Medicare covers about two-thirds of your healthcare costs, however the program is not free for its more than 60 million beneficiaries. To cover premiums and out-of-pocket prescription drug costs after age 65, experts estimate men will spend $130,000 and women should plan to spend $146,000. By understanding this, you can better plan for your healthcare finances in retirement.
Here’s a look at the 2019 costs for Original Medicare.
|Part A||Part B|
|Co-insurance and Other costs (Costs you incur)||$352/day for days 61-90 in hospital
$704/day for lifetime reserve days
|20% of the service after you pay the deductible|
*The costs outlined above are an average estimate. Additionally, in 2019 the average cost of a Medicare Supplement Insurance premium was $152 per month. Prescription drug plans cost an average of $22 per month in 2019.
As you can see, Medicare is an important resource to consider. It ensures you have reliable, affordable health insurance and can be a relief from rising healthcare costs.
A Medicare Supplement Insurance plan helps with the costs that original Medicare doesn’t cover. Because a federal law requires that each plan must offer the exact same coverage, regardless of the carrier, they are uniquely easy to compare against one another. In most states, the only difference you will see is the cost. And Medicare Supplement Insurance plans offer a nationwide provider choice that comes with Original Medicare.
For adults on a fixed budget, financial commitments can be a source of worry and frustration. Our advisors can alleviate those concerns as your trusted advocates. Our mission is to inspire confidence and peace of mind in your health care decisions. We will help you find the right plan for your needs and your budget.
Published: August 12, 2020