Do you have to pay for Medicare? Is Medicare Part B free?
There are a lot of people everyday who call us and ask these questions. The costs for Medicare is something that many did not anticipate. Its very alarming to find out that Medicare is not free when you turn 65.
- Do you have to pay for Medicare? YES
- Is Medicare Part B Free? No
A Glance at 2020 Medicare Rates
Part A Premium: Most people don’t pay a monthly premium for Part A. If you have to buy Part A, you’ll pay up to $458 each month. If you paid Medicare taxes for less than 30 quarters, the standard Part A premium is $458. If you paid Medicare taxes for 30-39 quarters, the standard Part A premium is $252.
Part A hospital inpatient deductible and co-insurance You pay:
- $1,408 deductible for each benefit period (2020)
- Days 1-60: $0 coinsurance for each benefit period
- Days 61-90: $352 coinsurance per day of each benefit period
- Days 91 and beyond: $704 coinsurance per each “lifetime reserve day” after day 90 for each benefit period (up to 60 days over your lifetime)
- Beyond lifetime reserve days: all costs
Part B Premium: The standard Part B premium amount is $144.60 (or higher depending on your income). Part B deductible and coinsurance is $198 per year. After your deductible is met, you typically pay 20% of thefor most doctor services (including most doctor services while you’re a hospital inpatient), outpatient therapy, and
Part C Premium: The Part C monthlyvaries by plan and by service area.
Part D Premium: The Part D monthlyvaries by plan (higher-income consumers may pay more).