Costs of Medicare

The costs associated with Medicare can depend on a variety of factors. Whether you have Original Medicare or Medicare Advantage, the length of hospital stays, prescription drugs, and other things can impact how much your Medicare policy will cost you. Let’s break down some of the individual costs and discuss what policies they’re associated with.

Deductibles

Medicare deductibles are paid annually. Once the individual has paid their deductible, Medicare will cover most, if not all, of the remaining medical costs. Being knowledgeable of your plan’s deductible is important when making decisions and can greatly impact how much you’ll need to pay.

Premiums

Premiums are paid monthly. They’re the cost required to keep your Medicare plan and can change based on your income. Most people are eligible to receive Part A premium-free.

Coinsurance

Coinsurance determines how much you’ll still need to pay after you’ve reached your deductible. It is typical to pay 20% of Part B costs once your deductible has been met.

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Paying for Medicare

While Medicare does have some costs, they are worth it. Having health insurance can relieve stress, financial responsibilities, and medical bills. Being insured is an important part of planning for the future and being prepared for various situations.

If you’re wondering whether enrolling in Medicare is right for you, our professionals can answer your questions. Being aware of the costs of Medicare is important when selecting a plan, so we’re here to discuss your options.