What Does Original Medicare Cost?

If like most of us you thought Medicare was free, sorry but it is not free. Most people don’t need to pay for Part A if you or your spouse were in the workforce and paying Medicare taxes for 10 years, plus a couple other requirements. However, everyone pays a premium for Part B. Yes everyone. The Part B premium varies depending on your income and when you enroll in Part B. In addition to monthly premiums, you are also responsible for deductibles, copayments, and coinsurance.

Question Summary

• What is the cost of Medicare Part A if I and/or my spouse has met the qualifying work history?
  
  
• What is the cost of Medicare Part A without meeting the qualifying work history?
  
  
• What is the standard 2023 monthly Part B premium? 
  
  
• In addition to the Medicare Part B deductible, what am I responsible for?

 A Quick Recap 

 ✔  7-month Initial Enrollment Period

 ✔  Medicare Part A is free for most people

 ✔  Medicare Part B always has a premium. In 2023 it is $164.90 a month
 

 ✔  There are two ways to get Medicare Part A and Part B coverage - You can get it through Original Medicare OR, through a Medicare Advantage plan

 ✔  Some people get additional coverage, like a Medigap Plan or Prescription Drug Plan

 ✔  Most people who are still working and have employer coverage don’t need additional coverage

 ✔  A Medigap plan will “fill the gap” of the 20% out of pocket expenses not covered by Original Medicare