What Is the Medicare Hold Harmless Provision? The Medicare hold harmless provision limits the annual rise in Medicare Part B premiums deducted from Social Security benefits to no more than the cost of living increase provided to the beneficiary in a given year. This ensures that the dollar amount of the Social Security benefits paid
What Is Medicare and Medicaid Fraud? Medicare and Medicaid fraud refer to illegal practices aimed at getting unfairly high payouts from government-funded healthcare programs. Fraud involves deceit with the intention to illegally or unethically gain at the expense of another, in this case in order to illegally gain at the expense of government-sponsored healthcare programs.
Medicare Part B Costs for 2023 Individuals Married Filing Jointly Married Filing Separately Monthly Fee for 2023 $97,000 or less $194,000 or less $97,000 or less $164.90 Above $97,000 up to $123,000 Above $194,000 up to $246,000 N/A $230.80 Above $123,000 up to $153,000 Above $246,000 up to $306,000 N/A $329.70 Above $153,000 up to
What Is Medicare Part D? The term Medicare Part D refers to a prescription drug benefit program that is offered as part of the broader federal Medicare health insurance program. The program is for persons 65 years and older, certain younger people with disabilities, and people with end-stage renal disease. Part D is an optional
What Is Medicare Part A? Medicare Part A is one of four components of the federal government’s health insurance program for older adults and other eligible people. Medicare Part A helps pay for bills related to inpatient hospital stays and procedures; inpatient care in a skilled nursing facility; hospice care; and home health care. It
What Is the Medicare Star Rating System? The Medicare Star Rating System is a method for consumers to evaluate and compare Part D drug plans and Medicare Advantage Plans, which vary greatly in terms of cost and coverage. Medicare reviews the performance of plans once a year and publishes new star ratings each fall. Key Takeaways Medicare Advantage Plans and
What Is Medicare Supplement Insurance? Medicare Supplement Insurance is sold by private insurance companies and pays medical costs not covered by Medicare. Better known as Medigap, this insurance covers out-of-pocket costs like copays, coinsurance, and deductibles. Key Takeaways Medicare Supplement Insurance, or Medigap, is a type of health insurance policy sold by private insurance companies to complement
What Are Medicare Wages? Medicare wages are employee earnings that are subject to a U.S. payroll tax known as the Medicare tax. Similar to the other U.S. payroll tax, Social Security, the Medicare tax is used to fund the government’s Medicare program, which provides subsidized healthcare and hospital insurance benefits to people ages 65 and older and to
What Is Medigap Insurance? Medigap, also called Medicare Supplement Insurance, is health insurance coverage provided by private companies designed to pay for costs not covered by Original Medicare. Depending on which plan you get, these costs might include copayments, coinsurance, and deductibles, as well as services Original Medicare doesn’t cover, such as travel outside of
What Is a Medium of Exchange? A medium of exchange is an intermediary instrument or system used to facilitate the purchase and sale of goods and services between parties. For a system to function as a medium of exchange, it must represent a standard of value. Further, all parties to the transaction must accept that
