When we first turn 65, many find that enrolling in Medicare can lead to significant savings on medical costs compared to the individual or small business plans we may have had prior to Medicare. This transition often brings better coverage at a more affordable price, making it a crucial milestone in managing healthcare expenses.
Understanding How Your Age Influences Medicare Costs
However, it’s important to note that the cost of Medicare plans can change as we age, particularly for Medicare Supplement (Medigap) plans. These plans are priced based on age, meaning that premiums typically increase over time. For instance, while a 65-year-old in San Diego might pay less than $150 per month for a Supplement plan, the same plan could cost a 75-year-old between $250 and $300. This is a general trend and that actual prices can vary based on factors like location, plan type, and health status. With Medigap plans, you’re responsible for costs associated with Original Medicare, the Supplement plan premium (which increases with age), and a separate Part D Prescription Drug Plan.
On the other hand, Medicare Advantage plans generally do not increase in price as you age. Many Advantage plans are available at no additional cost beyond the standard Medicare Part B premium, and they often include prescription drug coverage, which can provide more predictable out-of-pocket expenses.
Reviewing Your Medicare Options During the Annual Enrollment Period
Every October, during the Medicare Annual Enrollment Period (AEP), you have the opportunity to review and adjust your current plans. This period is an excellent time to:
- Explore if there are better-priced Medigap plans available for your age.
- Consider if a more cost-effective Medicare Advantage plan might better meet your needs.
At HealthyMarks Medicare, we’re here to help you navigate these decisions. Our team can assist in comparing different plans, explaining the benefits of switching, and ensuring you have the best coverage for your current situation.
This Open Enrollment, let HealthyMarks Medicare guide you in assessing your Medicare options to make the most informed choice for your health and budget. Contact us today to learn more!
Keaton Marks is the owner and CEO at HealthyMarks including the medicare team. Keaton was born and raised in Encinitas. He often rode his bike through town and to the local beaches like Moonlight. Keaton knows it is important to have a local resource, someone who understands the area, the hospitals and networks of doctors. Keaton is proud to be a local Medicare broker who is able to assist the people in his town when selecting medicare plans.
Keaton believes one thing above all else: “Medicare is confusing… but it doesn’t have to be! That is where HealthyMarks Medicare comes in” Please contact me with any questions.