How much do Colorado Medicare plans cost? Although this is a common question asked by senior citizens at may Denver assisted living communities interested in getting the best coverage options and the lowest overall costs for all types of Medicare plans they are eligible for, there is no precise answer. Depending on your income, the parameters of the plan you opt for, the specific coverage options you want, and many other factors, the expenses can differ widely from one plan to another.
Fortunately, there are a few simple guidelines you can take into account before shopping for your preferred coverage plan. Medicare plans are flexible, and you’ll find Colorado providers to be extremely helpful in giving you all the information you need about them.
Part A and Part B Costs: Monthly Premiums, Deductibles and More
Part A and Part B are the most basic Medicare plans you can get. They provide you with the most important coverage options you need in your golden years. Part A covers inpatient hospital stays – which can include the costs for a semi-private room, tests, hospital food and various other essential amenities and services – while Part B involves medical insurance that covers various types of drugs and services that are not covered by Part A. Medicare prescription drug plans Colorado has have a lot to offer too!
When it comes to considering the costs for both types of Medicare plans, there are a few important points to remember:
- For the most part, you won’t have to pay a monthly premium for Part A. If you end up buying Part A, you’ll have to cover about $400 per month, although that amount is reduced by almost 50% if you paid Medicare taxes for 30-39 quarters.
- Part A also requires larger coinsurance and deductible costs, although during the first 60 days you don’t have to pay anything for coinsurance.
- The premium amount for Part B is a little over $130, although it can be higher depending on how large your income is. However, Medicare requires only $109 on average from people who get Social Security benefits.
- The deductible for Medicare Part B is $183 per year, and once your deductible is met you only have to pay 20% of the costs required for most doctor services that this coverage level applies to.
The Costs Required for Medicare Advantage Plans (Part C)
If you’re thinking of getting a Medicare Advantage plan, also known as Part C, your payments will largely vary depending on a number of factors. The plan itself is the main variable in the equation, and some plans can definitely offer more advantageous benefits than others. As a result, when you talk to the company you’d like to get a Part C plan from, it’s important to ask the following questions:
- Does the plan require a monthly premium?
- Will it pay for your additional Part B medical insurance coverage?
- How much will you be expected to pay per visit or service (an important question, especially when co-payment plans are involved)?
Costs will also depend a great deal on what types of medical benefits you are looking for, what special healthcare services you want to gain access to and whether you have Medicaid or not. Colorado Medicare plans are usually quite flexible in these regards, and can bring you advantages and lower costs that you’re not likely to find anywhere else.