If you’re 65 or older, or are nearing that age, you’ve likely heard a thing or two about Medicare. This federal health insurance program helps Americans in the retirement phase of life receive affordable health coverage. However, regardless of age, cost is often a hot talking point when it comes to health insurance. Here’s what you need to know about Medicare costs and what you’re getting from your plan.
How much do Medicare Parts A-D cost?
As you might know, Medicare has four different coverage options- Parts A, B, C and D. Each provides support for different medical services, from hospital stays under Part A to prescription drug coverage under Part D.
Although they have their differences, each Medicare option will include a monthly premium. The premiums for Part A and Part B are set by the federal government, and premiums for Part C and Part D are usually dependent on aspects like your yearly income and can therefore vary by household. If you’re curious about what a Medicare plan might cost for you per year, check out Priority Health’s Medicare Cost Calculator.
How much does Medicare supplemental insurance cost?
In addition to Parts A-D, private insurers usually offer a supplemental plan, usually known as Medigap. This can help over things that Original Medicare (Parts A and B) might not. This includes copayments, smaller deductibles and other out-of-pocket costs. It should be noted, though, that adding a Medigap plan can slightly bump up your monthly premiums. However, if you feel like the decreased out-of-pocket costs outweighs that, Medigap might be perfect for you.
How much do prescriptions cost with Medicare?
It’s no secret that prescription payments are a common worry today. Naturally, those worries will linger when it comes to enrolling in Medicare and completing monthly payments. This is where Medicare Part D comes in handy.
Part D provides two options, given that you’re already enrolled in Parts A and B. One is a prescription drug plan that can come through private insurance plans like Priority Health Medicare Advantage plans. The other is a stand-alone prescription drug plan (PDP). While the exact price of monthly premiums for these plans vary by provider, most will provide a formulary list that can tell you what specific drugs might be covered, which is another great way to get clear-cut answers for your health plan. If you’re a Priority Health member, you can also use the Cost Estimator tool to help estimate potential costs for prescriptions and other specific services.
Ready to enroll?
Does a Medicare Advantage plan seem to fit in your monthly pocket? Beginning three months before your 65th birthday, you can start your enrollment process. This period continues through your birthday month, and in the three months afterward. Be sure to thoroughly access your options and needs to see what type of plan would be best for both you, your loved ones and your wallet. Take some time to compare plans and see what works best for you and your lifestyle.
