There are costs associated with having Medicare health coverage, and they’re ever-changing. Each year, the Centers for Medicare & Medicaid Services (CMS) announces the updated costs, and for the most part, they do change each year.
- Medicare Part A Costs
- Medicare Part B Costs
- Medicare Part C Costs
- Medicare Part D Costs
- Medicare Medical Savings Account (MSA) Cost
- Medicare Supplement (Medigap) Cost
- Find Out What Medicare Will Cost You
Medicare Part A Costs
For most people, Medicare Part A is $0 premium. If you’ve worked at least 40 quarters and paid Medicare taxes, you pay nothing to have the Part A hospital insurance.
For those who do have to pay for Part A, the 2019 premium is between $240-$437 per month.
If you paid Medicare taxes for less than 30 quarters, the standard Part A premium is $437. If you paid Medicare taxes for 30-39 quarters, the standard Part A premium is $240.
Medicare Part B Costs
Medicare Part B does have a premium that tends to increase a little bit every year. In 2019, the Part B premium is $135.50 per month. Here’s a quick look at the recent history of the Part B premium:
- 2019: $135.50
- 2018: $134.00
- 2017: $134.00
- 2016: $104.90
FUN FACT: In 1966, the Medicare Part B premium was $3.
Single filers with modified adjusted gross income of more than $85,000, or more than $170,000 if married filing jointly, pay more for the Part B premium (from $189.60-$460.50).
The 2019 Part B deductible is $185. Once you meet your deductible, you’re responsible for about 20% of all charges. If you have a Medicare Supplement, that coverage gap will be filled and you’d responsible for much less.
Medicare Part C Costs
The costs associated with Medicare Part C, or Medicare Advantage (MA), vary wildly depending on your zip code and which particular plan you’re looking at.
Here in Decatur, the available 2019 Medicare Advantage plans have premiums that range from $0 to $117 per month. The out-of-pocket maximum ranges from $4,650-$6,700. (That’s the most you’d be responsible for.)
Some of the available MA plans also come with drug coverage with drug deductibles ranging from $0-$390.
Note that even if you have a Medicare Advantage plan, you still must pay the Medicare Part B premium.
Medicare Part D Costs
Medicare Part D also varies depending on which drugs you take, which pharmacy you go to, and which particular plan you’re looking at.
In Decatur, we find that the most competitive plans for 2019 have a premium of $14.50-$24.10 per month.
The drug deductible ranges from $345-$415, and copays are generally only a few dollars for generics.
FUN FACT: Nationwide, the least expensive PDP has a $12.60 monthly premium, while the most expensive PDP has a $171.90 premium, a 14-fold difference (KFF).
Medicare Medical Savings Account (MSA) Cost
The only Medicare MSA available in Illinois is from Lasso Healthcare. The Medicare MSA is and will always be $0 premium, but the deposit and the deductible will likely change each year.
The 2019 costs associated with the MSA in Decatur, IL are:
- $2,520 deposit (money given to you for medical expenses)
- $6,700 deductible
This means your total out-of-pocket maximum responsibility is $4,180 in 2019.
Medicare Supplement (Medigap) Cost
Medicare covers around 80% of your medical bills, which is why we recommend a Medicare Supplement. A supplement picks up the coverage gaps that Medicare leaves behind.
The monthly premium for a Medicare Supplement will depend on which plan you choose, your age, your gender, your zip code, and your tobacco usage.
For example, depending on which plan you choose, a 65-year-old female could pay anywhere from $73-$116 per month.
The only way to find out what a Medicare Supplement would cost you is to request a quote. This is completely free and there is no obligation to buy.
Find Out What Medicare Will Cost You
Reading all of the prices and all of the different plan options can leave you just plain confused. We created a Medicare Cost Calculator for you if you’d like to plug in your own numbers, but it’s much easier to just call our team. We will help you choose the plan that’s right for you based on your budget and risk profile.
No more guessing – find out exactly how much Medicare will cost you today.
Want to speak to a local, licensed agent? Call us at 217-423-8000 today!
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