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Medicare: Costs

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Understanding Medicare Costs

Navigating Medicare costs can be tricky, but we can help you find a plan that fits your budget. Your costs will depend on the type of plan you choose.

The Different Types of Costs

DEDUCTIBLES

This is the amount you pay out-of-pocket before your plan begins to cover its share of costs.

COPAYMENTS & COINSURANCE

These are your share of the cost for specific services. A copay is a fixed amount (e.g., $20 per doctor visit), and coinsurance is a percentage of the total cost (e.g., 20% of a procedure).

PREMIUMS

This is your monthly payment for coverage.

Why Medicare Advantage Makes Sense

Original Medicare has no yearly limit on what you pay out-of-pocket, which can leave you exposed to high costs.

This is why many people prefer a Medicare Advantage plan. These plans include an Out-of-Pocket Maximum, a yearly cap that protects you from unlimited spending.

Plus, many Medicare Advantage plans could feature a $0 monthly premium and usually include coverage for many additional needs, especially dental, vision, and hearing care.

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