Wondering what Medicare really costs? In this episode of Elevate Wealth, Deanne Rosso talks with Gary Stoller about the different expenses associated with Medicare, including premiums, deductibles, and supplemental coverage. You’ll learn:✅ Medicare Part A & B costs and deductibles✅ Medicare Advantage and Medigap options✅ How prescription drug and dental/vision/hearing coverage factor inNeed help understanding Medicare costs so you can plan your retirement budget effectively? Visit elevate-wealth.com and click “Let’s Talk.”So, what does Medicare cost? Great question. Let's break it down. Okay. All right. So, you have Medicare A for hospitals and B for doctor's offices. So, Medicare A essentially throughout working in your career, you've kind of paid into that. Okay. And so, there's great news here, which there's zero premium for Medicare Part A. There's no cost to that. There's a built-in deductible, about $1,700. Part B is a little bit more complicated. Okay. So, this is going to depend on your income, specifically your modified adjusted gross income. For married filing joint, I'll go ahead and explain the brackets here. If someone is married filing joint and their modified adjusted gross is $212,000 or less, then their Part B premium is $185 a month. Okay. Per person, who is on Medicare Part B. Okay. If their income is a little higher between $212,000 and $266,000, then that premium is $259 a month. Okay. If it's $266,000 to $334,000, the premium is $370. If it's $334,000 to $400,000, it's $480. If it's $400,000 to $750,000, it's about $591. And if you're making over $750,000, then your premium is $628 a month. Okay. So, we're talking about original Medicare part A and part B. Part A is free. Yes, Part B is those brackets you just went through (yes), depending on your modified adjusted gross income. The look back for that is also two years ago, right? So, the way to think about that is how do you know, how do they know how much money you're making this year? Well, you don't even know how much money you're making this year. You haven't done your taxes yet. Right. And so, because it starts the beginning of the calendar year in January, how do they know what you made last year on January 1st? Well, you still don't know, right? Because you haven't done your taxes yet. But they do know the year before. So that is the figure that they go off of. Okay, great. So, go back, look at your modified adjusted gross income on your tax return from two years prior, and that will tell you what your Medicare, or your original Medicare part B premium should be. You got it. Okay. You got it. So now let's shift gears to Medicare Advantage. Yes. So Medicare advantage is not a Federal distributed benefit. It is private insurance companies and so the costs are going to vary there as the plans and benefits vary from one company to the next and from one plan to the next. So you may pay up to $50 or $100 a month for a plan there, or as low as $0 a month. So what you got to watch out for is your co-pays, your deductibles, your co-insurance, and especially your networks, right? Who, which doctors are in your network? Is your doctor in network? So, there's a lot of variables there with Medicare Advantage. They also may include prescription drugs, or possibly dental, vision, or hearing coverage like that. So, if you're on original Medicare A and B, can you go out and get your own prescription drug plan? And the answer is, yes. Okay. So, you're going to buy that from a private insurance company, and those plans and costs are going to vary. And so you need to look at what prescription drugs you're on and which plan is going to benefit you the most. Right. So, also you can go out and buy your own dental, vision, and hearing plan. So if you're on just A and B, you can supplement that with dental, vision, hearing and prescription drug plans. And then the last thing I want to mention is an actual Medicare supplement plan.

Ver todos los episodios