Medicare Cost

A lot of people ask how much does Medicare cost; the answer is not so simple. Below is a list of what Medicare cost for Part A & B. Part A is free for most if they pay in for 40 quarters and their income is below a certain level. On the Medicare.gov website you can determine if Part A is free to you or not. As for Part B everyone, except special needs individuals, pay a monthly premium that increases yearly. The premium is billed quarterly or deducted from your Social Security cash benefits. Review the chart below to determine your cost.

Part A premiumMost people don’t pay a monthly premium for Part A this is based on income from 2 years ago. If you need to buy Part A, you’ll pay up to $458 each month in 2020. If you paid Medicare taxes for less than 30 quarters, the standard Part A premium is $458. If you paid Medicare taxes for 30-39 quarters, the standard Part A premium is $252.
Part A hospital inpatient deductible and coinsuranceYou pay: $1,408 deductible for each benefit period ($1,452 in 2021) Days 1-60: $0 coinsurance for each benefit period Days 61-90: $352 coinsurance per day of each benefit period Days 91 and beyond: $704 coinsurance per each “lifetime reserve day” after day 90 for each benefit period (up to 60 days over your lifetime) Beyond lifetime reserve days: all costs
Part B premiumThe standard Part B premium amount is $144.60 (or higher depending on your income). Will be $153.30 in 2021.
Part B deductible and coinsurancePart B deductible is $198 in 2020. After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you’re a hospital inpatient), outpatient therapy, and durable medical equipment (dme)
Part C premiumThe Part C monthly premium varies by plan in addition to Part B premium. Compare costs for specific Part C plans. Medicare Advantage and Medicare Supplement Plans sold by private carriers and brokers.
Part D premiumThe Part D monthly premium varies by plan (higher-income consumers may pay more). Compare costs for specific Part D plans. These are called PDP and are consider part of Medicare Advantage sold by private carriers and brokers. Some Medicare Advantage medical plans include a Part D component, these are normally referred to as MAPD.

Call Mike Fisher at (610) 420-6064 for more information on Medicare Cost to arrange a convenient meeting on Medicare.

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