Cost

Let’s go over cost. When I go to buy a car, it’s like, just tell me the price. You know, they’re luring you in and saying, “Hey, it could be this price. And then you get to the table and tax, tag, title and all the things.”

Right? So we try to do this for you. When you get off this call and you say, “Okay. Yeah, I think Medicare supplement would cost me this much in Medicare, maybe it would cost me about this much kind all in.” So we broke it down for you.

Remember, part A doesn’t cost you anything. As long as you work ten years of your life, you’ve earned that. You paid in all these years. So part A, your hospital covers cost $0 a month. Part B, your doctor’s office portion or Medicare cost $174 a month for most people. Again, you could pay nothing with Medicaid.

You could pay more if you are making over a certain amount of income. But typically, $174, your supplement would cost you about $115 a month. And for your male or female prescription drug plan? Let’s just yes that it’s about 11 bucks a month. Again, there’s a lot of them right now from $0.50 all the way up to $100.

I think it’s a nice safe number, this $11, if you were at a dental vision hearing plan, $45. So you’re looking at about 350 bucks all in if you go this Medicare supplement option, knowing that $350 amount is important if you’re on employer coverage right now and you’re like, and you’re going to continue working, you may say, should I stay on my employer coverage or should I transition to Medicare?

Well, it becomes a math problem. Are you paying more than $350 a month for your employer coverage? If you are well, you should probably go into the supplement because the supplement you won’t really have any out-of-pocket costs after you pay your premiums. Whereas with the group plan, usually you’ve got deductibles and things like that. So just one way to think about it here. Okay, Medicare Advantage.

So what is the all in cost? Remember, part A doesn’t cost you anything because you worked all these years as your hospital coverage. Part B cost $274. You got to have A and B to get the plan part C, which is the Medicare Advantage plan. Many of them have $0 premiums. Part D, which is your drug plan, your prescription drug plan.

Most of these plans have it included so you don’t have to buy that separate plan. Part D is included in most of these. Most of these plans have dental, vision, hearing benefits included so you don’t have to go by that separate plan. One thing, if you just tally all that, $174 is all you’re paying just for part B, really. Now you’re having all the costs at the doctor. You have the copays you’re still paying out of your pocket for everything you have done.

But as far as your monthly premium, that’s what you’re looking at. We did add on here Hospital Indemnity, which I think is an awesome plan to add on to your Medicare Advantage plan. And just to show you how it works, typically you can get them for around $30 a month. And basically, what it does is eliminate your hospital costs or you can build it to do so.

If you do it right. Remember this $300 a day at the hospital? And it was for days one through seven. We could build a hospital indemnity plan, which would reimburse you per day so we would build it to match this. You pay your premium each month, and if you were to go to the hospital, you’d only pay $300 to the hospital.

Well, this hospital indemnity plan would write you a check for $300. So it’s pretty cool. They reimburse you, you pay your bill, and it’s a way to eliminate that hospital cost. You want to come out of pocket as little as possible.

So here is kind of out the door tax, tag, and title costs, Medicare supplement versus Medicare Advantage plan.