How Much Does Medicare Cost?
How much does Medicare cost, and how are Medicare costs calculated? The cost of Original Medicare includes premiums, deductibles, and coinsurance for Medicare Part A and Part B. Furthermore, you may have Medicare Part D prescription drug costs. Discover all your 2023 Medicare costs.
Hospital Coinsurance Costs
The coinsurance of Medicare Part A is $0 for the first 60 days of inpatient hospitalization. However, Medicare coinsurance costs for days 61 thru 90 is $400 per day in 2023. In other words, the coinsurance cost for these 30 days is $12,000. Discover all Part A hospital costs in 2023.
You can avoid these expensive out-of-pocket costs when you buy a Medigap Plan such as Plan G.
Skilled Nursing Costs
Skilled Nursing Facility coinsurance costs is $0 in 2023 for the first 20 days. However, the coinsurance cost for days 21 to 100 is $200 per day. Your share of Medicare costs during these 80 days in a skilled nursing facility totals $16,000. Furthermore, after 100 days, you are responsible for all skilled nursing facility costs. Learn more about Medicare coverage for Skilled Nursing Facility.
How Much Does Medicare Cost You?
Please use the Medicare Part B Premiums for 2023 chart to determine your monthly cost. The annual Part B deductible is $226 in 2023. After you pay the Medicare deductible, you may owe 20% coinsurance.
Since there is no limit or cap on your 20% coinsurance, it can add up to thousands of dollars. You can avoid unlimited coinsurance expenses by getting a Medicare Supplement Plan. Then you can have a fixed healthcare cost no matter how often you need medical services.
Common Questions About Medicare
How do I sign up for Medicare Part A only?
When you enroll in Medicare you sign up for Part A. However, Medicare
Parts B, C, and D are optional so you can delay enrollment without
penalty if you have credible coverage.
How to sign up for Medicare Part B?
You can apply for Medicare Part B by filling out an online application
at SSA.org, calling Social Security at 1-800-772-1213, TTY 711, or
visiting your local Social Security office.
How to sign up for Medicare Part D?
You must first be enrolled in either Medicare Part A or
Medicare Part B. Then you can apply for Medicare Part D by calling
Senior Healthcare Direct at 1-833-463-3262, TTY 711.
Senior Healthcare Direct’s licensed agents can help you understand the ins and outs of various Medicare plans. Talk to us to get information on Medicare costs, from initial premiums to Medicare out-of-pocket maximum charges, as well as to figure out what’s the best plan for your circumstances. If you’re interested in learning more about Medicare Part A, Part B, and/or Part D, reach out to us. Please enter your information below and a licensed agent will contact you.