Here's what you should know about Medicare costs if you're nearing age 65 investinyou (In partnership with acorns.)
While a variety of bills in Congress aim to overhaul the nation's health-care system — including a "Medicare for All" version in both the House and Senate that would come with no premiums, copays or deductibles — it's important to know that the existing Medicare program begins costing you when you enroll.Each day, about 10,000 baby boomers turn 65. Fidelity Investments estimates that the average male-female couple will spend a whopping $285,000 on health care from that age on.
You can get a standalone plan to use alongside original Medicare. Or, you can sign up for an Advantage Plan , which typically includes prescription drug coverage. If you go this route, your Parts A and B benefits also will be delivered via the insurance company offering the Advantage Plan. Some people with low incomes qualify for programs that reduce their Medicare-related costs. There's extra help for prescription drug coverage, and some state-run savings programs help with copays, coinsurance, deductibles and premiums.If you tapped your Social Security benefits before age 65, you'll automatically be signed up for original Medicare .
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