As you’re approaching age 65 you’re going to have a lot of questions (and you’re going to get hit with a mountain of marketing from people eager to tell you what to do).
One very common and important question is this: What will Medicare cost?
Let’s break it down into its various parts:
Medicare Part A is free to most people.
Medicare Part B does have a monthly premium. This is often deducted directly from your social security check (if you’re receiving social security. The Part B premium will also vary based on your household income.
Here are the Medicare Part B premiums for 2020:
You’ll pay this premium in addition even if you replace Original Medicare with a Medicare Advantage plan.
Other Medicare Costs
If you keep Original Medicare you’ll also want to buy a Medicare Supplement plan, which will fill in some of the gaps and out-of-pocket charges in Medicare Parts A and B. You’ll also need to get a Part D prescription drug plan. Both of these will have an additional monthly premium (the amount can vary significantly depending on where you live and the plan you select).
Help with Medicare
If you need help or guidance with Medicare, we’d love to provide it.
We created a brief guide to Medicare – think of it as Medicare 101. We don’t tell you what to do – we just want to make sure you understand the options so you can make an informed decision.
And you can click here to contact us with questions!