Medicare Cost
Medicare costs vary depending on the plan you are enrolled in, and Medicare taxes you have paid in the past.
Part A
Many Medicare recipients do not pay a premium for Part A. In 2020, individuals who bought Part A paid up for $458 each month. If you paid Medicare taxes for less than 30 quarters, the standard Part A premium is $458. If you paid Medicare taxes for 30 quarters, the standard Part A premium is $252.
If you wait to buy Part A and do not purchase when you are first eligible, your monthly premium may go up to 10%. You will have a higher premium for twice the number of years you could have had Part A and did not sign up.
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Part B
In 2020, the standard Part B premium amount is $144.60. Most Medicare recipients pay this amount. If your gross income, as reported on your IRS return from two years ago, is above a certain amount, you will pay the standard premium amount along with an Income Related Monthly Adjustment Amount, also called IRMAA. This is an extra charge to your premium.
Like Part A, if you do not sign up for Part B when you become eligible, you will have a late enrollment penalty. You will pay this penalty as long as you receive Part B. Your monthly premium for Part B may go up 10% of the standard premium for each full year-long period that you could have had Part B and did not sign up for it.
Part C
Your Part C premium varies by plan, as do your deductibles, copayments, and coinsurance.
Part D
Your Part D monthly premium varies by plan, and higher-income recipients could pay more. Deductibles, copayments, and coinsurance vary by plan.
If you do not enroll in a Medicare Prescription Drug plan, Medicare Advantage Plan, or a creditable prescription drug coverage plan for a continuous period of 63 days or more after your Initial Enrollment Period, you may owe a late enrollment penalty. You will pay this penalty typically for as long as you have a Medicare drug plan. The penalty cost will depend on how long you went without Part D or prescription drug coverage.
For all of your Medicare cost questions, give us a call at 509-993-9887.