Cost of Medicare

When choosing a Medicare plan, not only is it important to look at the coverage each plan offers, but to evaluate how Medicare will fit into your budget.

What Does Medicare Cost?

Here is a breakdown of what Medicare costs for 2023:

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We know that understanding Medicare, including its costs, can be confusing. That’s why when you’re unsure of which direction to go, we will be your Medicare GPS, guiding you to the best Medicare coverage possible!

We are committed to helping you realize your health and financial goals by making you aware of all your options so that you can make the best choice for yourself and your family.

2023 Medicare Costs

Medicare Part A Premium

You will have premium-free Part A if you paid Medicare taxes for ten years (40 quarters).

If you paid Medicare taxes for fewer than 30 quarters, your Part A monthly premium will be $506.

If you paid Medicare taxes for 30-39 quarters, your Part A monthly premium will be $278.

Medicare Part A Deductible and Coinsurance

You pay:

$1,600 deductible for each benefit period

$0 coinsurance for days 1-60 during each benefit period

$400 daily coinsurance for days 61-90

$800 daily coinsurance for days 91 and beyond (lifetime reserve days)

All costs beyond lifetime reserve days

Medicare Part B Premium

The standard Part B monthly premium is $164.90.

This premium could be higher depending on your income.

Medicare Part B Deductible and Coinsurance

Part B yearly deductible is $226.
After meeting your deductible, you will pay 20% of the Medicare-approved amount for the doctor services you receive.

Medicare Part C Premium

Part C monthly premiums will vary among plans. Most Part C plans will have little or no monthly premium.
You will also be responsible for your Part A and B costs.

Medicare Part D Premium and Deductible

Part D monthly premiums will vary among plans. The average monthly premium is $31.50.
Part D plans may also have a maximum deductible of $505. Some plans have no deductible.

Medicare Supplement Premium

The monthly premium you pay for Medigap will ultimately depend on the plan you choose and the insurance company.