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.
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.
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.
What You Pay for Medicare Drug Coverage
You`ll make these payments throughout the year in a Medicare drug plan:
- Monthly premium
- Yearly deductible
- Copayments or coinsurance
- Costs in the coverage gap
- Costs if you get Extra Help
- Costs if you pay a Late Enrollment Penalty
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.