Medicare Part A (Hospital Insurance):

Most people don’t pay a premium for Part A if they or their spouse have paid Medicare taxes while working. If you don’t qualify for premium-free Part A, you can purchase it, and the premium amount depends on your work history.

Medicare Part B (Medical Insurance):

You pay a monthly premium for Part B. The premium amount can vary depending on your income. Most beneficiaries pay the standard premium amount.

Medicare Part C (Medicare Advantage):

Medicare Advantage plans may have monthly premiums in addition to the Part B premium. Some plans have $0 premiums. Some Medicare Advantage Plans offer Part B premium reduction.

Medicare Part D (Prescription Drug Coverage):

Part D plans are offered by private insurance companies, and the cost can vary significantly between plans.

Medigap (Medicare Supplement Insurance):

Medigap plans are sold by private insurance companies and help cover out-of-pocket costs associated with Original Medicare, such as deductibles and coinsurance. Premium varies by location and age.

Income-Related Monthly Adjustment Amount (IRMAA):

If your income is above a certain threshold, you may be subject to IRMAA, which increases your Part B and Part D premiums. IRMAA is calculated based on your modified adjusted gross income from two years ago. Click here to learn more about IRMAA.

Late Enrollment Penalties:

If you don’t enroll in Medicare Part B or Part D when you’re first eligible and don’t have other creditable coverage, you may incur late enrollment penalties in the form of higher premiums when you do enroll.

Overall Costs

It’s important to review your specific circumstances, income, and healthcare needs to determine the exact Medicare costs that apply to you. You can find detailed information about Medicare costs on the official Medicare website or by contacting me directly.