Once Medicare kicks in at age 65, picking a plan differs little from choosing a plan at work or on an ACA health-care exchange. Different plans offer different coverage, but the Employee Benefit Research Institute says that in general, Medicare covers about 60 percent of the cost of heath-care services, not including long-term care. <\/p>\n
Ramnani said that to arrive at an accurate number, her firm estimates what kind of coverage might be chosen by clients and by what they pay out of pocket currently. <\/p>\n
Read MoreHow to control health costs <\/p>\n
\"They might be using out-of-network providers or have specific health-care needs not being covered by insurance,\" she said. \"We assume those expenses will continue.\" <\/p>\n
The biggest costs come from co-payments, deductibles and excluded benefits, along with out-of-pocket costs for prescription drugs and the cost of premiums for Medicare Part B (basic coverage) and Part D (prescription drug benefits). Premiums for Medicare are based on income; the higher your income, the more you'll pay. Beyond basic coverage, there also are other options that come with additional costs.<\/p>\n
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Planning for health care in retirement<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Once Medicare kicks in at age 65, picking a plan differs little from choosing a plan at work or on an ACA health-care exchange. Continue reading