If I retired at 66, what do I pay total upfront for medicare per month?
LIKE OR DISLIKE:
If you worked long enough you pay whatever Part B costs unless you are a new U.S. resident, you did not pay payroll taxes, or your income is over $89,000. Medicare does not charge by your age. It is dependent on you paying taxes over many years. If you worked, Part A is free. This year Part B is $134 a month, deducted from y our Social Security check. Since that covers up to 80% of billed charges you may want a Medigap plan which pays the rest. But these plans dont cover co-pays, co-insurance or annual deductibles. If you choose an Advantage plan, you may be able to also buy dental and vision insurance and no annual deductible.
http://www.tn-elderlaw.com/blog/may_2011...I am guessing you are timing your retirement at 66 to get full SS benefits, since will be retiring at full retirement age.Normally required to sign up for Medicare at age 65, but since still working, then can sign up (prior) to your retirement, which my suggestion is to do so 3 months (prior) to retiring.I started Medicare this month (January) thus with (straight) Medicare is both parts A and B. Part A is free (hospital) and Part B is $134.00, which is deducted from my SS check. With straight Medicare, you would need a supplemental plan (Medigap) also, and in my case costs $46 per month which is deducted from my checking account on the 15th each month and you will also need Part D, which is drug coverage which the price can vary from many companies and I am paying $23 for my Part D, that will be deducted from my SS check. So the total for all for me is about $205 per month vs last month prior to turning 65 was paying $699 for health insurance with a $6,500 deductible.Part A deductible is $1,300? Part B is $187 and Part D can have no deductible or the max is $400. These amounts are as close as I remember. Now with a supplement, depending what plan you choose, can have (no) deductible or a high deductible which is $2,200.With Medicare Advantage works differently and you pay per co-pays or maxs for each service and is confusing, but I “believe” they have an out of pocket max (deductible) you could pay per year.Now in lieu of straight Medicare, can get an Medicare Advantage plan, that combines Part A/B and D. The cost of that could vary with many companies. But the disadvantage of a MA is that is it (zip code specific), meaning can only go to doctors/hospitals in that zip code. With straight Medicare can use (anywhere) that accepts Medicare.Also if you go to straight Medicare, then go to the Medicare site and see what the costs are for a Part D plan. All you do is (input) all drugs you take and the dosages and will give you an idea of the cost to you, (if) you go straight Medicare.My suggestion is that you talk to an agent/broker who can detail which would be best for you, either straight Medicare or MA, which is what I did and determined that straight Medicare was the better choice for (me)..
you will get it auto deducted by the government from your social security payment, that is how they get their premium.the premium is $134 (more if your income from your tax return is very high), plus anywhere from about $15 to $40 for prescription coverage. check medicare.gov.
It will be on the benefits statement before you actually start receiving SS benefits.It will also list premiums of any other insurance and income tax elections you choose to take.There is another factor that will affect your insurance also,but I don't understand it either.
A little over $100 a month, more if you get prescription coverage thru medicare.
if you have an HMO that you are required a co pay this is the way it is
I know there is a deductible. Assuming I am turning 66 in 6 months. How much approximately do I pay month
Whatever the current rate is.
That depends upon income and if you are qualified. There are plenty of calculators. You MUST sign up before you turn 65 or face penalties. Smart people do not use basic Medicare, which leaves major financial exposure. They use Advantage or Gap plans.
such benefits are deducted from your Social Security checks.
Even if you aren't going to use Medicare until 66, be sure to apply for it at age 65, there are penalties if you don't.
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