Medicare plus supplement. How much to budget?

[Stormy Kromer]

DW is 63. She will start medicare at 65. She won't start SS til 67 so I'm assuming we'll get billed for the monthly premium.

We plan on taking out a supplement with prescription drug coverage, a good one. We're not taking any chances now that we've made it this far.

This is a very broad question to the forum, how much should we budget for medicare premium and supplement policy per person ? Our income will likely be over any amount that would qualify for a subsidy.

Thanks all.

 

[MichaelB]

The Medicare B premium for 2024 is $174.70 per person. If your income for the year 2022 exceeds a certain amount there would be an additional premium, called IRMAA. You can find those numbers here https://secure.ssa.gov/poms.nsf/lnx/0601101020

If your DW starts Medicare in 2 years the IRMAA would be based on this years income.

Medicare supplemental plan premiums vary greatly around the country so you need to look at plans in your zip code. Medicare has a plan finder tool,that should show you all the plans available. It’s here https://www.medicare.gov/medigap-supplemental-insurance-plans/#/m/?year=2024&lang=en

 

[Gotadimple]

This year's Medicare Part B premium is $174.70, assuming you have no IRMAA surcharge added to the premium. This Part B premium is adjusted for inflation annually.

Medigap, or Medicare Supplement, premium costs depend on where you live, and the plan you select. You can see the plans for your state including the premium charges at medicare.gov Click on 'Find Health & Drug Plans.' You don't have to register on the site to use the plan finder.

 

[audreyh1]

Your Medicare Part B premium bills from CMS Medicare are monthly only if you are subject to IRMAA. Otherwise you get billed every 3 months.

The supplement and Part D depends on each provider and your location. You pay each provider directly for those premiums. If you are subject to IRMAA you will also pay an additional surcharge for it, but that is added to your Part B premium bill from CMS Medicare.

 

[Teacher Terry]

My supplement plan goes up 15-20/month yearly but this may vary by state.

 

[CardsFan]

Re: Part D drug plan

If she does not take any meds now, or if they are tier 1, generics, there is no advantage to getting a premium plan right off the bat. You can change this plan every year to suit your current needs. Go to the medicare site and search for plans.

 

[Happyras]

We pay a substantial IRMAA on both Part B and Part D. We have found that the High Deductible G supplement is just fine and costs us $49/mo pp in Wa state. We are now on the $0 /mo part D that covers the tier 1 just fine, and not so bad for those other tiers if needed.

The math is interesting......Medicare covers a lot. A hospital stay with an ER visit is a major charge, but basically only costs you the $1600 part A deductible per stay. The Part B dedcutible is nothing, and Medicare discounts and covers 80% of the discounted price for those charges. This year I did not come close to the high deductible. My wife had a lot of specialty outpatient surgery, and had an ER/Hospital stay for a week. Bottom line for her, she met the $2800 high deductible and the few hundred left to pay was covered by the supplement.

For us, it is not worth paying for the standard plan G at $200pp/mo. I feel sorry for those who get talked into the $0/mo cost advantage plans. They have less coverage, and much higher cost out of pocket in our example.

I am still not very happy with the whole IRMAA tax on our SS income, it takes 25% of what should be not taxed, and we get to pay tax on 85% of our base SS before it is taxed again by the IRMAA. What joke

 

[ivinsfan]

SK our state does not have the traditional Medicare plans because we are special!


My advice to you is at about the 3 to 4 month mark before she signs up for Medicare she should go to an independent insurance broker who will explain "our" system to her.


I used one and can pass the info to you in a PM if you are interested. As far as costs they are all over the place and continue rising. Due the general area we both live in, our concern was any limitations on "Providers" which can be a big disadvantage when using a "Medicare Advantage" type program.

 

[grayv]

medicare B does not go up with age, but supplements can.


some of the online-selling medicare supplement websites let you input your age to see prices.


put in age 65, age 75, and age 85. then compare.

 

[Stormy Kromer]

SK our state does not have the traditional Medicare plans because we are special!


My advice to you is at about the 3 to 4 month mark before she signs up for Medicare she should go to an independent insurance broker who will explain "our" system to her.


I used one and can pass the info to you in a PM if you are interested. As far as costs they are all over the place and continue rising. Due the general area we both live in, our concern was any limitations on "Providers" which can be a big disadvantage when using a "Medicare Advantage" type program.

Thank you, I'm just down the road. MN Hwy 23. I doctor between St Cloud and Montevideo. I have an independent agent down the road I plan on looking up when the time gets closer.

I appreciate all the help everyone.

 

[ivinsfan]

Thank you, I'm just down the road. MN Hwy 23. I doctor between St Cloud and Montevideo. I have an independent agent down the road I plan on looking up when the time gets closer.

I appreciate all the help everyone.

You are good then. In our state I feel you really need to use a broker.

 

[Sunset]

SK our state does not have the traditional Medicare plans because we are special!


My advice to you is at about the 3 to 4 month mark before she signs up for Medicare she should go to an independent insurance broker who will explain "our" system to her.


I used one and can pass the info to you in a PM if you are interested. As far as costs they are all over the place and continue rising. Due the general area we both live in, our concern was any limitations on "Providers" which can be a big disadvantage when using a "Medicare Advantage" type program.

How does your State not have Medicare plans ?

I thought Medicare was across all the USA.

I know Medicare [-]Dis[/-]Advantage plans are restricted.

 

[ivinsfan]

How does your State not have Medicare plans ?

I thought Medicare was across all the USA.

I know Medicare [-]Dis[/-]Advantage plans are restricted.

I said traditional our state offers various plans but not the alphabet plans... it's confusing! which is why I said get a broker.



The state does offer Medicare Advantages plans as well.