fbpx

Owner and agent David Morrison of Medicare Education Services uses his decades of experience in the fields of education and insurance benefits to guide his clients through the Medicare election process, ensuring that every person feels like the Medicare process is easy to navigate, and he’s here to help.

Every month Dave answers questions from our Montco Today readers about Medicare. Medicare Education Services was founded on the idea that through education, Medicare beneficiaries can be confident and knowledgeable in their retirement benefit plan.

What does Medicare Cost, asks Karen from Gilbertsville.

There are several costs associated with Medicare, and here is a basic breakdown.

Medicare Part A – Is typically free, if you or a spouse has worked 40 quarters (10 Years).

Medicare Part B – This is $170.10/month in 2022.  There are two ways that this cost will vary.

  1. If someone has Medicare and Medicaid, Medicaid will pay the Part B premium on your behalf.
  2. As someone’s income increases, there will be a higher premium for Part B.  Medicare will look at your income from 2 years before the current year.

Medicare Part C (Also known as Medicare Advantage) – There are many zero dollar options for these plans that are offered through private insurance.

Medicare Part D – Prescription Drug Plans – There is a premium that you pay to a private insurance company.

Medicare Supplement – There is a premium that you pay to a private insurance company.

With these different cost variables, Medicare can cost different amounts depending on your income and the home you customize your plan.

If you would like to submit a question to Ask Dave about Medicare, go here.