How Much Does Medicare Part A Cost?
Cost of Medicare Part A
Medicare Part A premium
If you or your spouse worked and paid Medicare taxes, you will probably receive Medicare Part A premium-free. Otherwise, your Part A premium is determined by your annual income.
Medicare Part A deductible
The 2024 Medicare Part A deductible for each benefit period is $1,632.
Medicare Part A essentially provides hospitalization coverage, such as hospital stays, hospice care, and even some home healthcare.
How Much Does Medicare Part B Cost?
Your Medicare Part B premium is also based on your income. Much like Part A, deductibles change from year to year and can also vary based on your location. The good news is once you meet your deductible, you only pay 20% for most Medicare Part B services during the year.
Medicare Part B premium
$174.70 per month in 2024. The cost can be deducted from your Social Security check, or you can pay Medicare directly.
Medicare Part B deductible
$240 in 2024. This is the amount you are responsible for paying before Part B starts helping to pay your healthcare costs.
Medicare Part B coinsurance
After you pay your deductible, you only pay 20% for most Medicare Part B services during the year.
Medicare Part B provides coverage for outpatient medical care separate from hospitalization. This includes doctor visits, preventive care, X-rays, medical tests and screenings, medical supplies, vaccinations, and other outpatient medical needs.
How Much Does Medicare Part A And B Cost Per Month?
Visit Medicare.gov to find out more about your monthly premium.
What Do Medicare Advantage Plans (Part C) Cost?
Your premium, deductible and cost-sharing for Medicare Advantage plans vary based on the plan. You can compare Medicare Advantage plans to help you find the perfect fit for your budget and healthcare needs.
Medicare Advantage plans offer the same coverage as Parts A and B as well as other benefits Original Medicare doesn't cover. You also benefit from more flexibility when choosing your plan coverage because these Medicare plans come from Medicare-approved private health insurers.
Many Medicare Part C plans include:
- Prescription drug coverage (Medicare Part D)
- Routine dental care including X-rays, exams, and dentures
- Vision care including glasses and contacts
- Hearing care including testing and hearing aids
- Wellness programs and fitness center memberships
What Does Medicare Part D Cost?
Medicare Part D costs vary by plan. You can sign up for Medicare Part D if you want to add prescription drug coverage to your Original Medicare (Part A and Part B). Original Medicare does not cover prescription medicine, so if you have a health condition that requires regular prescriptions – or if you only need coverage for occasional medications – it's a good idea to review your costs with Parts A, B, and D combined.
Comparing The Costs Of Original Medicare To Medicare Advantage
In many cases, you may pay a lower price if you choose an all-in-one Medicare Advantage plan that includes Part A, Part B, and Part D. These plans also include benefits not provided by Original Medicare like dental, vision, and hearing. Compare Medicare Advantage plans in your area.
What If You Cannot Afford A Medicare Plan?
Medicare.gov offers Medicare Savings Programs (MSP) and Extra Help. Visit MSP to find out if you qualify.
Do your research and know the costs of Medicare so you can make the smartest choice for your healthcare and your budget.