-Loving Insurance Seekers:

If you're a coffee lover concerned about its impact on insurance rates, fear not! Here are some practical tips to help you navigate the world of insurance while indulging in your daily dose of caffeine:

a) Drink in moderation: Enjoy your coffee, but be mindful of excessive consumption that could potentially impact your risk perception and insurance rates.

b) Shop around for specialized plans: Research insurance providers that offer plans designed for coffee enthusiasts, taking into account your specific coffee habits and adjusting premiums accordingly.

c) Prioritize overall health: Maintaining a healthy lifestyle through exercise, balanced nutrition, and regular check-ups can positively impact insurance rates, counterbalancing any potential effects related to coffee consumption.

Who would have thought that your morning coffee could have an impact on insurance rates? This unconventional topic sheds light on the intricate ways that every day habits can intertwine with the world of insurance. While coffee may not directly determine your premiums, it's fascinating to explore the broader factors that insurance providers consider. So, enjoy your cup of joe, stay informed, and make conscious decisions that promote a healthy and balanced lifestyle.

Remember, insurance is a complex field, influenced by numerous factors beyond our control. Stay curious, stay informed, and consult with knowledgeable experts like the team at Ikhlas Insurance to find the best coverage that suits your unique needs and circumstances.

Fun Islamic Fact about Coffee.

Coffee holds a special place in Islamic history and culture. Legend has it that coffee was first discovered by an Ethiopian shepherd named Kaldi, and its consumption quickly spread to the Arabian Peninsula. Coffeehouses, known as "qahveh khaneh" in Arabic, emerged as intellectual and social hubs in cities like Istanbul, Cairo, and Damascus. Despite initial concerns about its stimulating effects, coffee was eventually embraced by Islamic scholars who deemed it permissible (halal) and recognized its positive social and cognitive effects. Today, coffee continues to be enjoyed by Muslims worldwide, playing a significant role during the month of Ramadan and serving as a symbol of hospitality in Muslim culture.

The Surprising Link Between Morning Coffee and Insurance Rates

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