Cost of Medicare

Not only should you have an understanding of the coverage you can expect with Medicare, but you should also know the costs. 

Let’s discuss some of the costs you can expect as of 2021.

Part A and Part B

Part A can be premium-free if you or your spouse has worked for at least ten years (40 quarters). If not, you will have to purchase Part A. If you paid less than 30 quarters, your monthly premium will be $471. If you paid between 30 and 39 quarters, your monthly premium will be $259.

As for your deductible, you will pay $1,484 per benefit period.

You cannot get premium-free Part B, so your monthly premium will be $148.50. This amount could be higher if you have a higher income. You also have a yearly deductible of $203. Once you meet this deductible, you will pay 20% of your Medicare-approved services, while Part B will cover 80%.

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Part C and Part D

Part C and D premiums will always vary by plan. However, many Part C plans will have a low or $0 monthly premium. You will just be responsible for your Part A and B premiums. The average Part D monthly premium is $33.06, but this can vary depending on your income.

Medicare Part D plans can also have a yearly deductible. This deductible can range from $0 to $445, depending on the plan.

Learn More with the Medicare Specialists

We can keep you updated on all Medicare costs so you know what you can expect to pay. To learn more about the costs of Medicare, reach out to us today!