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Medicare Costs Explained: Original Medicare, Medicare Supplements, & More!
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What are the actual costs of Medicare? Call us at iHealthBrokers today at 888-410-0344. Our services are 100% Free!
★☆★ABOUT THIS VIDEO★☆★
Medicare Part A is part of Original Medicare. You can consider it your hospital insurance.
For most people, there is no monthly premium for Medicare Part A. If you or your spouse has worked at least 40 quarters, you will not need to pay on a monthly basis to keep your Medicare Part A active.
If you have worked less than 40 quarters, you may be responsible for a monthly premium. In 2021, if you have worked less than 30 quarters, your monthly premium for Medicare Part A is $471. If you have worked between 30-39 quarters, then your monthly premium is $259. If you are still working, once you meet 40 quarters, your monthly premium will disappear.
Medicare Part A also has a deductible. In 2021, the Part A deductible is $1484. This is applied per benefit period (hospital stay), not annually. Once you’ve met your deductible (out of pocket), the cost sharing begins. At that point, you may or may not have coinsurance dependent upon the length of your stay.
Days 0-60 $0
Days 60-90: $371/day
If you hit 90 days (during that benefit period), you may have to tap into your lifetime reserve days. You have an additional 60 lifetime reserve days which can only be used once. The current rate is $742/day. If you’ve used up your lifetime reserve days Medicare will no longer continue to contribute (unless you enter into a new benefit period).
Medicare Part B is also part of Original Medicare. You can consider it your outpatient insurance.
There is always a monthly premium for Medicare Part B. In 2021, the base monthly premium for Part B is $148.50. However, it can go up from there because the Part B monthly premium is based on your income.
Additionally, you’ll have to meet a once annual deductible. In 2021, the deductible is $203. Once you’ve met that deductible, you’ll be responsible for coinsurance. Usually, you’ll pay 20% of the costs and Medicare will cover 80%.
Medicare Supplements (Medigap Plans) are a form of voluntary, secondary insurance which cover the gaps of Original Medicare. There are 10 different plans with different levels of coverage and price points.
Medicare Advantage Plans (Medicare Part C) replace Original Medicare entirely. Some plans require an additional monthly premium, some just require you to continue to pay for Medicare Part B. You’ll have some form of coinsurance or copays to be aware of, but these are determined by your plan and carrier. Plans are not standardized, so benefits and prices can vary widely.
Finally, there is Medicare Part D. Medicare Part D is prescription drug coverage. Plans are regulated by the federal government and all plans must meet certain criteria. However, carriers can choose to offer better benefits to compete for your business.
There are four stages to Medicare Part D.
The Deductible
The Period of Initial Coverage
The Coverage Gap
Catastrophic Coverage
The max deductible that can be required by any plan in 2021 is $445. Some plans will lower or waive the deductible to compete for your business. Once you are in the initial coverage period your plan will determine your copay for your medication based on its tier. Once you are in the coverage gap, you will be charged up to 25% of the drug’s cost. Finally, in catastrophic coverage, you can be charged up to 5% of the drug’s cost or a set copay ($3.70 for generic, $9.20 for brand name).
You will also be responsible for a monthly premium to keep your insurance active.
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===================================
Lower Medicare Part B Premiums with SSA-44
Compare Medigap Plans
===================================
★☆★CHECK OUT OUR OTHER VIDEOS★☆★
The Truth About "Free" Medicare Advantage
Do I Need a Medigap Plan?
Medicare & a Fixed Income
Medicare Part D
★☆★CHECK US OUT ★☆★
PHONE NUMBER: (888) 410-0344
===================================
Give us a call or leave a comment below and we'll do our best to help! Make sure to "Like" and "Subscribe" today!
★☆★ABOUT THIS VIDEO★☆★
Medicare Part A is part of Original Medicare. You can consider it your hospital insurance.
For most people, there is no monthly premium for Medicare Part A. If you or your spouse has worked at least 40 quarters, you will not need to pay on a monthly basis to keep your Medicare Part A active.
If you have worked less than 40 quarters, you may be responsible for a monthly premium. In 2021, if you have worked less than 30 quarters, your monthly premium for Medicare Part A is $471. If you have worked between 30-39 quarters, then your monthly premium is $259. If you are still working, once you meet 40 quarters, your monthly premium will disappear.
Medicare Part A also has a deductible. In 2021, the Part A deductible is $1484. This is applied per benefit period (hospital stay), not annually. Once you’ve met your deductible (out of pocket), the cost sharing begins. At that point, you may or may not have coinsurance dependent upon the length of your stay.
Days 0-60 $0
Days 60-90: $371/day
If you hit 90 days (during that benefit period), you may have to tap into your lifetime reserve days. You have an additional 60 lifetime reserve days which can only be used once. The current rate is $742/day. If you’ve used up your lifetime reserve days Medicare will no longer continue to contribute (unless you enter into a new benefit period).
Medicare Part B is also part of Original Medicare. You can consider it your outpatient insurance.
There is always a monthly premium for Medicare Part B. In 2021, the base monthly premium for Part B is $148.50. However, it can go up from there because the Part B monthly premium is based on your income.
Additionally, you’ll have to meet a once annual deductible. In 2021, the deductible is $203. Once you’ve met that deductible, you’ll be responsible for coinsurance. Usually, you’ll pay 20% of the costs and Medicare will cover 80%.
Medicare Supplements (Medigap Plans) are a form of voluntary, secondary insurance which cover the gaps of Original Medicare. There are 10 different plans with different levels of coverage and price points.
Medicare Advantage Plans (Medicare Part C) replace Original Medicare entirely. Some plans require an additional monthly premium, some just require you to continue to pay for Medicare Part B. You’ll have some form of coinsurance or copays to be aware of, but these are determined by your plan and carrier. Plans are not standardized, so benefits and prices can vary widely.
Finally, there is Medicare Part D. Medicare Part D is prescription drug coverage. Plans are regulated by the federal government and all plans must meet certain criteria. However, carriers can choose to offer better benefits to compete for your business.
There are four stages to Medicare Part D.
The Deductible
The Period of Initial Coverage
The Coverage Gap
Catastrophic Coverage
The max deductible that can be required by any plan in 2021 is $445. Some plans will lower or waive the deductible to compete for your business. Once you are in the initial coverage period your plan will determine your copay for your medication based on its tier. Once you are in the coverage gap, you will be charged up to 25% of the drug’s cost. Finally, in catastrophic coverage, you can be charged up to 5% of the drug’s cost or a set copay ($3.70 for generic, $9.20 for brand name).
You will also be responsible for a monthly premium to keep your insurance active.
👇SUBSCRIBE TO iHealthBroker's CHANNEL NOW👇
===================================
Lower Medicare Part B Premiums with SSA-44
Compare Medigap Plans
===================================
★☆★CHECK OUT OUR OTHER VIDEOS★☆★
The Truth About "Free" Medicare Advantage
Do I Need a Medigap Plan?
Medicare & a Fixed Income
Medicare Part D
★☆★CHECK US OUT ★☆★
PHONE NUMBER: (888) 410-0344
===================================
Give us a call or leave a comment below and we'll do our best to help! Make sure to "Like" and "Subscribe" today!
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