Medicare is one of the most affordable, cost-effective health insurance plans out there. But what costs should you expect?
Original Medicare (Parts A and B) has relatively universal costs across the board. There are 3 basic costs you must pay for both Parts A and B:
Medicare Advantage, or Part C, will not be the same across the board. Because costs will vary between plans, providers, and locations, there is no national standard premium, deductible, or cost-sharing fees.
Premiums for Part C can range anywhere from $0 to $100 depending on many factors. The good news is that you have options to balance your monthly costs and budgeted coverage. The same can be said for the deductible. Just remember that you will still have to keep up with your Original Medicare payments with Part C.
Like Part C, Part D costs vary across the board. While premiums and deductibles will change, the amount you pay out-of-pocket for prescriptions will not fluctuate by much.
Prescriptions are categorized by their prices into different tiers, each of which you will have to pay a higher out-of-pocket fee for. These tiers are:
Like both Parts C and D, Medicare Supplement costs will vary greatly across the board depending on various factors. The two biggest players, however, are coverage and rating.
Each of the 10 Medicare Supplements have a different amount of included coverage. The more coverage in the plan, the more you will pay on a monthly basis, but the less you will pay out-of-pocket. When you sign on for a supplement plan, your premium will also be set by a rating system. These ratings systems are as follows:
The Coleman Agency will help you find a plan that works for your budget. To learn more, give us a call today.