Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
How much is Medicare and all that goes with it?
Old 05-16-2021, 10:43 AM   #1
Recycles dryer sheets
 
Join Date: Feb 2021
Posts: 432
How much is Medicare and all that goes with it?

I realize the answer can vary based on many factors and the specifics of the plans you purchase, but one thing I don't see discussed much is how much Medicare costs. Everyone talks about their healthcare costs until they qualify for Medicare, but there isn't nearly as much discussion about what happens once you're on it.


I'd love to see some real life example of what people are spending for basic Medicare, supplements, drug plans, and any other add-ons and bells and whistles that are out there.
disneysteve is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-16-2021, 10:52 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 1,991
Quote:
Originally Posted by disneysteve View Post
I realize the answer can vary based on many factors and the specifics of the plans you purchase, but one thing I don't see discussed much is how much Medicare costs. Everyone talks about their healthcare costs until they qualify for Medicare, but there isn't nearly as much discussion about what happens once you're on it.


I'd love to see some real life example of what people are spending for basic Medicare, supplements, drug plans, and any other add-ons and bells and whistles that are out there.
Medicare Part B $148.50, Part D $42.00, Medigap G $270.00 = $460.50.

If your income is high Part B is more.
jim584672 is offline   Reply With Quote
Old 05-16-2021, 10:55 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Oct 2019
Posts: 1,577
I'm paying $344.75 per month for coverage.
Medicare is $148.50 per month.
Part B is 176.25 per month
and my Part D is about 20.00 per month.
Time2 is offline   Reply With Quote
Old 05-16-2021, 11:43 AM   #4
Thinks s/he gets paid by the post
gayl's Avatar
 
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,199
Part A = free
Part B = 148.50
That's all I've got. HMO through pension = 1c
Quote:
Originally Posted by Time2 View Post
I'm paying $344.75 per month for coverage.
Medicare is $148.50 per month.
Part B is 176.25 per month
and my Part D is about 20.00 per month.
What Part is 148.50
gayl is offline   Reply With Quote
Old 05-16-2021, 11:50 AM   #5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 47,918
Part B + $148.50
Medigap supplement (Plan N) = $103 (at age 74 - less if you are younger)
Part D = $7
Total ~ $259/mo
__________________
Numbers is hard

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 05-16-2021, 11:51 AM   #6
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 47,918
Quote:
Originally Posted by Time2 View Post
Part B is 176.25 per month
Don't you mean Medigap, not Part B?
__________________
Numbers is hard

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 05-16-2021, 11:53 AM   #7
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 44,956
Here's what I pay (every cent so far this year).

*****************************************
$148.50 monthly Medicare, Part B. This can be more if your AGI gets too high

$267.48 monthly Federal retiree BCBS Standard supplement which acts as the usual Medicare supplement but also covers Part D. No deductibles or co-pays, other than prescription co-pays. Expensive (so they say) but personally I love it, and I earned it, so hey, BTD, I'm sticking with it. Those that don't like my choice can stand in the corner and make mean faces at me.

$36.00 prescription co-pay so far this year

$63.77 diabetic supplies and OTC meds so far this year. Could probably get most of this free through medicare or insurance but I don't bother. I'd rather just order exactly what I want and need on Amazon.
*****************************************

As you can tell, I'm not watching my pennies too much these days. I'll be 73 in about 3 weeks and I am becoming more and more aware that I can't take it with me when my time comes. Which hopefully will be many years from now, but who knows.

If we get hit by massive hyper-inflation as the fear mongers predict, then I suppose I'll have to stop acting so cavalier about my medical expenses.
__________________
Happily retired since 2009, at age 61.
W2R is offline   Reply With Quote
Old 05-16-2021, 12:10 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Oct 2019
Posts: 1,577
Quote:
Originally Posted by gayl View Post
Part A = free
Part B = 148.50
That's all I've got. HMO through pension = 1c
What Part is 148.50

I probably have the terms wrong.

I pay $455.50 every 3 months to CMS Medicare insurance. ($149.50 per mo)

My G supplement is 176.25

Part D is about $20.00
Time2 is offline   Reply With Quote
Old 05-16-2021, 12:19 PM   #9
Thinks s/he gets paid by the post
gayl's Avatar
 
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,199
Quote:
Originally Posted by Time2 View Post
I probably have the terms wrong.

I pay $455.50 every 3 months to CMS Medicare insurance. ($149.50 per mo)

My G supplement is 176.25

Part D is about $20.00
Ok. Got it.
gayl is offline   Reply With Quote
Old 05-16-2021, 12:33 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Aug 2014
Location: Red Rock Country
Posts: 1,151
Part B = $148.50
Part D = $6.60
AARP UHC G supplement = $163.64
Already have met my annual Part B deductible of $203.00
Ian S is offline   Reply With Quote
Old 05-16-2021, 01:06 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 6,058
For me and my POV:

Part A = $0 now (Paid for while working so it "ain't" free)
Part B = $475 mo () But on the bright side, it could have been worse by another $35mo .
Part C = $0 (And well worth it)
Part D = $75 mo (but that's only for "covered drugs" and not always the stuff that works)
------------------------------------------------------------
Total Mediciare insurance premium cost per yr $6600

How many times did I go to the doctor last year = 1 for annual checkup (seems expensive for 1 "20 minute" office visit)

Next year those number will change due to inflation, IRMMA changes and the DW turns 65...
__________________
Authority is given, respect is earned.
Car-Guy is offline   Reply With Quote
Old 05-16-2021, 01:23 PM   #12
Thinks s/he gets paid by the post
gayl's Avatar
 
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,199
Does this help? Part B Screenshot_20210516-122045_Chrome.jpeg
Part D - Prescription (I don't have this as I have a basically free HMO through my pension and pay $10 every 6 months for 1 med) Screenshot_20210516-122314_Chrome.jpeg
So now you know my income was less than 88k in 2019
gayl is offline   Reply With Quote
Old 05-16-2021, 01:29 PM   #13
Thinks s/he gets paid by the post
MissMolly's Avatar
 
Join Date: Jun 2010
Posts: 1,516
This is going vary wildly from person to person depending on retirement benefits. For me:

148.50 - Part B
0.00 - Medicare Advantage PPO (retirement benefit)

Total for year - 1,782
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
MissMolly is offline   Reply With Quote
Old 05-16-2021, 01:37 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 16,866
Part B - $148.50/mo (I actually pay $207.90 thanks to IRMAA & Roth conversions)
Secondary (Plan G) - $131+/mo
Part D - $13+/mo (actually pay $25.30+/mo more, IRMAA & Roth)
Dental - $26+/mo

It’s a screaming bargain compared to private insurance/ACA before Medicare eligibility!

Hopefully the OP can tell the difference between Medicare Advantage vs Medicare Supplement, different plans - the posts above are mixed.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 30% bond funds / 20% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 05-16-2021, 01:58 PM   #15
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 4,886
Quote:
Originally Posted by W2R View Post
Here's what I pay (every cent so far this year).

*****************************************
$63.77 diabetic supplies and OTC meds so far this year. Could probably get most of this free through medicare or insurance but I don't bother. I'd rather just order exactly what I want and need on Amazon.
I'm a Type II diabetic on an insulin pump (at my option.)
Part B pays has been paying 80% for my insulin which means my co-pay has been $505 quarterly. Insulin is $305 for a tiny vial.
Part B also pays 80% of my pump supplies and I pay about $127 a quarter.
Trump twisted the arms of Big Pharma and is now getting them to charge $105 a quarter for insulin on Part D--saving me about $400 a quarter.

We switched over 10/2020 to Part F on the Supplement (from Part G) because that plan covers all of Part B. I was needing a new very expensive Insulin Pump and my wife needed a $2500 electric wheelchair.

My wife has had 9 surgeries in the last 3 years, and we've paid very lilttle on co-pays. The hospital bill for the knee replacement was $92K. We've never even seen a bill on the other surgeries.

It's very important to pay close attention to all our medical costs, including medicines.
Bamaman is offline   Reply With Quote
Old 05-16-2021, 02:06 PM   #16
Thinks s/he gets paid by the post
VanWinkle's Avatar
 
Join Date: Oct 2017
Location: Brighton
Posts: 1,755
Part B 148.50 plus 29.00 for Medicare Advantage PPO with United Healthcare.
__________________
Retired May 13th(Friday) 2016 at age 61.
VanWinkle is offline   Reply With Quote
Old 05-16-2021, 02:09 PM   #17
Recycles dryer sheets
 
Join Date: Feb 2021
Posts: 432
I'm assuming the prices you are all listing are per person. So I need to double those for my wife and I, correct?
disneysteve is offline   Reply With Quote
Old 05-16-2021, 02:14 PM   #18
Thinks s/he gets paid by the post
VanWinkle's Avatar
 
Join Date: Oct 2017
Location: Brighton
Posts: 1,755
Quote:
Originally Posted by disneysteve View Post
I'm assuming the prices you are all listing are per person. So I need to double those for my wife and I, correct?
Mine are per person.
__________________
Retired May 13th(Friday) 2016 at age 61.
VanWinkle is offline   Reply With Quote
Old 05-16-2021, 02:16 PM   #19
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 47,918
Quote:
Originally Posted by disneysteve View Post
I'm assuming the prices you are all listing are per person. So I need to double those for my wife and I, correct?
Yes.
__________________
Numbers is hard

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 05-16-2021, 02:46 PM   #20
Thinks s/he gets paid by the post
 
Join Date: Oct 2017
Location: Chapel Hill, NC
Posts: 3,441
My numbers are similar to everyone else--per person per month:

Medicare Part B $148.50
Supplement--Plan G $108 (I have to pay a deductible around $200 per year)
Prescription Part D $13

My biggest expenses are the things Medicare does not pay:

Dental--Medicare does not pay for dental, i have not found any dental insurance that is any good. My dental expenses can run from $500-5000 per year

Eyes--Medicare will pay for some eye tests, like the test for glaucoma and for cataract surgery but will not pay for routine eye exams or glasses or contacts

Annual physical- Medicare pays for something called "Annual Wellness Visit"which in my opinion is worthless. You don't even get to see a doctor. If I want a full physical it costs about $300 and I pay that out of pocket
harllee is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Problem with marketplace coverage when spouse goes on Medicare Z3Dreamer Health and Early Retirement 30 09-06-2020 11:46 AM
Why do folk complain so much when the Stock Market goes down a "Little"? ShokWaveRider FIRE and Money 66 12-27-2018 10:02 AM
No tax if all my business income goes to 401K? Cloverissweet Young Dreamers 20 02-11-2013 01:08 PM
Tax Bill Passes Pretty Much Intact-Goes to President haha FIRE and Money 4 12-18-2010 02:33 PM
As GM goes so goes the nation (and market), your thoughts and predictions shotgunner FIRE and Money 78 11-19-2008 08:27 PM

» Quick Links

 
All times are GMT -6. The time now is 04:29 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.