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Confused About Medicare? Understanding these key terms can help…

Annual Notification of Change - A letter sent by your Medicare Advantage Plan insurance company that informs you of changes to your benefits for 2014. It is included in a big package of material, mailed around the first of October.

Coinsurance - The amount you may be required to pay as your share of the cost for services after you pay any deductibles. Coinsurance is usually a percentage
(for example, 20%).

Copayment - The amount you may be required to pay as your share of the cost for a medical service or supply, like a doctor’s visit, hospital outpatient visit, or prescription. A copayment is usually a set amount, rather than a percentage. For example, you might pay $10 or $20 for a doctor’s visit or prescription.

Deductible - The amount you must pay for health care or prescriptions before Original Medicare, your prescription drug plan, or your other insurance begins to pay.

Drug Formulary - A list of prescription drugs covered by a prescription drug plan or another insurance plan offering prescription drug benefits.

Out of Pocket Maximum - The yearly out-of-pocket maximum is the highest or total amount your health insurance company requires you to pay towards the cost of your health care.

Premium - The periodic payment to Medicare, an insurance company, or a health care plan for health or prescription drug coverage.

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