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Lesson 04: Medicare Premiums and Deductibles

Medicare Premiums and Deductibles

How Much Does Part A Cost?

Most people don`t pay a Part A premium because they paid Medicare taxes while working. This is called "premium-free Part A."

If you aren`t eligible for premium-free Part A, you may be able to buy Part A if you meet one of these conditions:

  • You`re 65 or older, you`re entitled to (or enrolling in) Part B, and you meet the citizenship or residency requirements.
  • You`re under 65, disabled, and your premium-free Part A coverage ended because you returned to work. (If you`re under 65 and disabled, you can continue to get premium-free Part A for up to 8.5 years after you return to work.)

In most cases, if you choose to buy Part A, you must also have Part B and pay monthly premiums for both. If you have limited income and resources, your state may help you pay for Part A and/or Part B.

Click here for more information about Part A. 


How Much Does Part B Cost?

If you have Part B, you pay a Part B premium each month. Most people will pay the standard premium amount. Social Security will contact some people who have to pay more depending on their income. If you don`t sign up for Part B when you are first eligible, you may have to pay a late enrollment penalty.

Click here for more information about Part B.


How Much Does a Medicare Advantage Plan Cost?

In addition to your Part B premium, you usually pay one monthly premium for the services included. Each Medicare Advantage Plan can charge different out of-pocket costs. Your out-of-pocket costs in a Medicare Advantage Plan depend on:

  • Whether the plan charges a monthly premium.
  • Whether the plan pays any of your monthly Part B premium.
  • Whether the plan has a yearly deductible or any additional deductibles.
  • How much you pay for each visit or service (copayments or coinsurance).
  • The type of health care services you need and how often you get them.
  • Whether you follow the plan`s rules, like using network providers.
  • Whether you need extra benefits and if the plan charges for them.
  • The plan`s yearly limit on your out-of-pocket costs for all medical services.

 

Click here for more information about Part C.


What You Pay for Medicare Drug Coverage

You`ll make these payments throughout the year in a Medicare drug plan:

 Your actual drug plan costs will vary depending on:

  • The prescriptions you use and whether your plan covers them
  • The plan you choose
  • Whether you go to a pharmacy in your plan`s network
  • Whether your drugs are on your plan`s formulary
  • Whether you get Extra Help paying your Part D costs

Look for specific Medicare drug plan costs, and then call the plans you`re interested in to get more details.

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