{"id":633,"date":"2024-06-27T08:48:08","date_gmt":"2024-06-27T14:48:08","guid":{"rendered":"https:\/\/www.wenatcheeinsurance.com\/blog\/?p=633"},"modified":"2024-06-27T08:48:10","modified_gmt":"2024-06-27T14:48:10","slug":"what-does-medicare-cost","status":"publish","type":"post","link":"https:\/\/www.wenatcheeinsurance.com\/blog\/what-does-medicare-cost\/","title":{"rendered":"What does Medicare Cost?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-content\/uploads\/2024\/01\/Medicare-Apple-Moses-Lake.jpg\" alt=\"medicare does cost even medicare advantage\" class=\"wp-image-313\" srcset=\"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-content\/uploads\/2024\/01\/Medicare-Apple-Moses-Lake.jpg 500w, https:\/\/www.wenatcheeinsurance.com\/blog\/wp-content\/uploads\/2024\/01\/Medicare-Apple-Moses-Lake-300x300.jpg 300w, https:\/\/www.wenatcheeinsurance.com\/blog\/wp-content\/uploads\/2024\/01\/Medicare-Apple-Moses-Lake-150x150.jpg 150w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<p>Hey North Central Washington, from <a href=\"https:\/\/www.wenatcheeinsurance.com\/\" title=\"\">Wenatchee Insurance<\/a> on Mission street! Today, we\u2019re diving into the nuts and bolts of Medicare cost. Understanding these costs will help you make the best decisions for your bank account and health.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\">talk with Suzie<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Breaking Down the Medicare Costs<\/strong><\/h2>\n\n\n\n<p>Medicare isn\u2019t free, but understanding its costs is as easy as pie (or at least as easy as a slice). (When <a href=\"https:\/\/www.aarp.org\/health\/medicare-insurance\/info-2023\/history-of-medicare.html#:~:text=Medicare's%20first%20beneficiaries%20had%20a,Truman%20did%20enroll%20%E2%80%94%20was%20%243.\" title=\"\">Medicare first came out in 1966<\/a>, the annual deductible for Part A was $40, and the monthly premium for Part B was $3.) <em>There are programs for low income however that is another post<\/em>. Here\u2019s the breakdown:<\/p>\n\n\n\n<p><strong>Medicare Part A: Hospital Insurance<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Premium:<\/strong> Most people don\u2019t pay a premium for Part A if they\u2019ve worked and paid Medicare taxes for at least 10 years (40 quarters). If you haven\u2019t, you might pay up to $506 per month.<\/li>\n\n\n\n<li><strong>Deductible:<\/strong> In 2024, the deductible for each benefit period is $1,600.<\/li>\n\n\n\n<li><strong>Coinsurance:<\/strong> After the deductible, you pay coinsurance for hospital stays:\n<ul class=\"wp-block-list\">\n<li>Days 1-60: $0 per day<\/li>\n\n\n\n<li>Days 61-90: $400 per day<\/li>\n\n\n\n<li>Days 91 and beyond: $800 per \u201clifetime reserve day\u201d (up to 60 days over your lifetime)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Medicare cost example!<\/strong><\/h2>\n\n\n\n<p>Meet Sam, who\u2019s 65 and newly retired. Since he worked for over 30 years, he doesn\u2019t pay a Part A premium. After a brief hospital stay, he\u2019s grateful his deductible and coinsurance costs are manageable.<\/p>\n\n\n\n<p><strong>Medicare Part B: Medical Insurance<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Premium:<\/strong> The standard premium for Part B in 2024 is $164.90 per month, but it can be higher based on your income (IRMAA).<\/li>\n\n\n\n<li><strong>Deductible:<\/strong> The annual deductible is $233.<\/li>\n\n\n\n<li><strong>Coinsurance:<\/strong> After meeting the deductible, you typically pay 20% of the Medicare-approved amount for most doctor services, outpatient therapy, and durable medical equipment.<\/li>\n<\/ul>\n\n\n\n<p><strong>Note: <\/strong><em><a href=\"https:\/\/secure.ssa.gov\/poms.nsf\/lnx\/0601101020\" title=\"\">The Income-Related Monthly Adjustment Amount (IRMAA)<\/a><\/em> is based on the tax return of the previous two years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Medicare cost example!<\/strong><\/h2>\n\n\n\n<p>Consider Lucy, who loves her yearly wellness visits. She pays her monthly Part B premium and a small deductible, but thanks to Medicare, her out-of-pocket costs for doctor visits and preventive care are minimal.<\/p>\n\n\n\n<p><strong>Part C: Medicare Advantage<\/strong><\/p>\n\n\n\n<p>Medicare Advantage Plans vary in cost, depending on the plan and provider. Some plans have low or even $0 premiums but may have different deductibles, copayments, and out-of-pocket maximums. These plans vary from company to company and can even be different by zip codes in the same state. We recommend having a trained person walk you through these plans. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Medicare cost example!<\/strong><\/h2>\n\n\n\n<p>Picture John, who chooses a Medicare Advantage Plan with a $50 monthly premium but no additional deductible. His plan includes vision and dental coverage, making it a sweet deal for his needs.<\/p>\n\n\n\n<p><strong>Part D: Prescription Drug Coverage<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Premium:<\/strong> Varies by plan, with an average of around $33 per month.<\/li>\n\n\n\n<li><strong>Deductible:<\/strong> Some plans have a deductible, which can be up to $480.<\/li>\n\n\n\n<li><strong>Copayments\/Coinsurance:<\/strong> Costs vary based on the medication tier and whether you use a preferred pharmacy.<\/li>\n<\/ul>\n\n\n\n<p><em>Note if you do not sign up for Part D or have credibly prescription coverage then you can have a penalty from Medicare.<\/em><\/p>\n\n\n\n<p><strong>Wenatchee Insurance: Your Budget Buddy<\/strong><\/p>\n\n\n\n<p>At <a href=\"https:\/\/www.wenatcheeinsurance.com\/\" title=\"\">Wenatchee Insurance<\/a>, we understand that navigating Medicare costs can feel like assembling a financial jigsaw puzzle. But don\u2019t worry \u2013 we\u2019re here to help you piece it all together. <a href=\"https:\/\/suziemedicare.org\/\" title=\"\">Suzie at Wenatchee Insurance<\/a> can provide personalized guidance and ensure you understand all the costs involved.<\/p>\n\n\n\n<p>Remember, folks, planning for Medicare doesn\u2019t have to be a budget-busting headache.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/calendly.com\/the-suzie\/60min\">set appointment with Suzie<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-content\/uploads\/2024\/06\/Insurance-Bundle-Wenatchee-509-C-1024x1024.jpg\" alt=\"\" class=\"wp-image-643\" style=\"width:465px;height:auto\" srcset=\"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-content\/uploads\/2024\/06\/Insurance-Bundle-Wenatchee-509-C-1024x1024.jpg 1024w, https:\/\/www.wenatcheeinsurance.com\/blog\/wp-content\/uploads\/2024\/06\/Insurance-Bundle-Wenatchee-509-C-300x300.jpg 300w, https:\/\/www.wenatcheeinsurance.com\/blog\/wp-content\/uploads\/2024\/06\/Insurance-Bundle-Wenatchee-509-C-150x150.jpg 150w, https:\/\/www.wenatcheeinsurance.com\/blog\/wp-content\/uploads\/2024\/06\/Insurance-Bundle-Wenatchee-509-C-768x768.jpg 768w, https:\/\/www.wenatcheeinsurance.com\/blog\/wp-content\/uploads\/2024\/06\/Insurance-Bundle-Wenatchee-509-C.jpg 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Hey North Central Washington, from Wenatchee Insurance on Mission street! Today, we\u2019re diving into the nuts and bolts of Medicare cost. Understanding these costs will help you make the best decisions for your bank account and health. Breaking Down the Medicare Costs Medicare isn\u2019t free, but understanding its costs is as easy as pie (or [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,159],"tags":[36,332,326,328,297,24,217,344,35,329,327,325,251,39],"class_list":["post-633","post","type-post","status-publish","format-standard","hentry","category-insurance","category-medicare","tag-chelan","tag-disability","tag-esrd","tag-hospital-insurance","tag-medical-insurance","tag-medicare","tag-medicare-advantage","tag-medicare-cost","tag-okanogan","tag-part-d","tag-prescription-drug-coverage","tag-ssdi","tag-suzie","tag-wenatchee-insurance"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-json\/wp\/v2\/comments?post=633"}],"version-history":[{"count":2,"href":"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/633\/revisions"}],"predecessor-version":[{"id":651,"href":"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/633\/revisions\/651"}],"wp:attachment":[{"href":"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-json\/wp\/v2\/media?parent=633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-json\/wp\/v2\/categories?post=633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wenatcheeinsurance.com\/blog\/wp-json\/wp\/v2\/tags?post=633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}