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How Much Does Medicare cost?

How-Much-Does-Medicare-cost
02/04/2022
  • Medicare with Melissa

There is much to be said for all of the 2022 Medicare cost and changes. How much does Original Medicare Part A and Medicare Part B cost?  Are there penalties?

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. 

2022 Medicare Part A Premium Costs:

Medicare Part A costs in 2022
Premium if you have worked over 40 quarters$0
Premium if you have between 30 and 39 working quarters$274/month
Premium if you have fewer than 30 working quarters$499/month
Deductible$1,556/benefit period
Inpatient hospital daily coinsurance for days 61 to 90$389/day
Inpatient hospital daily coinsurance for 60 lifetime reserve days$778/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. 

2022 Medicare Part B Premium Costs:

Medicare Part B costs in 2022
Premium$170.10 in 2022
Annual Deductible$233 in 2022

Learn More: What is Part B late enrollment penalty?

Learn More: Average Cost of Medicare Supplement Plans

Commonly Asked: What does Plan F Cover?

Popular Search: HMO vs PPO

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

Oh my gosh!! I was so confused about the Medicare Supplement process. I am turning 65 soon and am retired and have always had insurance thru my former employer. I didn’t know a thing about going on Medicare and was struggling to sort it all out.

A friend of mine recommended contacting Senior HealthCare Solutions, so I did. Melissa was FANTASTIC!! She was professional, responsive, caring and friendly. She explained the steps I needed to take, gathered my information, helped me choose good plans for MY specific needs and took care of my applications over the phone. 1-2-3, eesy-peesy and I was done!! And it didn’t cost me a DIME!!! WOW!!! I HIGHLY recommend Senior Healthcare Solutions for anyone who’s overwhelmed with making the right choices with Medicare Supplemental Insurance and Rx coverage. It’ll take a load off your mind!

Janice W.

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