Medicare is the public health program that provides health insurance benefits for senior citizens and individuals with qualifying disabilities. Considering this, not all Americans are eligible for Medicare. Those who are must pay a minimum amount into the system to qualify and once they do qualify, they must pay premiums and other out-of-pocket costs. 

Here are the costs of Medicare.

What is Medicare?

Medicare is a government-sponsored health program that supplies major health insurance to a vast number of Americans. Through this program, people receive hospital insurance and medical insurance. The hospital insurance portion, Part A, provides coverage that helps pay for stays in health facilities. Part B, the medical insurance portion, provides coverage that pays for medically necessary services and durable medical equipment. 

There are other benefits as well, such as prescription drug coverage, which is offered through Part D of the program. You can also find private health insurance options via Part C of Medicare. 

How Much Does Medicare Cost?

Medicare costs are standardized across the country, but costs may vary annually. The different costs that beneficiaries are responsible for include premium payments, deductibles, copayments, and coinsurance. In 2023, the premium for Part A is between $278 to $506. Though, many individuals qualify for premium-free coverage due to their previous contributions to Medicare taxes. Part B premiums are $164.90 in 2023, though they can be higher if you earn a lot. 

In addition to premium payments, Medicare beneficiaries also pay deductibles of $1,600 for Part A and $226 for Part B. Inpatient and outpatient care can result in copayments being required at the place where care is administered. For more information about copayments, speak to an insurance professional. 

Get Help Signing Up For Medicare

Signing up for Medicare can be overwhelming. If you need help through the process, speak with an insurance agent from Better Insurance Management today! You can reach us via phone or by using the contact form on this page.