How Much Money Will You Spend on Healthcare on Medicare?

NEWPORT BEACH, Calif. - July 30, 2024 - PRLog -- Link to full article at end.
Which Medigap Plans Cover Copays?

Plan N pays 100% of the costs of Part B services, except for copayments on office visits and some emergency room visits.[10]

Medigap Plan K will cover about 50% of your copays and Plan L will cover about 75%.[10]

Plans F and G cover the most amount of out-of-pocket healthcare expenses with original Medicare but cost more each month.[11]

A Part C, or Medicare Advantage (MA), replaces original Medicare's Parts A and B, but has higher monthly premiums and lower out-of-pocket costs. Some MA plans brag about zero dollar premiums, but make sure they offer all that a good MA plan has to offer, like prescription drug coverage, dental, vision and hearing coverage as well.

You cannot buy MA, Part C and Medicare supplements. You can only buy Part C or Medigap.

How Much Will You Spend on Prescription Medications on Medicare?

According to the Health Policy Institute at Georgetown University, on average, Medicare beneficiaries spend roughly $581 per year on prescription drugs. This is higher than those on Medicaid ($297) and those with Medicare Advantage ($156).[13]

Three-quarters of people aged 50-64 buy prescription drugs, while 91% of those aged 80 and older need medications. The average for ages 50-64 is 13 prescriptions drugs, and the average for those 80 and older is 22.[13]

Without Medicare Part D, the Medigap plan for prescription drugs, or Medicare Advantage, which includes prescription drug coverage in most plans, you'll spend thousands of dollars on medication if you have a chronic condition that requires multiple medications.

Full article with pricing for dental work and more: https://smartfinancial.com/how-much-will-i-spend-on-healt...