Medicare & Medicare Supplements (AKA Medigap Insurance) Deerfield, Illinois
Hello Neighbor,
Welcome to The Eriksen Insurance Group, a health insurance brokerage agency servicing your area in Illinois!
About Us
We are a local agency specializing in health insurance solutions for individuals, families, and businesses in the Chicagoland area. This page is dedicated to answering some of your questions on Medicare.
With over 40 years of experience, we’ve built a reputation for providing personalized service and expert guidance. As proud residents of Chicagoland, we know your community because it’s our community too. We’re here to help you navigate your health insurance options with confidence and ease.
Contact us regarding your questions or to secure coverage.
Warm Regards,
Robert Eriksen
Medicare Overview
Medicare covers people 65 and over, certain people under 65 with a disability, and people with end-stage renal disease. Original Medicare is comprised of four parts: Medicare Parts A, B, C, and D.
Medicare Part A
Medicare Part A helps cover inpatient care in hospitals, critical access hospitals, and skilled nursing facilities. It also covers hospice care and some home health care. Large deductibles and daily limits for hospital stays require additional Medicare Supplement coverage. There is no premium if you have worked and paid Medicare taxes for at least 40 quarters (10 years).
Medicare Part B
Medicare Part B helps cover doctors’ services, outpatient hospital care, and other medical services not covered by Part A. It covers physical and occupational therapy and some home health care. There is a small deductible ($257 in 2025), and it pays on an 80%/20% basis with no cap on your 20% portion. A premium is required, which increases with higher income. You need Part B to purchase a Medicare Supplement plan.
Medicare Part C (Medicare Advantage Plans)
Medicare Part C, also known as Medicare Advantage Plans, is offered by private insurance companies as an alternative to Original Medicare. It includes Part A, Part B, and usually Part D. These plans can be HMOs, PPOs, or fee-for-service plans and may limit doctors, facilities, and services covered. Plans may offer extra benefits not covered by Original Medicare. At Eriksen Insurance Group, we do not offer Medicare Advantage plans because we believe Medicare Supplement plans provide greater flexibility, stability, and value for our clients. Downsides of Medicare Advantage Plans
Medicare Part D (Prescription Drug Coverage)
Medicare Part D helps pay for brand-name and generic drugs. It is offered by insurance companies approved by Medicare. It is advisable to enroll early to avoid late enrollment penalties. For more coverage information, visit Medicare.gov.
Compare and sign up for Part D here
Medicare Premiums
Part A Premium
- $0 for most people (worked and paid Medicare taxes for at least 10 years).
- If you get Medicare before 65, you won’t pay a Part A premium.
Part B Premium
- $185/month (or higher depending on income).
- Premium changes yearly and must be paid even if no services are used.
2025 Medicare Part B Premiums Based on Income
| Individual Income | Joint Income | Monthly Premium |
|---|---|---|
| $106,000 or less | $212,000 or less | $185.00 |
| $106,000 – $133,000 | $212,000 – $266,000 | $259.00 |
| $133,000 – $167,000 | $266,000 – $334,000 | $370.00 |
| $167,000 – $200,000 | $334,000 – $400,000 | $480.90 |
| $200,000 – $500,000 | $400,000 – $750,000 | $591.90 |
| $500,000+ | $750,000+ | $628.90 |
Medicare Supplement Insurance Plans
Medicare Supplement Insurance Plans help cover healthcare costs not included in Medicare. Eriksen Insurance Group offers affordable and reliable Medicare Supplement plans from Blue Cross and Blue Shield of Illinois. The benefits of these plans include competitive rates to help save money, discounts for prior Blue Cross coverage and family members on the same plan, and the freedom to choose doctors and hospitals without network restrictions.
We do not offer Medicare Advantage plans because Medicare Supplement plans provide greater flexibility, stability, and value. Let us help you find the right Medicare Supplement plan to fit your needs. Contact us today.
Medigap (Medicare Supplemental Insurance)
Medigap, also known as Medicare Supplemental Insurance, covers expenses not covered by Medicare. Standardized policies offer the same benefits across all companies, though pricing varies. Medicare Part A and B are required to purchase a Medigap plan. Premiums are paid to the Medigap insurance company, and spouses must purchase separate policies.
Medicare Prescription Drug Coverage (Part D)
Medicare Drug Coverage (Part D) helps cover the cost of outpatient prescription drugs. Enrollment requires joining a private insurance plan that follows Medicare rules. Plans vary in cost and covered drugs, and enrolling early helps avoid late penalties.
Coverage Basics
- Deductible: Amount paid before the plan starts covering drugs. No plan can have a deductible higher than $590 in 2025.
- Copayment: Fixed amount paid per drug.
- Coinsurance: Percentage paid for a drug at the pharmacy.
A Part D late enrollment penalty applies if you go 63 or more days without creditable prescription coverage. To avoid penalties, enroll in a plan without a 63-day gap in coverage.
Medicare Part D Penalties
Late Enrollment Penalty
If you go 63+ days without creditable prescription coverage, you may owe a Part D late enrollment penalty. Avoid penalties by enrolling in a plan without a 63-day gap in coverage.
Income-Related Monthly Adjustment Amount (IRMAA)
High-income individuals must also pay an extra premium amount known as the Income-Related Monthly Adjustment Amount (IRMAA). In 2025, the income threshold for IRMAA is $106,000 for individuals and $212,000 for joint filers. More details on IRMAA can be found at Medicare.gov.
Contact Us
Thanks again, and we look forward to working with you.
Robert G. Eriksen, President
Health Insurance Specialist
📞 Phone: (847) 426-2788
✉ Email: Bob@EriksenInsurance.com