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Estimate Your Total Premiums with the Updated Medicare Cost Worksheet

Estimate Your Total Premiums with the Updated Medicare Cost Worksheet

We’ve updated our Medicare Cost Worksheet to help you calculate your total costs for insurance in retirement.

Compare costs for Medicare Supplement plans, determine if your income will trigger a premium adjustment, and create a complete Medicare action plan.

This new and improved cost worksheet is interactive, meaning you can use it right on your computer. Plus, all of the premiums added are automatically totaled up at the end of the worksheet (no math required!).

Calculate Your Medicare Costs Today

Create a Medicare action plan by estimating your total monthly premiums for healthcare and related expenses in retirement.

Get My Worksheet
Calculate Your Medicare Costs Today

Calculate Original Medicare Costs

At the beginning of the worksheet, you’ll enter your Original Medicare costs, including costs for Part A, your hospital insurance, and Part B, your medical insurance.

We include some tips to help you calculate your premiums, like how Part A has no premium for most people.  

As long as you’ve worked at least 40 quarters and paid Medicare taxes, you pay nothing for Part A insurance.

For most people, the Part B monthly premium is $148.50 in 2021. You may need to add an additional Part B premium if you have a high income. We included those charts in the worksheet so you can add the accurate premium adjustment.

For example, if you file taxes jointly and earned a yearly income between $176,000-$222,000, your Part B premium would jump from $148.50 to $207.90. You’d need to add $59.40 (or the difference) to your Additional Part B premium.

Compare Medigap Plans

When making a Medicare plan, it’s crucial to consider Medigap, or Medicare Supplement, plans. They fill in the coverage gaps left by Medicare, including deductibles and coinsurance.

Our worksheet allows you to compare three options side-by-side.

Once you’ve decided which plan you want, enter the premium on the right-hand side. That premium will become part of your total costs, automatically calculated at the end of the worksheet for you.

Need help filling out this section? Get Medicare Supplement quotes from one of our licensed agents here at Sams/Hockaday & Associates. Simply schedule an appointment online or call us at 217-423-8000!

Here’s what this section could look like once you’ve filled it out:

Add Extra Cancer Coverage

The lifetime risk of developing cancer is 1 in 2 for men and 1 in 3 for women. While Medicare covers medically necessary cancer costs, it doesn’t help with non-medical expenses.  

Examples of non-medical cancer costs include travel expenses, lodging, loss of income, experimental medications and trials, meals, counseling, clothing and hairpieces, and deductibles and copayments.

We recommend a lump-sum cancer policy to ensure you’re fully covered. The risks of cancer are high, and the insurance is very affordable. That’s why we’ve added a small section to see what adding extra cancer coverage would mean for your total monthly premiums.

And here’s what this section could look like once filled in:

Medicare Advantage Costs

We didn’t add a Medicare Advantage section to the Medicare Cost Worksheet for a few reasons:

  • Medicare Advantage plans are not standardized, which means premiums and benefits are different from carrier to carrier. Also, plans can change each year.
  • Many critical factors go into making a decision other than premium, including networks and the managed care component (prior authorization and referrals).

If you want to compare Medicare Advantage plans, please schedule an appointment with one of our local, licensed agents.

Compare Part D Costs

Part D, or your prescription drug plan, is an essential part of your overall Medicare plan. Our worksheet allows you to compare three plan options side-by-side.

Just like Medicare Part B, you may have to pay a higher premium if you have a high income. We included a reference table so you can find out what your premium adjustment might be.

For example, if you file taxes jointly and had a yearly income between $176,000-$222,000, you’d need to add $12.30 to your monthly Part D premium.

Here’s an example of the Part D section filled out:

It’s important to understand that Part D drug plans aren’t all about the premium. When your agent makes a drug plan comparison, they’ll check your pharmacy network and also your out-of-pocket costs.

Add Final Expense Insurance

According to the National Funeral Directors Association, the national median cost for a funeral with burial is $7,181. A final expense insurance plan can pay for that.

A final expense plan can also be used for other final expenses, including medical bills or debt.

Many of our clients prefer a final expense plan over prepaying a funeral home.

Read More: Prepaying for My Funeral vs. Final Expense Insurance

To help you factor in that monthly cost to your overall Medicare plan, we’ve added a section to our Medicare Cost Worksheet.

And here’s what it could look like filled in:

Your Total Estimated Medicare Costs

Once you’ve filled out the whole worksheet, it’ll automatically populate your total estimated monthly costs.

In our example, we have the mandatory Part B premium, a competitively priced Medigap Plan G, $20,000 lump sum cancer coverage, a great Part D drug plan, and a $15,000 final expense plan. Our total estimated premiums are $378.15 when all of these benefits are combined.

Conclusion

Many of our clients are pleasantly surprised when they see how much valuable coverage they can afford – especially compared to expensive healthcare costs under age 65.

Our agents can walk you through the Medicare Cost Worksheet if you’d like accurate, personalized quotes.

Grab your free Medicare Cost Worksheet today and start making a Medicare plan!

Calculate Your Medicare Costs Today

Create a Medicare action plan by estimating your total monthly premiums for healthcare and related expenses in retirement.

Get My Worksheet
Calculate Your Medicare Costs Today

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