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Understanding Your Medicare Supplement Plan: Costs

At RetireMed, we want to make sure you understand what your out-of-pocket costs are for your Medicare plan so that you can budget accordingly. Below are some common costs explained that you’ll likely have with a Medicare Supplement plan.

A plan’s premium is the amount an individual pays to the insurance company to keep their coverage active. In addition to a plan premium, every Medicare beneficiary also pays a Part B premium no matter what type of plan they have. In 2022, the standard Part B premium is $170.10.

deductible is a set amount one pays each year for health care services before their insurance begins to share the cost of covered services. It’s the amount you owe for covered services before your plan pays. As you have procedures, tests, and other medical services throughout the year, it’s important to check ahead of time which items are covered by your plan. Then, you can calculate costs based on how much of your deductible has been paid so far. It’s important to keep in mind that not all plans have a medical deductible. If you’re unsure if your plan has one, you can contact our team.

copay is a fixed dollar amount set by the insurance company that a person is responsible for paying. In most cases, you begin to pay copays after your plan’s deductible is met. It’s important to understand that not all Supplements have a copay. Please reach out to us if you’re unsure if your plan has copays.

If you have any questions regarding costs on your Medicare plan, you can contact us at 877.222.1942! Our expert team of client advisors is ready to answer your questions.