If you or your spouse have worked for at least 10 years you should qualify for Medicare when you reach the age of eligibility. Unlike Social Security the age of eligibility for Medicare is the same for everyone regardless of the year during which you were born. As of this writing you become eligible to receive your Medicare benefits when you are 65 years of age.
So at that time you have reached health care Shangri-La, right? You no longer have to worry about paying any medical expenses out-of-pocket.
Unfortunately this is patently untrue. There are indeed out-of-pocket costs that go along with Medicare coverage and you must anticipate them if you want to budget intelligently for your retirement years.
There is a $1156 deductible per benefit period for Medicare Part A, the portion of the program that pays for inpatient hospitalization. Part B pays for your visits to the doctor or any outpatient care that you may need. There is a premium that must be paid for Part B and it is determined based on your income, ranging from a low of $99.90 per month all the way up to $319.70 monthly.
Part C is comprised of the opportunity to pay a private insurer to provide access to services otherwise covered by Part A and Part B.
Medicare Part D is the prescription medication component, and it too carries a monthly premium along with it.
The best way to proceed if you want to make informed decisions with the future in mind is to discuss all the details with a retirement planning professional. Should you be interested in tapping into that brand of expertise, simply take a moment to set up an appointment to speak with a good South Carolina elder law attorney.