I was far better off with company paid insurance which covered drugs, dental, hospital, doctors, services and vision, with essentially no deductible. My costs were essentially $2000 /year for myself and wife. My Medicare, Supplement, Drug, and Dental plan monthly costs are $350/Month making our annual enrollment cost for myself and wife $8400. This could be reduced by using Medicare Advantage but there are personal choices being made. Additional expenses are also incurred due to deductibles and limits.
But what is Medicare? And what are the costs?
First there is Med Part A (Simply stated), it is hospital insurance. It requires a 10 year pay in to qualify. If not qualified, it costs about $437/Month. I qualify. There is a $1364 deductible for inpatient service each benefit period. It is limited Co-insurance $0 patient cost first 60 days, patient costs exceeding $341 Days 61 to 90. Skilled Nursing $0 patient costs first 20 Days. Patient costs exceeding $170/day for days 21 to 100. With some exceptions, you get to pay the rest.
Next is Med Part B (Simply Stated), it is medical expenses outside of hospital but for the most part excluding Drugs, Vision, and Dental. If qualified the Premium is about $135 per month (Income dependent). There is an annual $185 deductible and coverage is about 80% (ACA took a small part away). Only stated services covered and services limited to facilities accepting Medicare established rate.
Part B costs not covered by Medicare can be covered by a separately purchased Supplement or Medicare Advantage program. Medicare Advantage programs vary and likely limit services to a specific network of providers. Medicare Advantage programs must provide the same services that the original Medicare covers but generally more Supplements pay portions of costs not covered by Medicare Part A and B. A good supplement will cost around $150/month.
Drug plans are too complicated to Simplify as are Dental Plans
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