We've already identified and talked about the "Parts" of Medicare (A, B, & D). Part A and Part B are your necessary tickets into the Medicare health marketplace.
Part A (hospitalization and hospice) usually does not have a monthly cost, as most people have worked sufficient quarters during their lifetimes. On occasion, that is not the case, and a fairly significant charge may occur.
Part B (non-hospital related medical care) does involve a monthly charge. The typical amount in 2023 is $164.90 per month. However, that amount--for you--may be higher if your reported income exceeds a certain level. The monthly amount--per person on Medicare in a household. That amount can be up to approximately 3 times the $164.90 for each such person.
Part D (prescription drug coverage). In addition to the cost of the actual drug plan and the medications themselves, Part D also can experience additional, higher costs to a person enrolled, depending on income.
Forms of Cost Reduction. There are many whose income does not meet certain minimum levels, and this is where various Federal and State programs may coordinate their assistance.
A note of caution. And some good news.
We have mentioned the cost of Medicare enrollment. It usually works well for most individuals. However, not all--especially if your income (with a two-year lookback) begins to exceed certain thresholds. The incremental increases to your Medicare cost may be significant--even if your income goes over the threshold by only one dollar.
But you are not without hope and help. This is one of the areas where we have experience and expertise in assessing your particular circumstances, and identifying various tactics and strategies to reduce or eliminate the negative impact.
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