Understanding Medicare Costs
What does Medicare cost? When considering the many Medicare options available, it’s important that you understand the different out-of-pocket expenses you may encounter during coverage. Here are definitions of some basic health plan terminology and different Medicare costs:
Coinsurance – The amount you are required to pay for a medical service or a prescription drug. It is typically a percentage (like 20 %) of the cost of service provided.
Copayment – Your out-of-pocket cost for a medical service or a drug prescription. This is usually a set amount and payable at the time of service. Copayments are also charged for some hospital outpatient services under Original Medicare.
Deductible – The amount you must pay for your medical services or prescription drugs, before your insurance plan begins to pay. For example, if your annual medical deductible is $500.00, once you’ve received $500.00 in applicable medical expenses in one calendar year, your insurance plan will begin to pay.
Monthly Premium- This is the amount you are required to pay each month to be covered by your Medicare Cost plan.
Out-of-Pocket Maximum- This is the maximum amount that YOU will pay per plan year. This amount typically includes deductible(s) and plan cost-sharing. This amount does not include your monthly plan premiums or amounts you pay for supplemental benefits. The plan continues to provide coverage after you have paid the Out-of-Pocket Maximum.
Cost sharing and out-of-pocket maximums vary from plan to plan. Enroll in an RMHP Medicare Cost plan now
This information is available for free in other languages. Please call our Customer Service number at 888-282-1420 (TTY dial 711). Hours are 8am - 8pm, 7 days/week, Oct. 1–Feb.14, and 8am - 8pm, M-F, Feb.15–Sept.30. Esta información está disponible gratuitamente en otros idiomas. Por favor llame a la línea de Atención a Clientes, al 888-282-1420 (TTY marque 711). Horario de 8am - 8pm, 7 días a la semana, del 1 de octubre al 14 de febrero; y de 8am - 8pm, de lunes a viernes, del 15 de febrero al 30 de septiembre.
This page was last updated: 10/1/2015. Please call to confirm you have the most up to date information about our Medicare Cost plans. Medicare Disclaimers
RMHP is a Medicare-approved Cost plan. Enrollment in RMHP depends on contract renewal. H0602_MS_MC400WEB_RMHP1 Approved