Medicare is an inexpensive insurance option for people age 65 and older and younger people with disabilities. While your overall costs for Medicare coverage may vary depending on which coverage you choose, there are some standardized costs that we will discuss today.
Medicare is an inexpensive insurance option for people age 65 and older and younger people with disabilities. While your overall costs for Medicare coverage may vary depending on which coverage you choose, there are some standardized costs that we will discuss today.
Medicare Part A is the hospital insurance component of Medicare’s benefits. Most people don’t have to pay for Part A benefits, as they’ve already paid into Medicare taxes sufficiently. Therefore, they qualify for premium-free Part A. To get premium-free Part A benefits, you must pay Medicare taxes for at least 30 quarters. People who paid this tax for less than 30 quarters will be required to pay a monthly premium of $471. People who paid 30-39 quarters of Medicare taxes must pay a standard premium of $259 in 2021. To determine if you qualify for low-cost or premium-free Part A, get in touch with an insurance specialist.
Medicare Part A also has other costs that you will need to account for, such as deductibles and coinsurance. In 2021, the standard Part A deductible was $1,484 for each benefit period. Therefore, you would have to pay this amount out-of-pocket before your benefits kick in. The amount you pay in coinsurance varies based on how many days have passed in any individual benefit period.
Part B of Medicare is the medical insurance component of the program, but you are not able to obtain Part B benefits premium free. You will always be required to pay this premium, even if you decide to purchase a Medicare Advantage plan. The premium for Part B in 2021 is $148.50. There is also a deductible associated with Part B. In 2021, the deductible amount is $203. You will also need to pay 20% for most Medicare-approved doctor services, outpatient therapy, and durable medical equipment.
Medicare Advantage plans are offered under Part C of the Medicare program. If you choose to enroll in a Part C plan, the costs will vary based on your location and the plan provider. Some Part C plans may be premium-free, but you will still have to pay other costs, such as deductibles, coinsurance, and the Part B deductible. To learn more about Part C plans in your area, get in touch with a qualified insurance professional like Weinstein Wealth Insurance Solutions.
Medicare Part D prescription drug plans are offered by private insurance companies, so the prices for these products vary greatly. While some plans may be less than $100, others may exceed that amount. However, the average premium for Part D in 2021 is $30.50. To learn more about Part D plan costs, get in touch with an insurance specialist so they can help you compare quotes.
If you choose to sign up for Original Medicare benefits, you may still need to compare prescription drug plans. Likewise, if you need to shop for Medicare Advantage plans, try working with an insurance agent. If you need an agent, why not choose Weinstein Wealth Insurance Solutions? We have all of the information you need and are ready to help you.
