1 min read
22 Dec

Happy Wednesday! I hope you are loving these words. Today's word is PREMIUM: An amount paid in exchange for insurance. Did you know that Part A has a monthly standard premium of $499/mo???? Did you also know that you probably don't have to pay it when your Medicare benefit starts? You have likely already paid this premium. Your whole working life when you saw deductions for Medicare or FICA, this is what you were buying. You were pre-paying the premium for part A. I don't know about you... I would much rather pay as I go automatically while I'm working than come up with an extra $500/month after I retire.  The Standard Premium for Part B is $170.10 this year (2022) and Part D can range from about $7 to over $100 depending on where you live and what you take. If you need help determining your specific premiums you can always schedule a call with MAMA. Part C premiums are kind of a different bunny trail all together. You surrender your right to Original Medicare paying any of your claims while you own part C or Medicare Advantage Plans. Your plan may have a premium of $0 all the way up to $400. Even though Original Medicare no longer pays your claims, you still have to pay your part B premiums to help subsidise the cost of your private health insurance contracted with the government to manage your care. Premium is a pretty big bite, huh? I hope this is more manageable than just taking all of it at once. Another premium you may have is for a medigap or Medicare Supplement. This is guaranteed renewable coverage that you can only own if you have original Medicare. The premium for these plans range  between $50/ month all the way up to $200 depending on where you live, the coverage you choose, and the company covering you. Schedule a call with MAMA to see what may work best for you.

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