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Understanding Medicare Premiums

Understanding Medicare Premiums

Most people know Medicare isn’t free, but actually understanding the premiums is a little harder. We are here to make understanding Medicare premiums easy.

Medicare Part A

Medicare Part A usually doesn’t have premiums. Individuals who are eligible for Social Security retirement benefits at 65 do not pay premiums on Part A.

For individuals who do not qualify for premium-free Medicare Part A, premiums can be up to $437 a month (costs for 2019). For these individuals, premiums will vary depending on Medicare taxes paid.

Medicare Part B Premiums

Medicare Part B does have a monthly premium. For many people, that premium is deducted from their Social Security benefits. The standard Part B premium for 2019 is $135.50. Some individuals with a higher income may pay an extra charge, the Income Related Monthly Adjustment Amount (IRMAA).

For a full explanation of Medicare Part B costs, click here.

Medicare Part D Premiums

Medicare Part D coverage is offered by private companies, so premiums vary by plan. Quotes can be obtained through the carriers, or our licensed agents can help you easily compare plans from carriers in your area.

Medicare Advantage Plan Premiums (Part C)

Medicare Advantage (Part C) premiums vary by plan. Some premiums may be as little as $0 a month. Quotes can be obtained through the carriers, or our licensed agents can help you compare plans by carriers in your area.

Medicare Supplement Plan Premiums (MediGap)

Medicare Supplement plans (also called MediGap) are offered by private companies and cover some of the costs that Original Medicare doesn’t include. Premiums for Medicare Supplement plans vary by plan and carrier. To learn more about Medicare Supplement plans, click here.

Note: Premiums for all Medicare plans may change from year to year. Reviewing your Annual Notice of Change statement is important for staying aware of changing costs. People can then change Medicare plans during the Medicare Annual Enrollment Period.

If you’re not sure about the differences between the types of Medicare plans, you may wish to explore our Medicare Made Easy videos. They explain the differences between Parts A and B, Medicare Advantage plans (Part C), and Medicare Supplement plans in a quick and fun way.

Beyond Premiums

In addition to the cost of premiums, many Medicare plans also have a deductible, copayments, and/or coinsurance. These additional costs vary with the plans.

Get a Quote

Our licensed health agents can assist you in comparing the plans in your area, making it easier to find a plan that’s the best fit for you. For any questions, or to receive a quote, call 1-800-991-4407 / TTY 711 from 10 a.m. to 6 p.m. ET Monday-Friday.