Medicare Part A is premium-free for most seniors. This means there are no monthly fees for hospital coverage. If you worked and paid taxes for 40 quarters (10 years), your Medicare Part A does not have a monthly premium. If you worked less than 40 quarters, you will pay up to $506 each month, as of 2023.

However, you may have to pay a penalty if you enrolled in Part A after your initial enrollment period and did not have group coverage. The late enrollment penalty is 10 percent.

How Much Will Medicare Cost Me?

This fee only applies if you cannot sign up for premium-free coverage.

Premiums for Medicare Part B start at $164.90. Your monthly charge may be higher if you earned more than $97,000 (or $194,000 if filing jointly with your spouse). You may also have to pay an additional 10 percent fee if you delayed your enrollment in the plan. 

Part C and Part D premiums range by specific plan. Medicare Advantage plans combine Part A, B and D coverage under one monthly premium cost. Medigap premiums also range by plan. 

Medicare health plans have deductibles and coinsurance. Coinsurance is the partial cost for services or prescription drugs. A deductible is an amount you must pay in the benefit period before your plan starts to pay for costs. 

The deductible for Part B is $226, as of 2023. After you pay the $203 for the benefit period, Medicare will cover 80 percent of your costs. To illustrate this, if you have medical bills of $1,000 and $500, you will pay $226 and 20 percent of the remaining $1,267, which would be $253.40. 

Find out if Medicare provides the medical coverage you need next.

By Admin

Updated on 05/25/2022