Medicare premiums vary dependent on whether you want original Medicare, Medicare Advantage, or Medigap. This is a decision for you to make based off of your own budget as well as your medical needs.
Medicare Premium Costs
Medicare is broken down into 4 Parts and an additional option of Medicare Supplement insurance. This can seem pretty overwhelming, but it’s actually simple. We’ll explain why after the cost breakdown. The following are the five areas of Medicare.
- 1) Medicare Part A: Hospital Coverage. Usually $0
- 2) Medicare Part B: Medical Coverage. Usually $174.70
- 3) Medicare Part C: Medicare Advantage. As low as $0
- 4) Medicare Part D: Drug Coverage. Average cost $33 a month
- 5) Medicare Supplement: Medigap. As low as $50
Medicare Options?
So what does this all mean for you? It means that you have a few choices. You can pick a combo of these plans, but most people pick go for one of the following: Medicare Advantage which exchanges Original Medicare’s nationwide network for a limited HMO type for extras like prescription drug coverage, dental and vision. OR they choose to do the Original Medicare combo (A & B), Medigap, and Part D. Click here if you are ready to sign up for Medicare today.
Which Medicare Combination Should You Choose?
Depends. According to CBS News “It’s absolutely necessary to purchase such a plan (Medigap).” While we understand their sentiment, we don’t say it is “necessary” you purchase a Medigap plan. It really depends on what your budget is. If you have a few extra bucks in your pocket, then yes, we agree that Medigap offers the greatest financial protection. But if you cannot afford Medigap, Medicare Advantage is a great option. Medicare Advantage also caps your out-of-pocket expenses.
Next Steps
So take some time and sit down to not only figure out what your monthly premium is, but also what it will cost you if you were to have a serious medical issue. Click here to compare Medicare Advantage and Medigap to help you make a decision.
For any further questions about which Medicare plan what is right for you call the number above or click here if you want a Medicare Supplement quote.