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Medicare Calculators
Calculate Your Medicare Costs and Benefits
Gain insight into your Medicare expenses with our user-friendly calculators. Explore different scenarios, estimate premiums, deductibles, and out-of-pocket costs, and discover how to optimize your coverage for maximum savings.
Medicare Initial Enrollment Period Calculator
2025 Part D Late Enrollment Penalty Calculator
Enter the number of months you were eligible to enroll but didn't:
2025 Medicare Part B IRMAA Calculation
How do you file taxes?Individual Tax Return
File Joint Tax Return
Get personalized guidance and insurance solutions tailored specifically for you and your family's needs. Use our Medicare Calculators to make informed decisions and ensure you have the right coverage.
Maximize Your Medicare Benefits with Personalized Insurance Solutions
Welcome to Lehigh Partners' Medicare Calculators, where you can unlock the full potential of your Medicare coverage. Our interactive tools are designed to help you understand your options, estimate costs, and make informed decisions about your healthcare insurance.
Tailored Insurance Solutions for You
At Lehigh Partners, we believe in simplifying the complex world of Medicare insurance. Our experienced advisors are here to guide you through the process, assess your needs, and create a personalized insurance plan that fits your lifestyle and budget.
Why Choose Lehigh Partners?
Expert Guidance: Our team of insurance experts has in-depth knowledge of the Medicare landscape and can provide you with valuable insights and recommendations.
Customized Approach: We understand that every individual has unique healthcare needs. That's why we offer tailored solutions that are specific to you
Customer Satisfaction: Don't just take our word for it. Explore testimonials from satisfied clients who have found peace of mind with our insurance solutions.
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-Peter I., Bethlehem, PA
Lehigh Partners Senior Benefits provided expert Medicare guidance tailored to our needs, ensuring peace of mind and financial security.
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-John and Mary S., Bethlehem, PA
Lehigh Partners Senior Benefits provided comprehensive and personalized guidance that made navigating Medicare much easier for us. Highly recommended!
Contact Us for a Consultation
Ready to take the next step towards securing your Medicare future? Contact Lehigh Partners today to schedule a consultation and explore how our personalized insurance solutions can benefit you. Let us help you navigate the world of Medicare with confidence and clarity.
FAQ
Understanding Medicare Initial Enrollment Period and Penalties'
A Medicare "Initial Enrollment Period" (IEP) is a seven-month window where someone first becomes eligible to sign up for Medicare, typically starting three months before the month you turn 65, including. your birthday month, and ending three months after you turn 65; during this period, you can enroll in both Part A (hospital insurance) and Part B (medical insurance) without penalty.
Key points about the Medicare Initial Enrollment Period:
- Duration: 7 months
- When it starts: 3 months before the month you turn 65
- When it ends: 3 months after the month you turn 65
- Importance: This is the only time you can enroll in Medicare without facing a potential late enrollment penalty if you miss it.
What happens if you miss your Initial Enrollment Period?
- General Enrollment Period: You can still sign up for Medicare during the "General Enrollment Period" which runs from January 1st to March 31st each year, but you may have to pay a late enrollment penalty on your Part B premium.
The Part D penalty is determined by taking 1% of the “national base beneficiary premium” times the number of months someone has gone without having Part D or creditable drug coverage.
Note: The national base beneficiary premium changes from year to year, so your penalty will fluctuate as well.
Medicare Part B IRMAA, which stands for "Income-Related Monthly Adjustment Amount," is an additional premium that some Medicare beneficiaries must pay on their Part B coverage if their income exceeds a certain threshold, essentially meaning people with higher incomes pay a higher monthly Medicare Part B premium based on their previous year's tax return income.
Key points about IRMAA:
- Income Calculation: The Social Security Administration (SSA) determines your IRMAA based on your Modified Adjusted Gross Income (MAGI) reported on your tax return from two years prior.
- Higher Income, Higher Premium: The higher your income falls within the IRMAA brackets, the greater your additional premium amount will be.
- Impact on Part B Coverage: IRMAA only applies to Medicare Part B coverage, which covers doctor's services, outpatient care, and certain other medical services.
How it works:
- Income Thresholds: The SSA sets specific income brackets, and if your income falls above a certain level, you will be subject to an IRMAA surcharge.
- Sliding Scale: The IRMAA surcharge is applied on a sliding scale, meaning the higher your income, the higher your additional premium.
- Notification: If you are eligible for IRMAA, the SSA will notify you and your Medicare premium will reflect the additional amount.
Important Considerations:
- Tax Filing Status: Your IRMAA calculation is based on your tax filing status, whether you are single, married filing jointly, or married filing separately.
- Changes in Income: If your income significantly changes, you can contact the SSA to review your IRMAA status and potentially adjust your premium.