Correct!Medicare starts at 65. Right? Taking SS earlier does not change that. Right?
Actually, part A is "free". The $104.90 taken out of SS each month is for part B.That amount for part A (hospital) is now around $100 a month.( more if your household income is over $200k.)
This is one of those things where your mileage will not vary. Here are the premiums at various income levels, per SSA.W2R is right. He is not eligible for Medicare until he is 65. His full retirement age is 66. If he starts collecting a 75% benefit early he will not have to pay medicare until he is 65. That amount for part A (hospital) is now around $100 a month.( more if your household income is over $200k.)
Additional cost over and above standard medicare.
You are probably also going to want a medicare supplement,if so also need
medicare part D drug plan,or part C medicare advantage plan.
Part D plans anywhere from about 18/month to 100/month depending on how good you want the formulary. The supplements cost between about 69-150/month depending which plan, where you live and how many plans are available, cost may/will rise with age.
Old Mike
They can also go lower than the $69/mo mentioned. DW is currently paying $45/mo for a high deductible Plan F.Correction on the supplement plans. They can go higher than $260 a month. I pay $259 for my F plan. Rates are different in each state.
This is one of those things where your mileage will not vary. Here are the premiums at various income levels, per SSA.
Part B premiums by income
If your yearly income in 2012 (for what you pay in 2014) was You pay (in 2014) File individual tax return File joint tax return File married & separate tax return $85,000 or less $170,000 or less $85,000 or less $104.90 above $85,000 up to $107,000 above $170,000 up to $214,000 Not applicable $146.90 above $107,000 up to $160,000 above $214,000 up to $320,000 Not applicable $209.80 above $160,000 up to $214,000 above $320,000 up to $428,000 above $85,000 and up to $129,000 $272.70 above $214,000 above $428,000 above $129,000 $335.70
Ha
Not hard to end up with $400/mo or more when you combine the cost of Medicare Part B ($105) + Medicare Part D + a Medicare Supplement Plan.Here's what I don't understand: I have two friends who have told me "...Medicare is far from inexpensive; my mother is paying over $400 a month for Medicare..."
....I can't figure out how they must pay so much.
Not hard to end up with $400/mo or more when you combine the cost of Medicare Part B ($105) + Medicare Part D + a Medicare Supplement Plan.
Wow big variation in supplement plans, I pay 69/mo for F HD and thought that was
cheap, while 260/mo for regular plan F is pretty high. Regardless of plan, medicare picks up 80% so what you are paying for is the other 20% with F,plus the plans may extend some longer term hosp stays,over and above medicare.
So far the plan F HD is working out well,but have not used any hosp care yet.
Old Mike
Not hard to end up with $400/mo or more when you combine the cost of Medicare Part B ($105) + Medicare Part D + a Medicare Supplement Plan.
Maybe you should opt for the high deductible version?For me, I lose on Plan F as I have had no big issues and I take one inexpensive prescription.
I believe you have to go through underwriting to do this.Assuming I still have my wits about me at the time, we may switch to a standard Plan F version if (when?) we become more aggressive consumers of health care services...
This varies from state to state. In my state, everyone who has a Plan F, for example, pays the same regardless of age.The key to the $400/mo puzzle is that zero deductible/copay Medicare Supplemental Plans can get very pricey as you age.
The key to the $400/mo puzzle is that zero deductible/copay Medicare Supplemental Plans can get very pricey as you age. Like you, I recently turned 67 and my BCBS plan F supplemental plan went up to $174/mo. I'm informed that I can look forward to continuing increases as I age.
Currently for me: Part B = 104, Supplement = 174, Part D = 49, Total = 327. I'm planning on the Supplement going up significantly with age so it's just a matter of a few more years until I reach the $400 amount being discussed.
I'm glad for Medicare coverage and, so far, it seems to be working fine. But I can see where someone living on a modest retirement income would describe it as "expensive." An elderly couple living on, say, $40k/yr sounds like a satisfactory situation until you factor in $800/mo (combined) for Medicare. Then, at least to me, the situation sounds pretty tight.
This varies from state to state. In my state, everyone who has a Plan F, for example, pays the same regardless of age.
Ha
Another potential time bomb in Medical Advantage plans is if you have to go on an expensive drug that is not in the plan's formulary. I don't think you are allowed to buy a stand-alone Part D plan if you are in a MA plan. At least with a part D plan, you can switch once a year to another part D plan that covers that drug.In Texas, those plans are not good (especially around Houston). He is stuck with their doctor choices, pays co-pays, deductibles and some part of various procedures. I originally looked at Texas MA plans and was not impressed as to how they decided your medical needs and choices. Not a good deal if you are not healthy. In some part of the country, MA is reportedly pretty good. But with the gov planning to cut back funding to MA plans, who knows what will happen.
I have a neighbor on a Medicare Advantage plan and he is considering trying to switch to a supplemental pan, even though it costs significantly more.
In Texas, those plans are not good (especially around Houston).