How much does Medicare Parts A and B cost?
How much does Medicare Parts A and B really cost? Premiums can differ from person to person, but many pay the same amounts depending on their work history.
If you or your spouse paid taxes into Medicare during your career, you usually will not have to pay a monthly premium for Medicare Part A (Hospital Insurance). This is also known as premium-free Part A. However, if you did not pay into Medicare while you were working you could pay as much as $426 a month in premiums. You are eligible to get Part A premium free if:
1. You or your spouse had Medicare-covered government employment
2. You are already receiving benefits from social security or the railroad retirement board
3. You’re eligible for social security but haven’t filed for it yet
If you are under the age of 65 you may be able to get part A for free if:
If you have end stage renal disease and meet certain parameters and/or you have been receiving Social Security Disability Income for 24 months
Medicare Part B (Medical Insurance) is generally paid by a standard premium amount unless you make above a certain threshold then you may have to pay an Income Related Monthly Adjusted Amount. This is an extra charge that will be added to your premium. What can you expect to pay depending on your income?
Part B premiums:
| If your yearly income in 2015 (for what you pay in 2017) was |
You pay each month (in 2017) |
| File individual tax return |
File joint tax return |
| $85,000 or less |
$170,000 or less |
$134 |
| above $85,000 up to $107,000 |
above $170,000 up to $214,000 |
$187.50 |
| above $107,000 up to $160,000 |
above $214,000 up to $320,000 |
$267.90 |
The enrollment period for Medicare Part B is the same as A, if you are not automatically enrolled and miss the enrollment period you may have to pay a penalty fee.
Still confused about all of this.. give me a call at 877-549-1212. I am right here and gladly help you along the way. I have been helping people navigate and understand Medicare for over 29 years. My consultations are free.
Tracy B. McManamon
CEO/Founder
One Source Benefits
877-549-1212 (I actually answer my own phones)
Helping people navigate and understand Medicare for 29 years!
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