Medicare Costs Explained
What much does original Medicare cost?
If like most of us you thought Medicare was free, sorry but it is not free. Most people don’t need to pay for Part A if you or your spouse were in the workforce and paying Medicare taxes for 10 years, plus a couple other requirements.
However, everyone pays a premium for Part B. Yes everyone. The Part B premium varies depending on your income and when you enroll in Part B. In addition to monthly premiums, you are also responsible for deductibles, copayments, and coinsurance.
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Unfortunately, Medicare is not free for most folks. Typically Medicare Part A is premium-free if you or your spouse meet the qualifying work history. Medicare Part B has a monthly premium of $174.70 in 2024. You could pay more due to higher income.
Unfortunately, Medicare is not free for most folks. Typically Medicare Part A is premium-free if you or your spouse meet the qualifying work history. Medicare Part B has a monthly premium of $174.70 in 2024. You could pay more due to higher income.
Unfortunately, Medicare is not free for most folks. Typically Medicare Part A is premium-free if you or your spouse meet the qualifying work history. Medicare Part B has a monthly premium of $174.70 in 2024. You could pay more due to higher income.
Your Initial Enrollment Period is a 7-month window. It begins 3 months before your birth month, includes your birth month, and continues 3 months after your birth month. If you turn 65 in April you are eligible to enroll in Medicare starting January 1st through July 31st.
Your Initial Enrollment Period is a 7-month window. It begins 3 months before your birth month, includes your birth month, and continues 3 months after your birth month. If you turn 65 in April you are eligible to enroll in Medicare starting January 1st through July 31st.
Your Initial Enrollment Period is a 7-month window. It begins 3 months before your birth month, includes your birth month, and continues 3 months after your birth month. If you turn 65 in April you are eligible to enroll in Medicare starting January 1st through July 31st.
Great question! No, you are not required to enroll in Medicare when you turn 65. However, if you don't enroll when you're first eligible you might be subject to penalties.
Great question! No, you are not required to enroll in Medicare when you turn 65. However, if you don't enroll when you're first eligible you might be subject to penalties.
Great question! No, you are not required to enroll in Medicare when you turn 65. However, if you don't enroll when you're first eligible you might be subject to penalties.
Dental coverage is not a Medicare covered service.
Dental coverage is not a Medicare covered service.
Dental coverage is not a Medicare covered service.
Medicare Cost Recap
✔ 7-month Initial Enrollment Period
✔ Medicare Part A is free for most people
✔ There are two ways to get Medicare Part A and Part B coverage - You can get it through Original Medicare OR, through a Medicare Advantage plan
✔ Some people get additional coverage, like a Medigap Plan or Prescription Drug Plan
✔ Most people who are still working and have employer coverage don’t need additional coverage
✔ A Medigap plan will “fill the gap” of the 20% out of pocket expenses not covered by Original Medicare
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