Medicare Cost

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Medicare Part A Cost

If you have worked for at least 10 years in the U.S., you’ve already paid for Part A through payroll taxes. The cost for people with 40 credits is no cost.

If you must buy Part A, you will need to contact Social Security to find out your cost. If you have a hospital stay in 2022, your Part A deductible will be $1,556.  A Medicare Supplement plan will cover this expense for you.

Medicare Part B Cost

The cost for Medicare Part B is based on your household income. The Social Security office will gather your IRS tax return from two years ago to determine what you will pay for Parts B and D. Most beneficiaries pay the standard monthly Part B premium of $170.10 in 2022. The Part B deductible for 2022 is $233.

Medicare Part D Cost

Just like Part B, Part D premiums for 2022 are based on income and vary by plan. Each state could have over 20 plans to choose from. In most states, plans price range from around $10 to $60 per month. However, the base premium for Medicare Part D in 2022 is $33 per month.

IRMAA- Income Related Monthly Adjustment Amount

Medicare costs are not the same for everyone. While everyone gets the same coverage benefits with Medicare Part B and Part D the premium costs depend on earnings you reported on your tax filings from two years ago. Amounts are also assigned based on the tax filing status. Those who earn more will pay more. This is known as the Income-Related Monthly Adjustment Amount (IRMAA). The IRMAA is not the cost of the premium. For Part B IRMMA, the dollar amount is added to the standard premium. The IRMMA for Part D, you will have to pay the extra amount directly to Medicare, not your plan. If you disagree with owing IRMAA, you have the right to file an appeal with the Social Security Administration.  At Coastal Medicare Advisors we help you get the best coverage available to you. Call us today at 954-802-3560.

Part A premium Most people don’t pay a monthly premium for Part A. If you want to buy Part A, you will need to contact Social Security to find out your cost.
Part A hospital inpatient deductible and coinsurance You pay:

  • $1,556 deductible for each benefit period
  • Days 1-60: $0 coinsurance for each benefit period
  • Days 61-90: $389 coinsurance per day of each benefit period
  • Days 91 and beyond: $778 coinsurance per each “lifetime reserve day” after day 90 for each benefit period (up to 60 days over your lifetime)
  • Beyond lifetime reserve days: all costs
Part B premium The standard Part B premium amount is $170.10 (or higher depending on your income).
Part B deductible and coinsurance $233. After your deductible is met, you typically pay 20% of the Medicare-Approved Amount for most doctor services (including most doctor services while you’re a hospital inpatient), outpatient therapy, and durable medical equipment (DME)
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