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How Much Does Medicare cost?

How-Much-Does-Medicare-cost

How much does Original Medicare Part A and Part B cost?  It is important to understand the basics of Medicare costs.  Most people pay no premium for Original Medicare Part A.  The costs are dependent on how many quarters you have worked.  The premium for Original Medicare Part B depends on your income.  For both Part A and Part B, there are also deductibles and coinsurance. You may also qualify for help paying for Medicare costs.

The cost for Part A premium is dependent on how many quarters you have worked.  If you did not work over 40 quarters, you might be eligible under your spouse. 

Part A Premium Costs:

Medicare Part A costs in 2021
Premium if you have worked over 40 quarters$0
Premium if you have between 30 and 39 working quarters$259/month
Premium if you have fewer than 30 working quarters$471/month
Deductible$1,484/benefit period
Inpatient hospital daily coinsurance for days 61 to 90$371/day
Inpatient hospital daily coinsurance for 60 lifetime reserve days$742/day
Skilled nursing facility (SNF) daily coinsurance for days 21 to 100$185.50/day

How much is Medicare Part B premium?

The cost for Part B depends on your income.  Most people will pay the standard premium.  If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment – IRMAA. 

Part B Premium Costs:

Medicare Part B costs in 2021
Premium$148.50 in 2021
Annual Deductible$203 in 2021

Learn More: What is Part B late enrollment penalty?

People Also Read: Can I get financial assistance to help pay for Medicare?

Meet Melissa MacCalla

Medicare is not simple and can be hard, frustrating, and downright confusing for most. I love when I get someone on the phone and I am given the opportunity to explain the difference in plans to them and have Medicare make sense. I enjoy talking to clients year after year, hearing about their families growing or them asking about mine.

-Melissa

Senior Healthcare Solutions, you truly stand out from most other insurance agents. Thank you so much for all of your help and I know that you will have nothing but success with how you conduct business.

Joan B.

Montgomery, AL

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