Costs of Medicare
There are various costs of Medicare when signing up for Medicare. We are going to help you navigate the Medicare maze and make this process as easy to understand as possible. Below you will see all the costs of Medicare that you can expect to pay.
Costs of Medicare include:
- Premiums – the amount that you will pay every month for Part B, Medicare Advantage plan, Part D, Medigap (Medicare Supplement). and in some cases Part A.
- Deductibles – the amount that you will have to spend before Medicare will pay for your insurance benefit.
- Co-payments – the portion that you will pay of the costs of a service or drug.
The different costs of Medicare you can expect to pay if you do not have a Medicare Supplement:
- Most people do not pay for a Part A monthly premium because they have paid into Medicare for 40 or more quarters. If you have paid into Medicare for less than 30 quarters, your premium will be $437 every month. If you paid 30-39 quarters, the premium will decrease to $240.
- The Part A deductible for each period is $1,364. From 61-90 days, $341 will be required per day of each benefit period. Beginning day 91 and further, $682 co-payments per each “lifetime reserve day” after the 90th day for each benefit period will be owed. For beyond lifetime reserve days, all cost will be required to pay.
- The standard amount of a Part B premium for 2019 is $135.50, which can be higher based on your income.
- The amount of a Part B deductible will be $185 annually. When you have met your deductible, you will pay around 20% for visits to the doctor, outpatient therapy and medical equipment.
- The amount of a Part C, aka Medicare Advantage plan, premium will vary based on chosen plan.
- The amount of a Part D premium will also vary on the plan chosen and higher-income consumers are subject to pay a income related monthly adjustment amount (IRMAA).
Other costs of Medicare that you might potentially be required to pay is penalties. These penalties will come into play if you did not sign up as soon as you’re eligible or by not having creditable prescription drug coverage. These can be avoided by signing up when eligible.
- Late enrollment penalties:
- Part B – 10% per 12 months that you could have had coverage but did not.
- Part D – 1% of the national average of drug plan premiums per month that you could have had coverage but did not.
We want to help you keep your costs down as much as possible! We know that is important to so many. If you have questions about navigating the ever-changing Medicare maze or retirement insurance options, we have advisors ready to light the way! Call us at (877) 759-5760 or email firstname.lastname@example.org. It’s that simple!To request a quote online, click https://mwgseniorservices.com/medsupp.