Aug 13
8 Things You Must Know About Medicare
August 13, 2021
Heading into your retirement years brings a slew of new topics to deal with, and one of the most exasperating may be Medicare. Figuring out when and what to enroll in and what coverage will be best for you can be daunting. To help you wade easily into the waters, here are eight essential things you need to know about Medicare.
1. Medicare Comes with a Cost
Medicare is divided into parts. Part A, which pays for hospital services, is free if either you or your spouse paid Medicare payroll taxes for at least ten years. (People who aren't eligible for free Part A can pay a monthly premium of several hundred dollars.) Part B covers doctor visits and outpatient services, and it comes with a monthly price tag. New enrollees pay $148.50 per month during 2021. Part D, which covers prescription drug costs, also has a monthly charge that varies depending on which plan you choose; the average Part D premium is $34 a month. In addition to premium costs, you will also be subject to co-payments, deductibles, and other out-of-pocket costs.
- You Can Fill the Gap
- Costs in the Doughnut Hole
- You Get More Free Preventive Services