Medicare Explained

Medicare is a federal health insurance program that helps cover the cost of medical care for people 65 or older and some younger people with certain disabilities or medical conditions. It is divided into several parts, each covering different types of medical services and expenses. Medicare is an important resource for many Americans, providing them with access to healthcare services they might not otherwise be able to afford.

How to Find the Right Medicare Solution

If you’re a senior eligible for Medicare, it’s important to work with Kendall Chanley to learn more about the program and find a Medicare solution that works for you. Kendall is an expert in all things Medicare and can help you select a plan that meets your unique needs and budget. With Kendall’s help, you can rest assured that you’re making informed decisions about your healthcare coverage and getting the best possible value for your money.

Have a question?

Don’t let the complexities of Medicare overwhelm you. Contact Kendall Chanley to take the first step towards securing the right coverage!

How Much Does Medicare Cost?

One of the most important factors of finding the right Medicare plan is the cost. You can find the 2023 costs of Medicare broken down in the table below:

Medicare Part A Premium

  • You will have premium-free Part A if you paid Medicare taxes for ten years (40 quarters). 
  • If you paid Medicare taxes for fewer than 30 quarters, your Part A monthly premium will be $505. 
  • If you paid Medicare taxes for 30-39 quarters, your Part A monthly premium will be $278.

Medicare Part A Deductible and Coinsurance

You pay:

  • $1,632 deductible for each benefit period
  • $0 coinsurance for days 1-60 during each benefit period
  • $408 daily coinsurance for days 61-90
  • $816 daily coinsurance for days 91 and beyond (lifetime reserve days)
  • All costs beyond lifetime reserve days

Medicare Part B Premium

  • The standard Part B monthly premium is $174.70. 
  • This premium could be higher depending on your income.

Medicare Part B Deductible and Coinsurance

  • Part B yearly deductible is $240.
  • After meeting your deductible, you will pay 20% of the Medicare-approved amount for the doctor services you receive.

Medicare Part C Premium

  • Part C monthly premiums will vary among plans. Most Part C plans will have little or no monthly premium.
  • You will also be responsible for your Part A and B costs.

Medicare Part D Premium and Deductible

  • Part D monthly premiums will vary among plans. The average monthly premium is $34.70.
  • Part D plans may also have a maximum deductible of $545. Some plans have no deductible.

Medicare Supplement Premium

  • The monthly premium you pay for Medigap will ultimately depend on the plan you choose and the insurance company.

Why Should You Enroll in Medicare?

Enrolling in Medicare is essential for seniors to ensure they have access to affordable healthcare. With healthcare costs increasing, having a reliable resource like Medicare to help you cover medical expenses is more important than ever. By enrolling during their Initial Enrollment Period (IEP), seniors can rest easy knowing they have a safety net for their healthcare needs, allowing them to focus on enjoying their golden years without the added worry of steep medical bills.

With Kendall’s close collaboration and ongoing assistance, you’ll be able to make Medicare decisions with ease and assurance. Don’t settle for anything less – book an appointment with Kendall Chanley today!

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