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.
- 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
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