MEDICARE — Planning Your Costs!

Dale Stringer
Jul 27, 2017 · 3 min read

Let’s talk about enrolling into Medicare. It surprises many of when you turn age 65 and then realize that Medicare is not free.

The costs for Medicare Part B and Part D, as well as your Medicare supplement plans, are something that many of you don’t anticipate. Fortunately, you can put together a Medicare cost estimate so that you are not surprised.

Medicare Part A is free for most of you if you or your spouse has worked at least 10 years and paid the Medicare tax.

Medicare Part B costs depend on your income. If you are enrolling in Medicare during 2017, the date of this video, you will pay a rate of $134 per month. However, if you are in higher income bracket you will pay an “Income Adjustment.” That’s just a fancy way of telling you if you earn a higher income you pay a higher premium for Medicare.

Luckily, only a small percentage of you will have to pay the higher premium. The link to find this information is https://www.medicare.gov/your-medicare-…/…/part-b-costs.html

Social Security bases your income adjustment on your most recently filed tax returns. This means they are usually looking at your income from two years back.

Here’s something you need to know, if your income decreases after you retire, you can file a reconsideration request. You’ll present proof of your lower revenue and ask Social Security to lower your Part B premium. They will consider your application and notify you if it can be lowered.

Medicare Part D plans all have different premiums. Most states have between 25 to 35 different Part D plans for you to choose from. The average Part D premium is currently about $37 per month. That’s a ballpark figure to use if you are reviewing different plans to consider.

Your Part D premiums get paid directly to your chosen insurance carrier, or you can request that Social Security deducts it from your monthly benefit check. Just like Part B, Part D also carries an Income Adjustment if you are in higher income bracket.

You drug plan extra cost can be found at this link https://www.medicare.gov/…/costs/pr…/drug-plan-premiums.html

This additional premium will be added to the monthly premium of your chosen Part D drug plan. As with Part B if your income drops you can request a review.

If you have any questions about what I have said about your Medicare costs or even about co-pays, deductibles, or coinsurance, we will be happy to explain that to you if you give us a call. Our number is 1–800–825–2919.

Medicare coverage is very personal. It is different for every single person. That is why we do not have a massive call center that spits out one plan and says: “Hey, you need to take this program.” It is personal depending on what you want to deal with.

We have retirees who call in all the time and say “I don’t want to deal with copays, I don’t want to deal with deductibles, I don’t want to deal with any of it. I want the simplest plan in my area!”

We are an independent agency, we represent many different programs and companies. We don’t represent just one company as so many agents do! We represent multiple Companies’s so that we can tell you not only which plan is best, but also which carrier is best for you.

The easiest part of it all — is the application part of it. It takes about 5 or ten minutes. It’s all done over the phone. We don’t have to come into your home, sit down at your kitchen table and help you drink your coffee or tea.

No, it’s all done over the phone where you don’t even have to lift a finger to go through the application process. It is all very safe and secure.

We help you look at plans that are unique to you and your area. Whether you are new to Medicare or if you have been on Medicare for a long time. It pays to shop the market place and get a second opinion!

My name is Dale Stringer with First Medicare Advisors and thanks for your time. For additional information visit our website FirstMedicareAdvisors.com

Additional needed and valuable information about your personal Medicare: https://www.youtube.com/playlist…

Plan F versus Plan G:
https://www.youtube.com/watch?v=T8PJYYF4PrA

Medicare Plan G:
https://www.youtube.com/watch?v=ZGUsFQ5w2iw&t=1s

Medicare Plan N:
https://www.youtube.com/watch?v=0vomhfP8snE&t=1s

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