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2018 Medicare Costs

Medicare Costs 2018

 

The 2018 Medicare costs have finally been posted at www.medicare.gov.  So, what’s the damage?

The standard Part B premium amount will stay at $134 (or higher depending on your income) in 2018. However, some people who get Social Security benefits will pay less than this amount ($109 on average in 2017; $130 on average in 2018).

The Part B deductible will stay at $183 per year in 2018. After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you’re a hospital inpatient), outpatient therapy, and durable medical equipment.

For Medicare Part A – most people don’t pay a monthly premium for Part A (sometimes called “premium-free Part A”). If you have to buy Part A because you worked less than 40 quarters, you’ll pay up to $422 each month in 2018.

Part A hospital inpatient deductible and coinsurance:

You pay:

  • $1,340 deductible for each benefit period in 2018
  • Days 1-60: $0 coinsurance for each benefit period in 2018
  • Days 61-90: $335 coinsurance per day of each benefit period in 2018
  • Days 91 and beyond: $670 coinsurance per each “lifetime reserve day” after day 90 for each benefit period (up to 60 days over your lifetime) in 2018
  • Beyond lifetime reserve days: all costs in 2018

 

The biggest noticeable change is for people on Social Security.  They will see a significant increase in their Part B premium.  All other increases are covered by your Medigap plans.

 

 

Turning 65 Solutions can help you plan for the future.