What 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 2022 Medicare costs.
Medicare Part A Costs In 2022
Medicare Part B Costs In 2022
Medicare Part D Costs In 2022
The premium cost of Medicare Part A depends on the number of quarters you worked. Most people have worked 40 quarters or more, so Part A premium cost is zero. The Part A deductible is $1,556 in 2022 for each benefit period of 60 days or less.
For example, you become a hospital inpatient on January 1, 2022 and pay $1,556 deductible. Then 60-days later on March 2, 2022 a doctor admits you as a hospital inpatient and you pay $1,556 deductible again. Therefore, the worst case scenario a Medicare beneficiary goes in and out of the hospital 6 times in the year and pays maximum $9,336 total in Part A deductibles.
To avoid the expensive cost of multiple hospitalizations, you could buy a Medicare Supplement Plan by calling Senior Healthcare Direct to speak to a licensed agent at 1-833-463-3262, TTY 711, or get your quote.
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 $389 per day in 2022. In other words, the coinsurance costs for these 30 days is $11,670. Discover all Part A hospital costs in 2022.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 2021 for the first 20 days. However, coinsurance costs for days 21 to 100 is $194 per day. Your share of Medicare costs during these 80 days in a skilled nursing facility totals $15,520.Furthermore, after 100 days you are responsible for all skilled nursing facility costs. Learn more about Medicare coverage for Skilled Nursing Facility.
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, 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.