Cost of Medicare
Medicare costs differ among every plan and insurer, but having a general understanding of what you can expect to pay, can ultimately determine which Medicare plan is right for you. Here is a look at the 2021 costs of Medicare.
2021 Original Medicare Costs
The Part A premium is free for many, but for those who do not have this luxury must pay a premium that is dependent on how long they worked and paid Medicare taxes. If Medicare taxes were paid for less than 30 quarters, an estimated 7.5 years, you will pay a monthly premium of $471. If you paid Medicare taxes between 30 to 39 quarters, an estimated 7.5 to 9.5 years, you will pay a monthly premium of $259.
Part A also has a deductible for each benefit period, which is currently $1,484. A benefit period will start as soon as you are admitted to a hospital or skilled nursing facility as an inpatient. It will then end once you have not received care for at least 60 days in a row. However, if you are admitted as an inpatient after a benefit period has ended, a new benefit period will start and you must pay the deductible again.
The standard monthly Part B premium is $148.50, but it can vary depending on your income. The current annual deductible for Part B is $203.