What Does Medicare Cost?

I have been thinking a lot about summertime and vacations.  Recently, I realized that if I was at the age to retire, summer would definitely make me strongly consider it. 

When we think about retirement, we start to look at all the areas we have had coverage while working.  When you have a job with benefits, you’re used to having healthcare, dental & vision insurance, maybe life insurance, and a 401k.  When you leave your employment, what do you do with all of that and how do you move or replace it?

Looking at Medicare, it may come as a surprise to you, but Medicare is not free.  Medicare comes in two parts.  Part A commonly is “free” because when you work in the US for 40 quarters (or 10 years) you pay into the Medicare tax long enough to justify premium free Part A.  Part B, however, does have a monthly premium.  The standard monthly premium in 2024 is $174.70.

This means that as you’re figuring out what you’ll be spending in retirement, you have to calculate the cost of having Medicare. This premium is not a fixed premium. Each year the government determines what the new premium will be and implements that across the board each January 1.

Some of the other benefits you have through your employer can be encapsulated in a Medicare Advantage Plan, like Dental & Vision benefits.  Other times, you can get them as stand-alone policies and I’m always happy to help you learn more about these.

If losing your employer sponsored life insurance is also a concern for you, as a Life & Health Insurance Agent, I can help you price out a replacement policy.  Even if that just means covering your final expenses and making sure your family doesn’t have to come up with the funds to cover a funeral.

Remember, the advice of an insurance agent is free.  I don’t charge a fee to help you through the retirement adjustment.  Please call or text 720-665-6015.