What is the Cost of Medicare?

It’s easy to get confused when discussing the cost of Medicare. There are many variables to think about like which Medicare Part will be used for coverage.

When it comes to Medicare, you typically pay a monthly premium for coverage and part of the costs each time you get a covered service. There’s no yearly limit on what you pay out-of-pocket, unless you get Medicare Supplement Insurance or Medicare Advantage Plan. Each part of Medicare has different premiums, deductibles and inpatient stay costs.

For now, let’s focus on the premium and deductible costs for Medicare during a given benefit period.

Part A: If you don’t qualify for a premium-free Part A, you might be able to buy it. In 2022, the premium is either $274 or $499 each month, depending on how long you or your spouse worked and paid Medicare taxes; and $1,556 for each time you are admitted to the hospital.

Part B: Premiums start as low as $170.10 per month and the deductible is $233 per year.

Medicare parts C, D and Supplement vary based on the plans and policy’s you choose.

If you have limited income, you may be able to get help from your state to pay your premiums and additional costs (like deductibles, coinsurance and copays).

Each part with Medicare has a cost for copays, coinsurance, and such. These costs, for Part A, tend to be based on the length of your stay. For Part B its usually 20% of the cost for each Medicare-covered service after you’ve paid your deductible.

Want to know more about the cost of Medicare? Call Advanced Insurance Concepts today and Jim Rooney will work with you to find the answer. Advanced Insurance Concepts works with a variety of insurance companies and all Medicare Advantage providers in Missouri and Kansas. He is licensed to sell Health, Life and Accident Insurance, so call Jim Rooney for all your insurance needs.