How much does Medicare cost per month?

Medicare costs come in layers, which is why this question is harder to answer than it looks.Part A, the hospital coverage, is premium-free for most people who worked and paid Medicare taxes for at least 10 years. Part B, the medical coverage for doctor visits and outpatient care, charges a standard monthly premium. That amount is set by the federal government each year and goes up over time, so checking the current figure at medicare.gov is worth doing. Higher-income beneficiaries pay more for Part B through a surcharge called IRMAA.Beyond Parts A and B, your costs depend heavily on what else you choose. Original Medicare alone still leaves you responsible for deductibles and coinsurance, and there is no out-of-pocket maximum. Many people add a Medigap plan, also called a Medicare Supplement, which covers some of those gaps but adds a separate monthly premium. Others choose Medicare Advantage instead of Original Medicare. Advantage plans often advertise low or $0 premiums, but they come with their own cost-sharing structures like copays and network restrictions.Prescription drug coverage through a Part D plan also adds a monthly premium that varies by plan and where you live. The bottom line is that your actual monthly Medicare cost could range from very low to several hundred dollars, depending on the coverage combination you choose.

Related Medicare Resources

• Medicare Advantage HMO Plans
• Medicare Advantage PPO Plans
• Medicare Supplement Plan G
• Compare Medicare Plans