The cost of
Medicare is subject to change from year to year. The price increases are relatively small, so you do not have to be overwhelmed by any changes. Each
Medicare part has its own costs.
What are the costs for Medicare Part A?
Medicare Part A is the inpatient component of Medicare coverage. This could be in a hospital, skilled nursing facility, mental health facility, or hospice. Medicare Part A has custom costs for each.
But first, here are the monthly premium costs:
- Free if you paid taxes for at least 40 quarters and joined during the Initial Enrollment Period
- $259 if you paid taxes between 30 and 39 quarters
- $471 if you paid taxes for fewer than 30 quarters
When in the hospital:
- Deductible: $1484 per benefit period
- $0 coinsurance for the first 60 days of a benefit period
- $371 coinsurance for days 61-90 per day of a benefit period
- $742 coinsurance per lifetime reserve day (days 91 and beyond)
The same costs apply to care in a mental health facility, except you pay 20% of the Medicare-approved amount for mental health service costs.
In hospice:
- Hospice care is $0
- $5 copay maximum per prescription drug
In skilled nursing facility:
- $0 for the first 20 days
- $185.50 coinsurance per day for days 21-100
- You pay everything from day 101 forward
If getting home health care, your only payment will be 20% of the Medicare-approved amount for Durable Medical Equipment.
What are the costs for Medicare Part B?
Medicare Part B costs are varied depending on the policy you get. The typical monthly premium is $148.50, and the yearly deductible is $203.00. Copayments and coinsurance vary. Usually, you pay 20% of the amount Medicare approves.
What are the costs for Medicare Advantage?
Medicare Advantage costs are not the same across the board. But, since you need to have both Medicare Part A and Part B to get it, you will have to cover those costs. Some
Medicare Advantage policies offer $0 premiums. In the case of a free premium, the only costs may be Part B’s premium and deductible.
However, in 2021, the average Medicare Advantage premium is $21.
What are the costs for Medicare Part D?
Medicare Part D does not have an exact premium, but the standard Part D premium is $33.06. The cost may be more or less, depending on the policy you join.
In terms of what you pay for prescriptions, the amount Medicare Part D covers depends on the tier your medication falls under. A Tier 1 medication category features generic medications that are the least expensive. Higher tiers have brand-name medications that cost more. A Tier 2 medication will cost more than a Tier 1. A Tier 3 would cost you more than the other tiers.
Where can I find out more?
Senior Insurance Consultants is a company with no shortage of knowledge and customer service skills. Whether it’s Medicare costs, individual policies, or supplement plans, we’ve got you covered. Call us today at 620-664-2985
