Planning Your Medicare Costs During Retirement

Many Americans are turning 65 every day, and can be overwhelmed with the retirement costs to come, especially when unprepared. It is important to plan for retirement and costs for Medicare. Most people underestimate the expenses during retirement. It is important to research medical costs and plan accordingly.

As you get close to retirement, it is important to plan ahead for monthly Medicare costs.
As you get close to retirement, it is important to plan ahead for monthly Medicare costs. Medicare only covers 60% of costs, consider Medicare Supplement to cover the rest.

Medicare only covers about 80 percent of costs, leaving retirees to pay the rest out of pocket. Over time, Medicare costs such as premiums will increase over time, so it is important to budget for this.

Find Out Medicare Costs and Additional Insurance

Depending on your preference, there are many possibilities for out-of-pocket expenses regarding your insurance. One of the main payments you will have are Medicare Part B monthly premiums and an annual Part B deductible. The annual deductible is roughly $183, and the monthly premium amount will depend on your income, which is on average $134 a month.

Medicare does not cover prescription drugs or dental and vision care, so if you would like extra coverage and relieve some of the financial burden, many people choose to buy a Medicare Supplemental Insurance or Medicare Advantage.

Long-term care insurance is also something you should consider, considering Medicare does not cover the majority of long-term care costs.

Figure Out Your Medicare Costs

It is important to account and budget for your medical costs within your retirement and social security funds.

Monthly Medicare Part B Premiums for 2018. See how much your premiums will be.
Monthly Medicare Part B Premiums for 2018. See how much your premiums will be.

Medicare Part B premiums will depend mainly on your income.

There are 10 different kinds of Medicare supplement insurance plans to choose from. It is important to go over each plan, what they cover, and their costs to determine if it will fit within your budget. Plans F and G are typically the most popular because they offer the most coverage with an out of pocket limit. This means once you have reached the out of pocket limit, any other expenses will be covered by the company.

If you are looking into long-term care insurance, it can cost you nearly $100-$150 a month.

Taking all of these costs into consideration is important to determine your retirement costs, and have money left for other living expenses such as food, rent, etc.

Planning your budget during retirement can become very overwhelming. There are many different routes to choose when it comes to your medical needs. EZ.Insure can guide you in the right direction that meets your needs. We can help you estimate your budget and help you determine what you can afford with what you need. We can go over all the different kinds of Medicare Supplement Plans and Medicare Advantage Plans, and when you are ready, we can also help you through the process of signing up.

Enter your zip code in the bar above to get an instant quote.  You can reach one of our knowledgeable agents within your region by calling 888-753-7207, or e-mailing Our agents will help you with any questions you have, and guide through the process step by step, all at no cost to you. No commitment, no bouncing from agent to agent, no hassle. We make it easy.

About The Author:
Cassandra Love

With over a decade of helpful content experience Cassandra has dedicated her career to making sure people have access to relevant, easy to understand, and valuable information. After realizing a huge knowledge gap Cassandra spent years researching and working with health insurance companies to create accessible guides and articles to walk anyone through every aspect of the insurance process.

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