How much does Medicare cost?
Information on Part A and B monthly premiums and income related adjustments
The information found here is an excellent synopsis of your cost when you are enrolled in Medicare Part A and B. This information is kept current by Medicare and is updated annually.
A note for those choosing to stay with Original Medicare
Original Medicare does not cover all of your Medicare-approved expenses. You will be responsible for Part A deductible for inpatient hospital stays as well as co-payments for hospital stays past 60-days. There are additional copays when you use Skilled Nursing services too. Note Medicare has rules relieving you of some of this if you are in an existing ‘benefit period‘.
Your share of Part B covered services is 20% of the of the Medicare approved amount for each specific service you use.
Learn more about the specifics of what Part A and Part B covers.
You can limit your exposure to left over Medicare Part A and B out of pocket costs by enrolling in a hi-deductible version of Medigap Plan F or Plan G. These plans do not work like your pre-65 hi-deductible plans and can be quite attractive to some.
Other Medigap plans pay all or most all of your leftover expenses that Medicare Part A and B do not cover. If this concept appeals to you, we recommend you consider a Medigap Plan F, Medigap Plan G, or a Medigap Plan N.
Other Medicare Cost Changes
The Part B deductible for this year can be found here (bottom of the page). The deductible amounts for Medigap Plan F Hi-Deductible, Plan G Hi-deductible , and Plan J can be found here.
Medigap monthly premiums in Idaho
Current monthly premiums for Idaho residents can be found here. This information is kept current by the Idaho Department of Insurance and is typically updated monthly (or more frequently). Learn more about Idaho Medigap plans here.
Medicare Prescription Drug plans
You can get Medicare prescription drug coverage if you choose either a Medicare Advantage plan OR stay with Original Medicare. If you choose to stay with Original Medicare, you have over 20 plans to consider. This number changes annually as new companies come into the Idaho market and others leave.
These plans are offered by private insurance companies which have a license to do this with Medicare. The insurance companies behind these plans set their own monthly premiums and fill/refill costs for the med’s they cover.
There are several key points we feel Idaho residents need to be aware of regarding selecting and changing plans. You can learn more Idaho Medicare prescription drug plans here.
If you choose to enroll in a Medicare Advantage plan, most have prescription drug covered included in them. Learn more about this here and here.
If you did not enroll in Medicare prescription drug coverage when you were first eligible be aware you may be liable for a ‘late enrollment penalty’. Learn how this is calculated here.
Both public and private assistance is available to help people pay for their medications. Learn about the current years ‘Low-Income Subsidy’ (also called ‘Extra Help) here.
Medicare Advantage Plans (Part C) for Idaho residents
Your plan choices are determined by the Idaho County where you reside and can change annually. Private insurance companies which offer these plans decide which Counties they will enter. This can change annually.
Learn more about this here and here.
The insurance company behind each plan sets their own monthly premium and their costs for each of the services the plan covers.
We recommend you take the time to learn how the plans available to you compare to each other and then select the plan that best meets your needs and retirement budget.
The Prescription drug side of Medicare Advantage plans
Prescription drugs are covered by most Part C plans. Some plans do not offer prescription drug coverage. These plans are targeted for people that get coverage from other sources. These could include retirement plans, the VA, Federal Employees retirement plans, etc. Be sure to include the annual out of pocket cost for the medications you currently take when you review Medicare Advantage plans. We are continuously surprised to see how much variance there is in the annual out of pocket costs (monthly premium + fill/refill costs for meds) between these plans.
There is a process for evaluating Part C plans and we recommend people review their options annually. Why? Because the details of these plans can change annually. These changes can affect your out of pocket costs and your choices of where and how you get plan services. You can review the details of next years version of your current plan between 10/15 and 12/7 annually. If you do not make a plan change by 12/7, Medicare will automatically re-enroll you in the same plan you are presently enrolled in.
You can change plans between January 1 and March 31 too!
The cost of medication’s, even with your Medicare prescription drug plan, can take a larger part of the budget each year. If you find your January med refill costs increased over the prior year, it is time to check your options. Other Medicare Advantage plans which cover prescription medications may have lower refill costs.
We can help you analyze your options.
Government assistance programs for people that cannot afford health care
We suggest you review the information found here and if you feel you qualify for this help, call the Idaho Department of Health and Welfare. Learn more about their services here.
Late Enrollment Penalties
Learn more about late enrollment penalties for Part A , Part B, and Part D here, here, and here. We encourage you to understand enrollment rules for each part of Medicare and avoid this issue. Download and read the CMS produced document found here to understand the enrollment situations and how to get this done.
We recommend Idaho residents work with a broker that specializes in Medicare.
Why do this? Because they understand the differences between plans and the market (the County you live in). Be sure any broker you consider is licensed with all plans available to you. Becoming a customer with a broker means they will help you review your options annually.
We are here to help
If you are an Idaho resident and want help sorting through thru all of this, call us. We have helped many Idaho residents in most all of Idaho’s Counties understand Medicare, plan differences and enroll in the plan they chose.
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