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What are the costs involved with Medicare?

Choosing a Medicare plan that is right for you not only comes down to coverage but also to the budget you are looking to meet. That’s why it is crucial to understand how much each part of Medicare you need to pay, and also understand that prices can go up each year. This article will break down the monthly costs involved with Medicare in 2022.

Monthly Cost of Medicare Part A

Generally, Medicare Part A doesn’t need a monthly premium payment if the beneficiary or his/her spouse paid Medicare taxes while they work. As for those that are not automatically enrolled for Medicare Part A, you will need to purchase the plan and pay up to $499 per month. If you paid Medicare taxes for less than 7.5 years, the standard Part A premium is $499 per month. If you paid Medicare taxes for more than 7.5 years but less than 10 years, Part A payment will be $274 per month.

Monthly Cost of Medicare Part B

According to the Social Security Act, the Medicare Part B premiums rate will be adjusted every year. As for 2022, Part B monthly premiums are higher than what was paid in 2021. For 2022, the average monthly premium for Medicare Part B is $170.10, which is an increase from $148.50 in 2021. The increase in Part B monthly premiums is mainly due to the growing spending on physician-administered drugs.

Monthly Premium of Medicare Advantage

On average, Medicare Advantage, also known as the Medicare Part C plan, will have around a $30 monthly premium. However, because private insurers offer them, the premiums will always vary. For some, other Medicare Part C plans have a $0 premium. With that said, the exact amount you pay for Medicare Part C will depend on the plan and insurer you choose, but an average premium for Part C in 2022 equals $33.

Monthly Cost of Medicare Part D

Since private insurance firms provide Medicare Part D plans, the monthly premium varies depending on the plan and insurer you choose. Moreover, your monthly premiums also depend on your income. Medicare beneficiaries with higher incomes pay more monthly premiums for Part D. Having said that, you can find Part D plans around $10 to $15 per month in most states.

At Turning 65 Solutions, our experienced Medicare experts can help you determine your potential Medicare costs. Our experts can also help you plan for what Medicare will cost you in 2021. Call us today; a licensed insurance agent on our team will help you.

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