Costs of Medicare

With different Medicare Parts come different costs – not just for staying enrolled, but also how these Medicare Parts pay for your treatments. Costs are never the same from year to year. These figures are based on 2021.

Interested in learning more?

Medicare Part A

When you’re formally admitted as an inpatient, Medicare Part A will be the main one responsible for covering your expenses. These include the treatments you get while staying in a healthcare facility and the room you stay in.

In the grand scheme, most of what you pay for Medicare Part A will be when you’re actually in the hospital. It’s possible to go a year without paying for it at all – if you took advantage of your Initial Enrollment Period and got the premium-free version, and you didn’t stay in the hospital at any point during the year, then nothing would come out of your pocket.

These costs are per benefit period for hospital stays:

Deductible – $1484
Coinsurance – $0 (first 60 days)
Coinsurance – $371 (days 61-90)
Coinsurance – $742 (per lifetime reserve day; you get 60 of these in your lifetime)
Once you’ve passed the lifetime reserve days, you pay for everything

If you do not get the premium-free version, your monthly premiums can be anywhere from $259 to $471

Part B

Medicare Part B is a must-have, because not only does it take care of treatments that you’ll presumably get more often – you’ll need it if you want a Medicare Advantage or supplement plan.

Part B costs are:

Annual deductible – $203
Monthly premium – $148.50 (this is an average; your costs may vary)
Copay – 20% of Medicare-approved amount

Some non-participating doctors can work with your Medicare plan, but they may tack on additional fees known as excess charges. When this happens, Medicare will pay its share, but, your doctor may charge an extra 15% on top of what you’re already paying out of pocket.

Medicare Advantage

Medicare Advantage combines Parts A, B, and sometimes D, into one insurance plan. Medicare Advantage can have a $0 premium, but the average premium is roughly $21.00.

You won’t be able to get Medicare Advantage without signing up for Medicare Parts A and B. You must also pay those premiums in order to sustain your Medicare Advantage plan.

Medicare Part D

Medicare Part D covers prescription drugs. There’s no set cost that applies to every plan, as its premiums are arguably the most varied. However, the standard premium is $33.06. You may pay a little more or a little less, but $33.06 is a solid ballpark figure.

How much you save on your prescriptions depends on what tier they fall under. The lower the tier, the lower the cost. Lower-tier drugs on your formulary are those that are the generic versions of what you’re prescribed. Higher-tier medications are name-brand and are not preferred.

We help at all costs

At Medicare With Jake, we give you the cost rundown, whether it be for the Medicare Parts themselves or the treatments associated with them. We work from our office in Wichita, Kansas to find the policies in your area (no matter what part of the U.S. you are in) that offer the best prices, and we give you a free quote when you call us.