How Much Does Medicare Cost? – VIDEO
So you’re about to join Medicare and you’re wondering, what is this going to cost me?
Check out this video:
Hi, I’m Evan Fein, Medicare Specialist with Senior Reserve Group.
I’m going to go over all the costs with you today so you have a good idea of what Medicare will cost for you.
Medicare Part A, which is the hospital coverage, will have no cost if you work ten years in this country. That was paid for out of your taxes.
How much will Medicare Cost? – The Numbers
When it comes to Medicare Part B, which would be anything outside the hospital, doctor’s visits and labs, you would have a cost based on your income.
The base rate for 2023 – and this just came out today (October 1, 2022) – is $164.90.
If you made above $97,000 as an individual or $194,000 as a joint tax return, you will pay an income surcharge for that Part B.
If you have original Medicare, you will most likely need a Medicare supplement plan and a Part D prescription drug plan.
The Medicare supplement plan will be based on the state that you live in and your age at the time you enroll.
The Part D drug plan will be based on the prescriptions you’re taking, and we can perform a customized analysis for you. That will help you make sure you have the right plan for your specific needs.
If you do take a Medicare Advantage plan, you’ll have much lower premiums upfront. The drawback? Higher out-of-pocket costs when you use the plan.
Medicare Costs – Clarification
So just one other note about this.
To be super clear on the income surcharges, it is always based on your income from two years prior. So I’m filming this video in 2022. In 2023, your rates will be based on your 2021 income. As we move forward, it will always be based on your income from two years prior.
I hope this helps! If you have any questions on the cost of Medicare, don’t hesitate to reach out to us. We can also give you a customized analysis of your situation.
Feel free to call or text me at 201-357-7511 or call my office at (800) 650-9357.
My email is [email protected] as well.
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