Collin County Living Well Magazine May/June 2016 | Page 18
Cost of Medicare and Major Medical
By Tucker Thompson, CSA
A
ge is usually not a topic we like to discuss as we grow
older. When it comes to choosing between the cost
and coverage of Medicare, or Major Medical, there
is a decisive view. The current cost of Major Medical health
coverage has skyrocketed over the past few years. The cost
for Affordable Healthcare in Collin County for someone 64,
non-tobacco, $5,000 deductible, 80/20, $515 per month:
up to $0 deductible, 80/20, $1,256 per month, both have
an out of pocket maximum of $6,850 per person.
The cost of Medicare has increased but nothing like the
cost for people under the age of 65. Preventive care has
decreased the need for medical care and increased longevity to the current population. People are living longer and
are more active due to the improvement of medical care
and medical procedures used today. Pharmaceutical breakthroughs to heal and control illness and disease have also
contributed to the well being of people. These are some of
the reasons medical claims have seen a decrease in the
past years in Medicare.
The cost of Medicare Part A is usually $0 per month with a
$1,288 deductible when you check into a hospital. Medi-
care Part B cost for most people turning 65 in 2016
is $121.80 per month plus an annual $166 deductible that covers doctor’s visits, lab work, x-ray, medical equipment, physical and speech therapy, ambulance, outpatient medical, and psychiatric care. After
the Part B deductible, Medicare generally pays 80%
of the Medicare approved charge, leaving you with a
20% payment.
Medicare Advantage Plans; HMO, PPO, and PFFS, usually
have deductibles, co-payments, out-of-pocket maximums up
to $10,000, plan’s network for doctors, providers, labs,
and hospitals. Not all doctors or hospitals accept these
plans except in emergency care.
Medicare Supplements Insurance policies are also called
Medigap polices. They cover the Medicare approved care
cost that original Medicare doesn’t cover like copayments,
coinsurance, and deductibles. They have no network or
referral needed for doctors or hospitals unlike Medicare
Advantage Plans. The cost for a Medicare Supplement G
Plan in zip code 750 for a female 65, non-tobacco, Part B
deductible $166 then 100% coverage, $126.63 to $143
per month.
Tucker Thompson, CSA, has worked in the insurance field for over 24 years in Life Insurance, Long-Term Care, Medicare
Supplements, Medicare Advantage Plans, and Prescription Drug Plans.
New
Medicare choices in 2016
could mean better coverage for less money!
You can apply to change a Medicare supplement policy
anytime during the year!
Senior Life Division
Medicare Plans
Medicare Supplements
Health Insurance
Long-Term Care Policies
Life Insurance
Benchmark Financial Services is a local company with a Senior Life Division dedicated
to helping seniors review & find Medicare healthcare and prescription plans that best
fit each individual’s needs. With a strong commitment to offer independent,
unbiased advice, we are licensed with over 30 national companies and are not
“employed” by any of these companies whose plans we might recommend.
local (972) 548-1629 or toll free (888) 247-1829
16
COLLIN COUNTY Living Well Magazine | MAY/JUNE 2016
Your Local Agent:
Tucker Thompson
Certified Senior Advisor