Founders Life and Health Blog
Is Medicare free? The answer is, as you would expect, it’s not so cut and dry. For some parts, yes, but for some parts, no. First thing’s first though, you will never hear the word free used all by itself from any legitimate Medicare representative. Medicare does not like the word free when it stands all by itself. You will, however, hear the words no charge, or zero premium. You might hear premium free, with the word premium in front of it, but never just the word free. Medicare does not like the word free all by itself.
Is Medicare Free?
Decoding the jargon of Medicare honestly is half the battle.
So if it’s not free, then what does it cost?
There’s a couple of different options to look at.
Let’s start with Original Medicare, Parts A and B:
What you can expect to pay with Original Medicare Parts A and B?
If you are under 65, you can get premium free Part A if you either got Social Security or Railroad Retirement Board disability benefits for 24 months or if you have end-stage renal disease. One extra thing to think about, if you don’t qualify for premium free Part A, you can buy Part A. People who buy Part A will pay a premium of either $259 or $471 each month, that’s just for this year, 2021, depending on how long they or their spouse worked and paid Medicare taxes. Keep in mind, if you’re reading this and it’s no longer 2021, some of those amounts may have changed.
Okay, here’s where the money comes in for Part A. The deductible for Part A is $1,484, that is for the year 2021. So keep in mind again, if you’re reading this after 2021, that number may have changed. The other part that’s going to cost you money for Part A is if you have a hospital stay past 61 days, you can expect to pay all of these charges here. So they’re going to piece it out by how long you’ve been in the hospital.
Let’s discuss Medicare Supplements.
If you have a Medicare Supplement, what can you expect to pay for?
Medicare Advantage Plan:
Let’s move on to Medicare Advantage Plan.
What are the costs associated with Medicare Advantage Plan?
Medicare.gov Procedure Costs Tool
Medicare.gov has a really handy tool where you can put in any procedure that you’re going to have and it will tell you what the Medicare reimbursement cost is for that. You will know in advance what the cost of that procedure will be. And then you can apply that depending on what you have, whether you have Original Medicare or Medicare Supplement or an Advantage Plan, you can use that information to kind of plug into your plan and see where you’re going to end up at.
Do You Need Help Paying for Medicare?
If you need help paying for your Medicare, there are lots of resources out there that can help with that. Here’s a link that will take you to the medicare.gov site that will give you additional information about resources that you can use to help pay for your Medicare
Are you getting ready to turn 65?
If you are getting ready to turn 65, check out my video on if you’re turning 65, a checklist for all the things to think about. And if you have questions, as always, feel free to reach out to me through the website.
About the Author
Hello! I’m Jo Hutchison and I’m the owner of Founders Life & Health. I’m a proud baseball mom, lover of live music and all things potato.. My husband and I have two great boys and two lazy hound dogs. My boys play a LOT of baseball so when I’m not helping my clients we can almost always be found on a baseball field somewhere in the Midwest.
I’m a member of NAIFA (National Association of Insurance and Financial Advisors) and a member of NAHU (National Association of Health Underwriters). I spend a good deal of my time working on educational outlets and working on healthcare policy change to help bring comprehensive and AFFORDABLE coverage to everyone. Nothing makes me happier than sharing the tidbits of knowledge that I know about the Medicare and health insurance world so people can make the most informed decisions about what plans they need.
The most important thing that I have learned through the years in this business is that each client has very different needs. Our goal is to listen to you, assess your needs, and use our experience and knowledge to help you make informed decisions about your health care coverage. We are an independent brokerage so we advocate for our clients, not the insurance companies.