You’ve contributed to Medicare your entire life. Now it’s time to claim the benefits you have earned, right?
As convenient as that would be, the answer is not so clear. Medicare is government-subsidized health insurance for those age 65 and above and specific individuals on disability. Not all of Medicare is free. Let’s take a look at what Medicare will cost you in 2021.
Medicare Part A – Medicare Part A is your hospital insurance. Suppose you’ve paid Medicare taxes for 40 quarters “10 Years” you will not pay for Part A. This, however, does not mean it will come with no cost. The Part A deductible is $1,484.00 in 2021. After this responsibility is met, you will pay $0.00 for up to 60 days of inpatient coverage.
Medicare Part B – Medicare Part B is outpatient coverage. This is for all things related to your health outside of a hospital setting. You will pay a monthly premium for Part B, and the amount is based on your income from 24 months prior to applying for Medicare. In addition to this, you’ll also pay a $203.00 annual deductible and a 20% coinsurance for all services rendered.
At this point in the conversation, most people realize that Medicare is not as simple as they once thought. But there are solutions. You can supplement your Medicare coverage with a Medigap Policy. This will protect your financial assets should a catastrophic medical event happen. If you purchase a Medigap policy when applying for Medicare, there will be no health questions. You are guaranteed to be accepted.
Our holistic approach to your financial health not only protects your retirement income from economic downturns; but also protects your legacy from unexpected medical needs. We offer all Medicare Plans, including Medigap, Prescription Drug Plans, Dental and Vision, and lower-cost Medicare Advantage options.
Always work with a licensed advisor who can independently examine your needs and act in your best interests.
Source for pricing: https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance
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