Cost of Medicare
The cost of Original Medicare is the same across the board. For other plans, your cost will vary depending on the plan, provider, and your financial and/or health status.
When you sign up for a Medicare plan, whether it be Original Medicare, Medicare Advantage (Part C), Part D, or a supplement, you will be required to make a monthly payment called a premium.
For Original Medicare (Part A and Part B), these premiums are set at a national rate for everyone eligible. This can be higher or lower based on your income, but most people pay $170.10 for their Part B premium.
For Part A, most people do not even have to pay a premium. If you worked for at least 10 years while paying Social Security taxes, you are eligible for premium-free Part A. If not, your premium will likely be $274 or $499. This will ultimately depend on how long you worked and did pay Medicare taxes for.
Similarly, for Medicare Advantage, you will have little to no premium. This will depend on the plan you purchase, of course—all Medicare plans apart from Part A and Part B vary depending on the company. The same goes for Part D.
For Medicare Supplements, your premium will depend, once again, on the plan you purchase and the company you purchase it from. However, rates can be determined in a few different ways:
- Community-Rated (No-Age Rated): Everyone in the plan receives the same premium regardless of age or health.
- Issue-Age Rated (Entry-Age Rated): Your premium is set by the age you apply and does not change as you age.
- Attained-Age Rated: Your premium is set by your current age, meaning that it increases as you age.
Deductibles, on the other hand, are a required fee you must pay before you can receive coverage from your plan. For Part A, it is a $1,556 deductible that must be paid each benefit period. For Part B, you must pay a yearly amount of $233 in 2022.
Other deductibles for the additional coverage options will, once again, depend on the company you purchase from and the plan you purchase.
Budget Your Medicare Plans and Find Cost-Effective Coverage
Medicare is one of the most affordable healthcare options for seniors. So, when it comes to Senior Solutions, we know what’s best—Iowa Illinois Senior Solutions can find you the affordable coverage you’re looking for. When you’re ready to get started, give us a call at 563-579-6116, or email us at email@example.com.