The cost for Medicare varies depending on the years spent paying Medicare taxes or using Social Security, coverage type, and enrollment timeliness. If you qualify for premium-free Part A, you have only the monthly premium for Part B, as well as the deductibles for each plan.

Original Medicare is open to people 65 and older and other people with chronic conditions. Original Medicare includes Part A and Part B, which cover hospital and medical insurance. Parts D is also available, covering prescription drug costs. Part C is offered through Medicare-approved private companies and offers a full package of Parts A, B, and often D with additional dental, hearing, and vision coverage.

Premium-free Part A

Many people do not pay monthly premiums for Medicare Part A because they or their spouse have paid taxes to Medicare for more than 40 quarters (10 years) while working. If you receive or are eligible for Social Security benefits or retirement benefits from the Railroad Retirement Board, or if you had Medicare-covered government employment, you also do not have to pay Part A premiums.

People younger than 65 pay no Part A premiums if they have 24-month Social Security benefits or if they have End-Stage Renal Disease and meet a few other conditions.

Part A

Premiums for Part A are decided based on how long you paid Medicare taxes. If you paid these taxes for 30-39 quarters, the premium costs $252 per month. If you paid them for less than 30 quarters, the premium costs $458 per month (in 2020).

Deductibles for hospital stays are $1,408 for each benefit period. There is no coinsurance cost until after 60 days of hospital stay.

Home health care services and hospice care are $0. Copayment for symptom control and pain medications are $5. You pay 5 percent of the Medicare-approved amount for respite care.

Skilled nursing facility stays cost $0 for the first 20 days for each benefit period. For days 21 through 100, coinsurance costs would be $176. Beyond 100 days, you are responsible for all costs.

The late enrollment fee for Part A premiums is an additional 10%, paid for twice as many years as you wait to enroll.

Part B

Premiums for Part B are $144.60 standard (in 2020). If you claim more than $87,000 as an individual or $174,000 as a couple, you will pay more.

The Part B deductible is $198. After you meet the deductible, you pay 20% of the Medicare-approved amount for doctor services, outpatient therapy, and Durable Medical Equipment.

Clinical laboratory services and home health services are $0. For partial hospitalization mental health services, you pay coinsurance for each day and a percentage of the Medicare-approved amount for services.

For outpatient hospital services, you pay a copayment for each service. The maximum is capped at the deductible for inpatient stays.

The late enrollment fee for Part B lasts for as long as you have Part B. For every twelve months you went without enrolling, you will pay an additional 10% of the standard premium rate.

Parts C and D

Medicare Advantage Plans, also known as Part C, vary in the price of their monthly premiums. Medicare Part D, or prescription drug coverage, is more expensive for those making more than $87,000 as an individual or $174,000 as a couple.

For all of your Medicare questions, speak with a Fidelis Insurance agent today. We will help you find the Medicare insurance plan you need at an affordable price.