How much does Medicare cost? The cost of Original Medicare includes premiums, deductibles, and coinsurance for Medicare Part A and Part B. Furthermore, you may have Medicare Part D prescription drug costs. Discover all your 2022 Medicare costs.
The premium cost of Medicare Part A depends on the number of quarters you worked. Most people have worked 40 quarters or more, so Part A premium cost is zero. The Part A deductible is $1,556 in 2022 for each benefit period of 60 days or less.
For example, you become a hospital inpatient on January 1, 2022 and pay $1,556 deductible. Then 60-days later on March 2, 2022 a doctor admits you as a hospital inpatient and you pay $1,556 deductible again. Therefore, the worst case scenario a Medicare beneficiary goes in and out of the hospital 6 times in the year and pays maximum $9,336 total in Part A deductibles.
To avoid the expensive cost of multiple hospitalizations, you could buy a Medicare Supplement Plan by calling Carida Insurance at 551-221-6622 or get your quote.
Medicare Part B covers the cost of ground ambulance transportation to a hospital or skilled nursing facility. In addition, Part B covers the cost of outpatient medical stays at any hospital or other facility for less than 24 hours. Furthermore, Medicare Part B covers the cost of preventive services such as your annual flu shot and annual wellness visit.
The standard Part B premium is $170.10 in 2022. However, high earners pay more.
The Part B deductible is $233 in 2022 and coinsurance is 20% of Medicare-approved medical costs.
Similar to Part B, Medicare Part D prescription drug costs varies based on income. If your tax return income in 2020 was $91,000 or less (either filed individually or filed married with separate tax return) or $182,000 or less (if married and filed jointly), then you only pay the plan premium in 2022. Part D plan premiums can range from $5.50 to $207.20 per month. (KFF.org)
However, if your tax returns in 2020 were higher, you will pay more than the plan premium.
Please use the Medicare Part B Premiums for 2022 chart to determine your monthly cost. The annual Part B deductible is $233 in 2022. After you pay the deductible, you may owe 20% coinsurance.
Since there is no limit or cap on your 20% coinsurance, it can add up to thousands of dollars. You can avoid unlimited coinsurance expenses by getting a Medicare Supplemental Plan. Then you can have a fixed healthcare cost no matter how often you need medical services.
