When is Medicare free, and how much do people usually pay?

Medicare Forum
1

I’m trying to get a handle on Medicare costs. I know Part A is free for most people, but what about the rest? How much do people usually end up paying, and are there ways to lower those costs? Any insights would be appreciated

2

Part A is generally free if you or your spouse worked at least 10 years. For Part B, though, most pay around $175 per month. It’s not too bad, but the cost adds up if you add more coverage like Part D or a Medigap plan

3

@Jade
Yeah, Part B costs $174.70 per month . If you need Part D for prescriptions, that’s about another $59. Costs can really pile up if you need extra coverage

4

Jin said:
@Jade
Yeah, Part B costs $174.70 per month . If you need Part D for prescriptions, that’s about another $59. Costs can really pile up if you need extra coverage

That’s why some people choose Medicare Advantage. It can bundle everything into one plan, sometimes for a lower cost. There are $0 premium options, but they can have higher out-of-pocket costs

5

@Bell
Good point. Medicare Advantage is good if you’re okay with a network. But if you prefer more flexibility, Medigap is a better choice, even though it’s usually pricier

6

If you’re low-income, you might qualify for the Medicare Savings Program, which can help cover Part B costs. Each state has different income limits, so it’s worth checking if you qualify

7

Ollie said:
If you’re low-income, you might qualify for the Medicare Savings Program, which can help cover Part B costs. Each state has different income limits, so it’s worth checking if you qualify

Exactly, and if you qualify for Medicaid, you might get even more help. Dual enrollment can cover a lot of the costs Medicare doesn’t

8

@Frost
Also, if you’re eligible for Extra Help, that can lower your prescription costs under Part D. It’s a lifesaver if you’re on a tight budget

9

For Part A, if you don’t meet the work requirement, you might have to pay up to $505 per month. But that’s rare since most people qualify for free Part A by the time they’re 65

10

Ashby said:
For Part A, if you don’t meet the work requirement, you might have to pay up to $505 per month. But that’s rare since most people qualify for free Part A by the time they’re 65

True, though if you have a disability, you can get free Part A even if you haven’t met the work requirement. Medicare has some special rules for disability cases

11

If you’re high-income, keep in mind that Medicare will charge extra for Part B and Part D. It’s called IRMAA, and it’s based on your income from two years ago

12

Valen said:
If you’re high-income, keep in mind that Medicare will charge extra for Part B and Part D. It’s called IRMAA, and it’s based on your income from two years ago

Good to know. I think the extra fee for Part B can go up to $594 per month, depending on your income. For Part D, the extra amount ranges between $12.90 and $81

13

@Zander
Yeah, IRMAA can be rough, but you might be able to reduce it if you work with a financial advisor. They can help lower your taxable income, which might bring down your costs

14

I read that Medicare Supplement (Medigap) plans are never free. They can cost around $137 on average per month, but they cover a lot of the expenses that Original Medicare doesn’t

15

Ren said:
I read that Medicare Supplement (Medigap) plans are never free. They can cost around $137 on average per month, but they cover a lot of the expenses that Original Medicare doesn’t

That’s true. Medigap is worth it if you have a lot of medical expenses since it covers most copays and deductibles. But if you don’t need frequent care, a Medicare Advantage plan might be more affordable

16

@Ben
I went with Medigap because I wanted freedom to choose my doctors. It’s pricier but gives peace of mind. With Medicare Advantage, you’re often limited to a network