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Medicare is an affordable health insurance program administered by the federal government. Since millions of Americans receive their health benefits through this program, it’s very important that the cost is reasonable for participants.
Still, it helps to know in advance that you will be responsible for some health care services out-of-pocket, depending on the type of plan you choose.
Medicare is a health insurance program available to Americans aged 65 and older. People younger than age 65 can also get Medicare benefits if they suffer from a qualifying disability. To qualify based on a disability, you normally must have collected Social Security Disability benefits for a minimum of 24 months. Though, if you have been diagnosed with amyotrophic lateral sclerosis or end-stage renal disease, you can get benefits earlier.
Medicare Part A is the hospital insurance component of your Medicare benefits. The premiums for Part A can be up to $499, although you can receive Part A premium-free if you have paid Medicare taxes for at least 40 quarters. If you’ve paid 30-39 quarters, the premium is $274.
Beyond premiums, you can also expect to pay deductibles and coinsurance. There is a $1,556 deductible for each benefit period in 2022, and coinsurance depends on how many days of hospital care you need. For example, there is a $389 coinsurance cost per day once you’ve been hospitalized for more than 60 days. Beyond day 90, there is a $778 cost per day.
Medicare Part B is the medical insurance component of your Medicare benefits. The Part B premium is $170.10 in 2022, and Part B is not available premium free. After you’ve paid your premiums, you will also need to pay your deductible to receive covered care. The deductible for 2022 is $233. Once you have met this deductible, you normally pay 20% of the Medicare-approved amount for most services.
Medicare Advantage plan costs vary by plan and county. Many are available for a low to $0 monthly premium!
To find out what Medicare Advantage plans may cost you, contact a Medicare specialist.
Part D coverage also varies in price, as there are different providers for these plans. Location plays a big part in the determination of Part D costs, so work with a Medicare advisor to find a plan that you can afford—and that includes the prescription medications you take.
Are you shopping for Medicare plans but worried about the cost? We can help you find the right plan at the right price. Just call the number on your screen to get started!
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We are not connected with or endorsed by the United States government or the federal Medicare program. We do not offer every plan available in your area. Currently, we represent 8 organizations which offer 72 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance program (SHIP) to get information on all your options.
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