My father is turning 65 next month and I am trying to help him choose Medicare coverage for 2021. His spouse is only 59 so she does not qualify for Medicare. Therefore, I need to enroll her in Marketplace Coverage (Now under https://www.nj.gov/getcoverednj/) since she is not employed.
Some insight:
- They file their taxes jointly, and neither of them work. Income this year was about $44k due to unemployment and social security. Their estimated income for 2021 should be about 20k.
After filling the Marketplace application for his spouse using the income information above, they are offering a Premium Tax Credit of $789 a month. It is showing me plans like Horizon OMNIA Silver with OOP maximums of $700 for only $1.58 a month. This plan would cover his spouse only, as Medicare recipients can’t enroll in Marketplace Coverage.
When I look online such as on AARP for Medicare Supplement plans, I am seeing that the monthly cost is about $155 plus the base $140 taken out of Part B. This is not even including Part D coverage. Why is that Medicare coverage for my dad would cost so much more compared to his spouse’s Marketplace plan? Are Premium Tax Credits available for Medicare? I feel like my dad would benefit more from a Marketplace plan, but I don’t think it is a good idea for him to opt-out of Medicare..
Any advice is greatly appreciated!
submitted by /u/Johngianni
[link] [comments]
My father is turning 65 next month and I am trying to help him choose Medicare coverage for 2021. His spouse is only 59 so she does not qualify for Medicare. Therefore, I need to enroll her in Marketplace Coverage (Now under https://www.nj.gov/getcoverednj/) since she is not employed. Some insight:
They file their taxes jointly, and neither of them work. Income this year was about $44k due to unemployment and social security. Their estimated income for 2021 should be about 20k.
After filling the Marketplace application for his spouse using the income information above, they are offering a Premium Tax Credit of $789 a month. It is showing me plans like Horizon OMNIA Silver with OOP maximums of $700 for only $1.58 a month. This plan would cover his spouse only, as Medicare recipients can’t enroll in Marketplace Coverage. When I look online such as on AARP for Medicare Supplement plans, I am seeing that the monthly cost is about $155 plus the base $140 taken out of Part B. This is not even including Part D coverage. Why is that Medicare coverage for my dad would cost so much more compared to his spouse’s Marketplace plan? Are Premium Tax Credits available for Medicare? I feel like my dad would benefit more from a Marketplace plan, but I don’t think it is a good idea for him to opt-out of Medicare.. Any advice is greatly appreciated!
submitted by /u/Johngianni [link] [comments]Read Morer/HealthInsurance