Your interest in affordable health insurance doesn’t change when you turn 65, so no doubt you’re asking a variation of this question: What’s Medicare going to cost me? Since Medicare is broken into parts, it’s best to understand what your costs are under each part.
Part A hospital insurance has $0 monthly premium cost in most cases, but also includes a deductible to meet before coverage begins ($1,484 in 2021). This deductible is NOT annual. It is per benefit period, which means if you have multiple hospitalizations during a year, you might have to pay more than one deductible.
After your deductible, for inpatient hospitalizations you are responsible for a:
Every day beyond 91 is considered a lifetime reserve day. You get 60 of these.
For most people, Part B medical insurance has a standard monthly premium cost of $148.50. However, it could be higher based on income.
You’re responsible for a Part B deductible ($203 in 2021), and after that deductible, for 20% of Medicare-approved amount for most doctor services, outpatient therapy and durable medical equipment.
Medicare Advantage (Part C) plans vary in costs. These plans wrap up coverage equal to Parts A and B, often include Part D prescription drug coverage, and may include other features, such as dental or vision benefits.F90 Check specific plans available in your county for details.
Prescription Drug (Part D) plans vary in costs. Check specific plans for details.
Your Part D plan may include a deductible to pay before the plan pays anything for prescriptions. For 2022, $480 is the highest that deductible can be. After you've paid any deductible, your prescription drug coverage breaks down into three phases:
Important: Original Medicare (Parts A and B) doesn’t cover everything. There may be deductibles, copays and coinsurance fees you still have to pay. To more fully protect yourself from large medical costs out of your own pocket, you’ll need Part D Medicare prescription drug coverage and a Medicare Supplement insurance plan or you’ll need to choose a Part C Medicare Advantage plan that wraps up your Parts A, B and often D coverage in one package and includes other benefits that help cover you during those situations when Original Medicare wouldn’t.
If you’re coming straight off many group or private health insurance plans, Medicare may seem like cheap health insurance to you. And in many ways, it’s a great deal. However, as with any insurance coverage, it still pays to really understand your out-of-pocket costs and when you will face them.
Plans are insured through UnitedHealthcare Insurance Company or one of its affliated companies, a Medicare Advantage organization with a Medicare contract. Enrollment in the plan depends on the plan's contract renewal with Medicare.
Last Updated: 1.12.2022 12:01AM ET Y0066_211207_035947 Accepted