With the Annual Enrollment Period beginning October 15, Medicare costs will be top of mind for those with Medicare.
The Standard Medicare Part B Premium is currently $144.60 per month. If you have “paid into” Medicare, through paying income taxes for at least 10 years while working, you will incur no additional premiums for Medicare Part A.
If you choose a Medicare Advantage plan, many offer $0 monthly premiums (and include Prescription Drug Coverage), so you would not have any monthly premium costs beyond the Medicare Part B Premium of $144.60 per month.
If you choose a Medicare Supplement Plan along with a stand-alone Prescription Drug Plan, extra monthly premiums would apply. There are several factors that go into a Medicare Supplement premium including your age, gender, tobacco usage, and geographic location. To view more detail on Medicare Supplement cost, view our Comparison Chart at www.SeniorSourceMedicare.com/Medicare-Comparison.
Below are two other factors that might have an effect on your monthly Medicare premiums:
- Income Related Monthly Adjustment Amount (IRMAA): If you have an income higher than $87,000 for an individual or $174,000 for a married couple, your Medicare Part B and Part D Monthly Premiums could be higher than the Standard Premium.
- Medicare Savings Program: If you have an income below $1,386 monthly for an individual or $1,872 monthly for a married couple, you could qualify for the Medicare Savings Program. In this case, your Medicare Monthly Premium could be lower than the Standard Premium.
If you need help evaluating your Medicare insurance costs, please call me at 770.913.6464 or visit our website at www.SeniorSourceMedicare.com.