Medicare Costs

​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.
  • Medicaid--a joint Federal and State program to assist with Part B monthly premiums, and co-payments, co-insurance, and deductibles associated with Medicare health insurance. There are different levels of need, and therefore, different levels of assistance;
  • LIS (Low Income Subsidy specifically to relieve some/all costs of Part D);
  • Pharmaceutical programs. Many pharmaceutical companies maintain programs which are directed to providing some Medicare members with significantly discounted (and sometimes free) medications that have a large price tag;
  • Prescription drug discount programs. There are a number of discount programs (not insurance) that enable a person to search for a particular medication and a nearby pharmacy location, and print out a discount coupon. Often, these discounts can be large, and sometimes even significantly lower than the price charged through the Medicare drug plans.
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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St. Charles, MO 63303​
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