Original Medicare cost are subject to change: See below for cost information:
Medicare Part A: Costs
Medicare Part A covers hospitalization. Here is what you’ll pay:
- Premium: $0 for most people, but if you don’t qualify for a $0 premium it will cost you $505*
- Deductible: $1,632 (for each benefit period)
- Hospitalization Coinsurance Days 1-60: $0
- Hospitalization Coinsurance Days 61-90: $408 per day
- Hospitalization Coinsurance 60 Lifetime Reserve Days: $816 per day
- Hospitalization Costs after reserve days: 100% of costs
- Skilled Nursing Facility Coinsurance Days 1-20: $0
- Skilled Nursing Facility Coinsurance Days 21-100: $204 per day
- Hospice Care: $0*
- Home Health Care: $0**
- Max Out of Pocket Costs: Unlimited
*If you or you spouse has not worked for a minimum of ten periods at a job that pays into Social Security, you may be responsible for the premium.
**There may be additional durable equipment costs and/or respite care costs.
Medicare Part B Costs
Medicare Part B covers day to day care. These are your costs for 2016:
- Premium for Enrollees who are new to Part B: $174.70**
- Deductible: $240
- Clinical Lab Services: $0
- Approved doctor’s services: 20%
- Durable Medical Equipment: 20%
- Preventive Care: $0
- Max Out of Pocket Costs: Unlimited
**If your annual income is large, you may pay a higher premium.
How to Lower Your Medicare Out of Pocket Costs
There are a few options to lower the above costs. If you do not have retiree, job-based, or other creditable insurance, you will want to consider enrolling in one of the following:
- Medicare Advantage coverage: which maxes your out of pocket costs.
- Medigap coverage: these plans can cover some or all of your Medicare out-of-pockets costs, and add an additional 365 days of hospitalization and foreign travel emergency
Learn More about Medigap Get a Medigap Quote
Learn More about Medicare Advantage Get a MA Quote
Next Steps
For further questions supplemental insurance, please call 800-930-77956. You can also get a Medicare Insurance quote here.