How Much Does My Total Medicare Coverage Cost?

Additional Coverage to Consider

Medicare Part C

Medicare Part C plans—also called Medicare Advantage plans—are optional Medicare plans offered by Medicare-approved private companies and available to people already enrolled in both Medicare Part A and Medicare Part B.

If you enroll in a Medicare Advantage plan, your plan will provide all of your Medicare Part A and Part B coverage. Medicare Advantage plans can also provide additional coverage in other areas of health including dental, vision, and hearing. Most Medicare Advantage plans also include prescription drug coverage.

Although every company offering Medicare Advantage plans has to follow rules set by Medicare, companies retain a lot of flexibility when it comes to setting out-of-pocket cost requirements and rules establishing which doctors or facilities you can use and when. In these areas, companies can set their own plans, and the plans can change from year to year.

The amount you are likely to pay for Part C coverage depends on so many variables that it is hard to give a general rule. In most areas, there are zero-premium Medicare Advantage plans that impose other, often unexpected, charges on people enrolled in the plans. Some plans, meanwhile, charge reasonable monthly premiums for coverage that exceed what Medicare Part A and Medicare Part B cover.

Anyone considering Medicare Advantage needs to be aware of all cost obligations before enrolling. For help choosing a Medicare Advantage plan that can help eliminate many out-of-pocket costs associated with Original Medicare, call MedicareMall toll-free at (877) 413-1556.

Enrollment in a Medicare Advantage plan with prescription drug coverage may be as little as $0 per month. Depending on the plan, you might be responsible for a small copay each time you visit your doctor. If you are in generally good health and visit the doctor about four or five times a year, that means the monthly costs associated with your Part C plan should be nominal. That may sound pretty simple, but remember, it’s always wise to know exactly how all of your benefits align before you enroll in a Medicare Advantage plan.

Choosing the right plan can be a godsend—just as choosing the wrong plan can be a headache you can’t shake off. Remember, nobody scours and shops the market on your behalf better than MedicareMall.

Medicare Part D

Medicare Part D plans offer prescription drug coverage. With the high cost of prescription drugs, many Medicare recipients find Part D prescription drug plans (PDPs) an essential tool for keeping drug costs within their budget. As we’ve already discussed, prescription drug coverage is available through most Medicare Advantage plans. But for people not enrolled in Medicare Advantage, there are stand-alone PDPs available at a reasonable cost.

For enrollment in a Part D prescription drug plan, you can expect to pay a premium of between $0 and $100 a month. Some PDP’s come with a yearly deductible of $545 and copayment or coinsurance charges that continue until you and your plan pay a combined total of $5,030 for your drug costs. After that comes the notorious coverage gap (donut hole) phase.

Medicare Supplement Plans

Fortunately, Medicare supplement (or Medigap) plans can put to rest many of the concerns you may have about out-of-pocket obligations associated with Medicare.

Medigap plans, sold by private insurance companies to people already enrolled in Medicare Parts A and B, are designed to help fill the gaps in Original Medicare coverage. There are ten different Medigap options spanning the alphabet from Medigap Plan A all the way to Plan N.

If you’re serious about sticking to your budget, one Medigap plan you’ll definitely want to check out is the highly popular Plan G, designed to fill all the high-risk gaps in basic Medicare coverage. With Plan G, once you pay the annual Medicare Part B deductible, you won’t have to worry about paying one penny out of pocket for any Medicare-approved hospital or medical costs, including other deductibles, copayments, and coinsurance charges. Once you have paid the annual Medicare Part B deductible, Medicare Supplement Plan G covers all Medicare-approved costs not covered by Medicare Part A and Medicare Part B.

Although insurance companies offering the same Medigap plans have to offer the same benefits, companies are free to apply their own pricing and underwriting practices, so it’s important to shop the market before choosing a plan. Remember, nobody does that better on your behalf than MedicareMall, and nobody makes it easier to choose the best Medicare supplement plan to meet your particular needs.

Some Medicare supplement plans are available for under $100 per month. Even for comprehensive coverage under Plan G, costs are far less than most people think. For example, a 67-year-old male nonsmoker in living in Tulsa, Oklahoma, can pay as little as $108 a month for Plan G coverage, while a 66-year-old female nonsmoker can pay as little as $96.