Medicare Costs
Understanding how much Medicare may cost you.
Many people choose a Medicare Supplement (Medigap) plan to help cover out-of-pocket costs for Part A and B.
Part A — Hospital Insurance
Most people do not pay a monthly premium for Part A if they or their spouse worked and paid Medicare taxes for at least 10 years
What to Expect
- A deductible for each benefit period
- No cost for the first portion of a hospital stay
- Daily coinsurance for longer stays
Part B — Medical Insurance
Part B requires a monthly premium, which is based on your income.
What to Expect
- An annual deductible
- Typically 20% coinsurance for most services after the deductible is met
Part D — Prescription Drug Coverage
Part D costs vary depending on the plan you choose, your location, and your income.
What to Expect
- Monthly premiums vary by plan
- Copayments or coinsurance for medications
IRMAA — Income-Related Monthly Adjustment Amount
What to Expect
- Medicare premiums may be higher for some individuals based on income. This adjustment, known as IRMAA, can affect your Part B and Part D premiums.
- If your income has changed due to a life event, you may be able to request a review through Social Security, so you can feel confident you’re paying only what’s appropriate.
