Medicare Costs

Medicare Costs

Understanding your Medicare coverage costs is an important part of the coverage selection and enrollment process.  By knowing what your costs will be BEFORE you enroll in a plan, you can avoid receiving unpleasant bills in the mail that you weren’t expecting.

Your Medicare costs will vary depending on where you live, your income, the specific plan you select and the out-of-pocket expenses relating to your plan.  Additionally, you could qualify for programs that will provide financial assistance and offset some or all of these expenses.  If you think you are eligible for financial assistance, contact your local Medicaid office to gather more information.

The associated Medicare coverage costs you might have to pay include:

Premiums – The set amount that you are required to pay out-of-pocket monthly, whether through your checking account or Social Security check, for Medicare Part B, Medicare Advantage (Part C), your Medicare Part D prescription drug plan and/or your Medicare Supplement plan.

Deductibles – The set amount that you are required to pay out-of-pocket for covered services before your insurance plan begins to provide benefits. 

Coinsurance/Copayments – The portion of the medical services or prescription drugs that you are responsible to pay. Copayments are fixed dollar amounts;  in comparison, coinsurance is calculated as a percentage.

** WATCH: Medicare Costs Video **

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