What Are Zero-Dollar Medicare Plans?
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Zero-dollar Medicare plans give you substantial savings for a premium of $0. That’s right – you can get your hospital and outpatient coverage at a premium that costs you nothing. This is a feature of certain Medicare Advantage plans, which give you everything you need and more.
How Do I Get a Zero-Dollar Medicare Plan?
Like with any Medicare plan, you must meet the criteria and join during a certain time of the year.
You are eligible for this if:
- You are 65 or older
- You have been receiving disability benefits from Social Security for 24 months.
You can join during your Initial Enrollment Period, which lasts from three months prior to the month you turn 65, up to the three months following the month of your 65th birthday.
If you get Original Medicare, you can switch to a zero-dollar Medicare plan during the Annual Election Period, which is from October 15 to December 7.
What Are the Benefits?
Zero-dollar Medicare plans give you coverage from Medicare Part A, B, and in some cases, Part D as well.
Here, you can get significantly reduced costs for:
- Hospital treatments
- Preventive services such as screenings
- Prescription drug coverage
- Durable medical equipment
- Items that Original Medicare doesn’t cover (e.g. hearing aids and vision treatments)
What Do I Pay?
While the Medicare Advantage plan itself may have a $0 premium, there are still other expenses you’ll need to cover. These expenses include:
- Part A premium (if you do not qualify for the premium-free version of this)
- Part A deductible and coinsurance
- Part B premiums, deductible, coinsurance, and copayments
As mentioned, Part A coverage can be premium-free, too, provided you join during your Initial Enrollment Period and you have worked a minimum of ten years and paid Medicare taxes during that time. Your payments here will be a deductible when you are admitted as an inpatient, with zero coinsurance costs for a certain amount of time within a benefit period (up to 60 days in the hospital). If you have premium-free Part A and are not admitted as an inpatient during the year, you’ll have it without paying for it at all.
Your Zero-Dollar Plan Can Be Yours Soon!
If you are a Hawaii resident, you can get a plan just like this with the help of Proinsurance Hawaii. At Proinsurance Hawaii, we deal directly with all things Medicare, and we will be happy to assist you in finding the perfect plan for you. Call us at 808-735-0106 to get started today.
