What Do They Cost?

Part A

Part A of Medicare ordinarily is free to a Medicare beneficiary.

Under certain unusual circumstances a beneficiary may have to pay as much as $426 a month for Part A, usually because of not having worked for 40 or more quarters throughout his or her working life.

Part B

Part B has a cost that varies according to your income and can change each year. The monthly cost for 2014 for individuals with an annual income under $85,000 is $104.90, and can reach as high as $335.70 for individuals with yearly incomes of over $214,000.

Part C (MAPD and MA)

Your cost for a Part C Medicare Advantage plan (MAPD or MA) varies from insurance company to insurance company. These rates will depend on where you live and which plan you choose. Premiums can range from $0 to almost $300 a month depending on plan benefits.

Medicare Supplement/Medigap

The coverage for Medicare Supplement/Medigap plans are identical regardless of the carrier you choose. Since the basic benefits are the same, what carrier you choose will normally be based on the premium cost and what additional benefits that are included (Dental Vision, Gym Plans, Hearing Aids, ect.). A typical Medicare Supplement premium for an individual turning 65 will range from $60 to $200 depending on the plan they choose.

Part D (PD)

The premiums for stand-alone Part D prescription cards (PD) range from $0 to close to $150.

Medicare Advantage MAPD plans feature prescriptions as an integral part of the plan and there is no separate charge for prescription coverage with these plans.

Individuals with annual incomes over $85,000 will see their Medicare premiums increase by a certain amount depending levels of on income. Please see the attached chart detailing Part D costs for higher incomes.

It is important to note that, depending on the medications you take, your actual net out-of-pocket prescription costs can vary substantially from one company's Part D plan over another's, irrespective of the premium,. All Part D plans have drug formulas that are different from one company to another. Some plans will cover medications that others do not and a drug plan with a lower premium that does not cover your specific medications could easily be - in total - much more expensive for you than the plan with a lower premium. We will work with you to find the best and lowest total-cost drug plan for your specific situation.

When you do not enroll in a Part D plan at the time you first enroll in Medicare and you do not have creditable prescription coverage, if you do decide to enroll in Part D in a later year you will pay a penalty of 1% of the national beneficiary base premium for each month that you were not enrolled, or 12% a year, with no limit on the penalty. That penalty will apply permanently to any Part D plans in which you may subsequently enroll.

Introduction To Medicare

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Medicare Part A & B

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Medicare Part C

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Medicare Part D

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What Do They Cost?

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Compare Plans

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