Just like a regular employment check, there are deductibles that get taken off before the checks are received. Medicare is the biggest hit.
This year, Medicare recipients had to pay $233.00 out of pocket before any Medicare coverage would kick in.
Every month, a Medicare premium is taken out of the check for outpatient medical services. ( called Plan B coverage). It's mandatory deduct. Then we pay 20% of any covered cost we use.
This year it was $170.00 a month for most recipients.
Plan A coverage is mandatory also, it covers being in the hospital.
We have to pay $1,400 out of pocket before it kicks in.
Which means we have to save that amount from our checks to fund a possible hospitalization. Learned that from experience last year.
Good news is some hospitals will do some surgeries and send you home the same day.
Depends on a lot of factors.
Good news is cataract surgery is covered.
No dental that I know of.
Prescriptions are covered under optional plan D. Dunno if there are deductibles, but knowing the monopoly insurance companies have in each state, I would expect so.
That's another whole bag of worms I won't bother to get into.
Bottom line, Plan A hospital coverage has NO monthly premium but a $1400.00 deduct. which may increase in 2023. Which is really the same as a monthly premium cause you have to save up for it.
Plan B is outpatient coverage, annual deduct, monthly premiums, with increases each year. At some point in retirement, most people will be glad they have it.
Plan D for drugs is optional. Mr. Dixie and I have found ways to afford our prescriptions without it, so far.
A COLA in our checks sounds nice, the exact amount won't be public till Oct.
But we've learned not to be overly optimistic.
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