Here is what to expect from Medicare. This is a brief rundown of Medicare and the costs. The thing to remember is each situation is different, please consult with one of our Medicare Specialist, for your particular situation. All of the costs are for 2017, as prices do change from year to year.
In most cases Part A will cost you absolutely nothing, provided you or the person you are drawing Social Security off of worked at least 36 quarters in a lifetime. Part A is going to cover your inpatient hospitalization. It will cover your room and board, with the exception of your telephone and television. There is a deductible of $1316.00, after your deductible has been met, the next 60 days Medicare covers. For days 61-90 you will have a $329.00 per day co-pay, but wait it gets worse. For days 91-150, there is a $658.00 per day co-pay. However, it won't cost you a dime monthly.
If you are new to Medicare Part B, in most cases, your monthly premium will be around $136.00 a month. This will come directly out of your Social Security, or drafted from your bank account. The premium could be more, depending on how much money you made in 2015. It will cover your outpatient procedures, doctor's visits, lab work, and some prescriptions. There is an annual deductible of $183.00. After your deductible has been met, the insurance will be 80/20. Medicare will pay 80% of all approved costs and you will be responsible for 20%. Unlike most traditional insurances, there is no cap in the amount you could have to pay.
Part A & B:
So as long as you have both Parts A & B, you can go see any doctor that accepts Medicare. Your treatment, as long as it is Medicare approved, is between you and your doctor. If the two of you decide on a procedure and it is Medicare accepted, you can get the procedure done.
Part C is also known as Medicare Advantage. It is a privately run Medicare Plan. You still have to maintain Parts A & B, but instead of using your Red, White, and Blue card at the doctor's office, you would give them the card from the insurance company. These plans can cost from as little as $0.00 per month to $100.00 per month. This is in addition to your Part A & B premiums. Please call for more details as the plans are County specific.
Part D is your prescription coverage. These plans can cost anywhere from $14.00 to $100.00 per month. Everyone's situation is different, and these are not one size fits all. Please call for a more in depth discussion, as you want to make sure your drug coverage fits your needs.