How Much does Medicare Cost? | Medicare prices 2022 | Parts A, B, D and more.

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Medicare can be a tricky subject to navigate, you know there’s part a and b and d, and oh there’s the option of supplement plans. So, you may be wondering, “Exactly how much does Medicare cost?”

Today I’ll be talking with you about the costs of Medicare and your options when it comes to these costs. Remember, we’re always here to help you through the Medicare process.

Medicare Cost Part A

First I am going to talk about Medicare part A. Talk about how part A is free for most people with a little chart with these numbers, Who’s eligible, deductibles, Medigap plan will cover a lot of it, etc… 

Medicare Eligibility: Must be 65, be a US citizen, or permanent resident living in the US for the last 5 years. Talk about the disabilities that also qualify.

Part A Coverage: Part A covers inpatient hospitals, skilled nursing facilities, hospice, and inpatient rehabilitation care, as well as some home healthcare services. 

Cost: Most people do not have to pay a premium for Medicare part A because they meet the employment requirement of 40 quarters. For those who do not meet this requirement, here is what to expect:Individuals who are age 65 or older and have at least 30 quarters of coverage, or are married to someone with at least 30 quarters of coverage may buy into Part A at a reduced monthly premium of $274 in 2022. 

Certain older individuals who have less than 30 quarters of coverage and certain individuals with disabilities who have exhausted other entitlement must pay the full premium of $499 a month in 2022.

Medicare Cost Part B: What does it cover? Talk about premiums and how they get those numbers. MAGI calculation, etc… Part B premium is individual, etc…

Part B Coverage: 

  • The standard monthly premium for Medicare Part B will be $170.10 in 2022. The annual deductible will be $233. After meeting the annual deductible, Part B recipients typically pay coinsurance equal to 20% of the Medicare-approved amount for most services (supplemental insurance plans help avoid these altogether)
  • While many Part B recipients pay the standard monthly premium of $170.10, those with higher incomes pay more. The following table shows premiums for 2022, based on modified adjusted gross income (MAGI) and tax-filing status.

If you want to know how to sign up for Medicare, or want to know if you are currently getting the most out of your current plan, and you may not understand the current plan, so do not be afraid to reach out by filling out the form to the side of this page or calling 1-800-784-8969.

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