Due to legislative changes, in order to collect your Social Security benefit, you must enroll for Medicare when eligible. Failing to do so means you will forfeit all current, future, and past benefits.
Unfortunately, Medicare is not free, and many people are finding the costs are much larger than they planned for.
In 2020 Medicare, for those that wanted to be fully insured under Original Medicare the costs are:
- Part A Subsidized premium.
- Part B $144.60 a month.
- Part B Deductible $198.00 per person (No longer can be covered by Medigap).
- Part D $69.50 a month (Premium & Deductible) Part C Determined by Provider.
- Supplemental (Medigap Plan G) $178.50 a month Average Annual $4,705.80 per person.
- Total cost per couple in 2020: $9,411.60 per couple.
According to the Medicare Board of Trustees, Medicare premiums are expected to inflate by 6% to 8% in the foreseeable future.
Currently, Medicare has been inflating at roughly 7%, but even at only a 5% increase, the expected cost for a couple, who are both 65 years of age and plan on living until age 85 are projected to be $403,749.00 in retirement on a national average.
In retirement your greatest asset is your health, the time to start planning for it is today.