Thread by @VirtualDan365

Medicare – A National Health Insurance Fund
The history of Medicare goes back to President Teddy Roosevelt. In 1912, his presidential campaign included a national health insurance plan. The idea of a national health plan didn’t gain steam until 1945..
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#Health

Pres. Harry S Truman championed the idea of a national health care fund in 1945. He wanted national health insurance for all Americans and fought to pass a bill but was unsuccessful. It took another 20 years before Medicare became a reality.

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#healthy

John F. Kennedy
After studies showed that 56% of Americans over the age of 65 were not covered by health insurance, JFK made an unsuccessful push for a national healthcare plan.
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#JFK

It wasn't until 1965 when Pres. Lyndon B Johnson got the plan though legislation so that Americans could begin receiving Medicare health coverage.

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#Medicare

So how does original Medicare work? There's a few main parts to know:
▫️ Part A: Hospital Insurance - should be free in retirement since you paid into Medicare through FICA.
▫️ Part B: Drs Insurance - there's an income scale that determines the monthly premium.
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#MedTwitter

Medicare Part B Income Scale for joint tax return:
▫️ $182,000 or less = $170.10
▫️ $182k to $228k = $238.10
▫️ $228k to $284k = $340.20
▫️ $284k to $340k = $442.30
▫️ $340k to $750k = $544.30
▫️ $750k+ = $578.30

Deducted from your monthly SS payment if collecting.
🧵#social

I bet you probably assumed the next part to Medicare would be the letter C... but Medicare C is actually an entirely different program called the Medicare Advantage Plan where there's 1 network that combines insurance co, hospital & doctors to reduce overall cost.
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#Medical

Part D is for prescription drug coverage. There are a range of different Part D options which vary in price. Someone who needs 0 scripts vs someone who needs 10 scripts.

The same income scale I showed for Part B applies here too.
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#MedTwitter

Medicare Part D Income Scale for joint tax return:
▫️ $182,000 or less = plan cost
▫️ $182k to $228k = plan cost + $12.40
▫️ $228k to $284k = plan cost + $32.10
▫️ $284k to $340k = plan cost + $51.70
▫️ $340k to $750k = plan cost + $71.30
▫️ $750k+ = plan cost + $77.90
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#extra

Quick review:
▫️Part A: Free
▫️Part B: $170/mth
These 2 cover 80% of your healthcare costs.
▫️Part D: $15-$50 est. +income

Now we get to the Medicare supplemental plan or Medigap plan which is designed to cover the remaining 20% of your costs
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#Medical

Every year Oct 15th kicks off medicare’s open enrollment for the following calendar year. During this time you can change your Part D & Medigap plan to meet your current needs.

Things change, so will which plan is right for you. Always a good idea to review.

🧵 #insurance

I hope this 🧵 helps anyone trying to understand our National retiree healthcare plan.

Virtual Dan is at your service for any financial services you may need or questions you may have!

-Virtual Dan

#Thread

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