Medicare, as we know, is a federal insurance program designed for the citizens in America. People can get this insurance program at the age of 65 and older. However, before enrolling in this insurance program, it is good to understand what the programs have to offer and which would be best for you. Other than this, you also have to know the costs to get one according to your income.
Generations Insurance will break down the costs of Medicare with the different variables in between.
Medicare Part A
Often, people don’t necessarily pay a monthly premium for Part A. However, if you purchase Medicare Part A, the standard premium is $458 if you’ve paid Medicare taxes less than 30 quarters. If you have paid Medicare taxes for up to 40 quarters, the standard premium is $252.
Medicare Part B
As you might know, this coverage covers services and tests such as x-rays and other medical services. To get this coverage, you will have to pay $144.60 for the Part B premium. However, in case you’re already receiving Social Security benefits, you would pay less.
The higher your income, the more you pay for it in terms of the Part B premium. Other than this, some deductibles are around $185 a year for the Part B premium.
Medicare Part C
Also known as a Medicare Advantage plan, Part C comes with several more services and benefits. However, since you have to buy this plan from private insurance companies, the price may vary each year. Therefore, to determine the correct rates for Medicare Part C, you would have to contact the coverage to receive an update on the costs.
To give a general idea of how much it costs, the average premium cost for Medicare Part C is $36.
Medicare Part D
Given Medicare Part D, if your income is higher, so is the premium. The high-income limit for single individuals is $87,000. For a couple, the limit is $174,000. To fully determine your cost for Part D, you will need to contact the plan and insurer directly.
When it comes to deciding which plan to get and which one would be best for you, it would be wise to seek expert opinion and advice. Therefore, we at Generations Insurance are here to help you determine and understand which Medicare plan suits your income and situation. If you have any confusion or concerns, contact Generations Insurance today.