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How Much Does Medicare Cost in 2018

When you sign up for Medicare you might not know how much it costs. The costs are different for each person each year, because it just depends on how much of your benefits that you will use. However, the one thing that is pretty constant for most people is the monthly premium that you will have to pay. The payments vary based on your income, and if you are very low-income, then you can also use Medicaid to help pay for the premiums.

Costs of Medicare Part A

Part A is usually free for most people if you are eligible for social security. That means you would be over the age of 65 or you would have been on disability for at least 2 years or you have end stage renal disease. Some people have to buy Part A, and if you do it can cost as much as $422 per month. That would be the cost if you have paid into Medicare for less than 30 quarters (or about 7.5 years.) If you have paid into Medicare for 39 or less quarters (about 9.75 years) you would pay $232 per month.

Costs of Medicare Part B

The average monthly premium for Medicare Part B is $134 per month. This will be higher if you have more income. If you don’t yet receive social security, you are billed directly for Medicare, or  you are on Medicaid, you will pay this premium. If you are on Medicaid, the state will pay the premium for you. The premiums go on up to about $428.60 per month depending on your income.

Costs of Medicare Advantage

The costs of Medicare Part C or Medicare Advantage Plans are very variable, since these are private plans you would pick out yourself. So, you would have to review that information when you are looking at different plans as part of this program. Medicare Part C programs are typically more expensive than the regular programs but that’s because they offer so much more.

Costs of Medicare Part D

Medicare Part D covers prescription drugs. There is a monthly premium that is not too expensive, and then there is a strange pricing scheme that some find confusing. You will have to pay a deductible of $405. Then once you pay that you will get 75% coinsurance until you have paid $2700 out of pocket. After that you are in the “donut hole” where you have to pay more. Then once you pay $5000 out of pocket you’ll just have to pay 5% of your prescription drug costs.