Most Illinois seniors know that they’re eligible for Medicare Part A and B, but will enroll in some form of supplemental coverage to help with the out-of-pocket cost. Medicare covers a substantial amount, but it does not cover all of the services like vision, dental, or prescription benefits. Even after paying for Part B, you are responsible for deductibles, copays, and coinsurance.
Medicare Costs
Medicare Part A is free, as long as you pay taxes throughout your working life. Part B is not free. The monthly premium for most is $174.70 in 2024 and deducted from your Social Security benefits
Medicare Supplement
Medicare Supplements were created to help pay the costs of out-of-pocket expenses like copays, deductibles, and coinsurance. When you visit your doctor, you will be expected to pay upfront to meet your deductible or satisfy a copay. Expenses can be steep, and the more care you need, the more you pay. Plans are sold through private insurers and to make it easy, the government created ten standardized plans, named after the letters of the alphabet (A). That means that every plan of the same letter, a Plan N or Plan G, must include the same benefits, regardless of which company sells it.
Part C
With a Part C plan, you still receive Medicare with extra benefits like vision and dental care and prescription benefits. Plans vary significantly between companies, cost, coverage, and networks. Unlike a Medicare Supplement, plans do not cover deductibles, copays, or coinsurance. Many choose to enroll in Medicare Part C, closing the coverage gaps in Medicare.
Part D
Part D prescription plan can be purchased as a stand-alone plan to add to Medicare. If you enroll, you will continue to pay your premium for Part B each month.
Your healthcare needs may change as you age. Multiple hospital visits, ongoing doctors’ appointments, and more can potentially cost thousands of dollars in deductibles and copays.
References:
https://www.medicare.gov/sign-up-change-plans/decide-how-to-get-medicare/whats-medicare/what-is-medicare.html
MUC50-2017-BCBS
