Please reach me at flang@lakeshealthinsurance.com if you cannot find an answer to your question.
I get paid directly by the insurance carriers when you enroll in a plan through Lakes Health Insurance. Note that calling the carrier directly to enroll will not save you any money on your monthly premium, and you’ll be stuck calling an 800# when you need help..
Yes! I will email you the Medicare information you need throughout the year. I will make sure that as the Annual Election Period each fall approaches, I reach out to see if you are interested in reviewing your plan.
Regarding Medicare Part D prescription drug coverage costs in 2025, there will be a cap of $2000 on co-pays that you could spend out of pocket. That $2,000 does not include your premium or deductible.
Unfortunately, it is not. Think of your medications in two main categories.
1. Part D medications. Those are the prescriptions your doctor calls into Walgreens or CVS. These are the medications that fall under this $2,000 cap if they are in the formulary.
2. Part B medications. When it comes to chemotherapies or medications you get by an IV or injectables, anything in a healthcare setting, those are typically Part B medications. They do not fall under this cap. Typically, in a Medicare Advantage plan, a person will pay 20% of their Part B medications up to the Max out-of-pocket defined by the Medicare Advantage plan. That 20% has nothing to do with this $2,000 cap.
IRMAA is Income Related Monthly Adjustment Amount. This can affect how much you pay for Medicare Part B & Part D. If you have a higher Modified Adjusted Gross Income (MAGI), you may incur an IRMAA surcharge. This is based on your federal tax returns using a two-year look-back period. Consult with a tax professional or financial advisor to help calculate your estimated MAGI.
2024
The table below shows what you might pay for Medicare Part B based on the federal income tax numbers. Consult with a tax professional or financial advisor to help calculate your estimated MAGI.
Individual tax return Joint tax return Married & separate tax return Monthly Part B Premium
$103,000 or less $206,000 or less $103,000 or less $174.70 / Month
$103,001-$129,000 $206,000 - $258,000 N/A $244.60 / Month
$129,001-$161,000 $258,001-$322,000 N/A $349.40/Month
$161,001-$193,000 $322,001-$386,000 N/A $454.20/Month
$193,001-$499,999 $386,001-$749,999 $103,001-$369,999 $559.00/Month
$500,000 or above $750,000 or above $397,000 or above $594.00/Month
2025
The table below shows what you might pay for Medicare Part B based on the federal income tax numbers. Consult with a tax professional or financial advisor to help calculate your estimated MAGI.
Individual tax return Joint tax return Married & separate tax return Monthly Part B Premium
$106,000 or less $212,000 or less $103,000 or less $185 / Month
$106,001-$133,000 $212,000 - $266,000 N/A $259 / Month
$133,001-$167,000 $266,001 - $334,000 N/A $370/Month
$167,001-$200,000 $334,001 - $400,000 N/A $480.90/Month
$200,001-$499,999 $400,001 - $749,999 $106,001-$396,999 $591.00/Month
$500,000 or above $750,000 or above $397,000 or above $628.90/Month
2024
The table below shows what you might pay for Medicare Part D based on the federal income tax numbers. Consult with a tax professional or financial advisor to help calculate your estimated MAGI.
Individual tax return Joint tax return Married & separate tax return Monthly Part D Premium
$103,000 or less $206,000 or less $103,000 or less Your plan premium (YPP)
$103,001-$129,000 $206,000 - $258,000 N/A $12.90 + YPP
$129,001-$161,000 $258,001-$322,000 N/A $33.30 + YPP
$161,001-$193,000 $322,001-$386,000 N/A $53.80 + YPP
$193,001-$499,999 $386,001-$749,999 $103,001-$369,999 $74.20 + YPP
$500,000 or above $750,000 or above $397,000 or above $81.00 + YPP
*YPP = Your Plan Premium
.
2025
The table below shows what you might pay for Medicare Part D based on the federal income tax numbers. Consult with a tax professional or financial advisor to help calculate your estimated MAGI.
Individual tax return Joint tax return Married & separate tax return Monthly Part D Premium
$106,000 or less $212,000 or less $103,000 or less Your Plan Premium
$106,001-$133,000 $212,000 - $266,000 N/A $13.70 + YPP
$133,001-$167,000 $266,001 - $334,000 N/A $35.30 + YPP
$167,001-$200,000 $334,001 - $400,000 N/A $57.00 + YPP
$200,001-$499,999 $400,001 - $749,999 $106,001-$396,999 $78.60 + YPP
$500,000 or above $750,000 or above $397,000 or above $85.00 + YPP
*YPP = Your Plan Premium