Cost of Medicare

What is the cost of Medicare? Is Medicare free? How much is a Medicare Supplement? Are all Medicare Advantage plans free?

These are the most important questions we get when it comes to your Medicare benefits. With most seniors on a fixed income, the cost of your plan is absolutely vital to ensuring you get the quality of care you want and deserve. In order to have complete coverage we recommend having a solution for all 4 part of Medicare. Parts A-B-C and D.

The following are updated costs for Medicare in 2020.

How much does Medicare Part A cost

Medicare Part A usually has no monthly premium. You read that right! If you or your spouse has worked for 10 years or 40 quarters during your work career, you will qualify for Part A coverage premium free.

If you did not work in the U.S. and did not have a spouse that worked for 10 years or 40 quarters, you may have a premium cost for Part A. Below is a diagram that shows what you could expect to pay for Medicare Part A.

Medicare Part A usually has no monthly premium. You read that right! If you or your spouse has worked for 10 years or 40 quarters during your work career, you will qualify for Part A coverage premium free.

If you did not work in the U.S. and did not have a spouse that worked for 10 years or 40 quarters, you may have a premium cost for Part A. Below is a diagram that shows what you could expect to pay for Medicare Part A.

How much does Medicare Part B cost

Medicare Part B does have a monthly premium to be paid to the Social Security Administration. If you are receiving social security benefits prior to receiving Medicare benefits, your part B premium will be automatically deducted from your social security check (If you do not choose to defer Part B). The standard amount for the Part B Premium is $144.60 as of 2020. However, the Part B premium is based on your income or “IRMAA”. The Part B “Income Related Monthly Adjustment Amounts” for 2020 are as follows:

How much does Medicare Part C cost

For the third part of Medicare you have a choice between a Medicare Part C Plan (a.k.a Medicare Advantage Plan), and a Medicare Supplement. The monthly premium for a Part C Medicare Advantage Plan is usually much lower than the premium for a Supplement Plan. There are even several $0 premium plans that offer benefits such as hearing, dental, vision, preventative screenings, and gym memberships. Medicare Part C Advantage Plan pricing is based on your location, the plan networks, and carriers that offer the plans.

With an Advantage Plan you will usually pay copays when you visit Doctors and hospitals. However, most of the time a Medicare Part C Plan will have an out-of-pocket maximum. The only plans that may not have this feature are dual eligible plans for people with Medicare and Medicaid. The out-of-pocket max is an amount that is decided by Medicare each year. Currently, this number is $6,700. Depending on your location, there may be plans available with a lower out-of-pocket max cost. This can be a great value for some because Original Medicare has no out-of-pocket maximum, meaning no cap on your out of pocket charges.

How much does a Medicare Supplement Cost

Every insurance carrier has different premium rates for a particular Medicare Supplement Plan. The premium rate depends on factors such as your zip code, gender, age, and tobacco usage. However, because all of the Medigap Plans are standardized, meaning they offer the same basic benefits, you can choose the insurance carrier that offers the lowest premium price, and has the best company rating (which indicates it has stable pricing over time). Medicare Supplement unlike the Advantage Plan has no networks and typically has fewer copays than Advantage. The choice between Advantage and Supplement is a very important decision, and there is no one size fits all solution. We recommend to contact one of our licensed professionals to help you compare your options.

How much does a Medicare Part D

Prescription Plan cost?


Finally, the cost of a Medicare Part D Plan ranges based on the location of the plan, and the plan’s prescription drug formulary. It is important to know that your monthly premium can also be affected by your income. If you make over a certain amount, you may have to pay the Income Related Monthly Adjustment Amount (IRMAA) for Part D. Please see the chart below for the Part D IRMAA calculations.


Finally, the cost of a Medicare Part D Plan ranges based on the location of the plan, and the plan’s prescription drug formulary. It is important to know that your monthly premium can also be affected by your income. If you make over a certain amount, you may have to pay the Income Related Monthly Adjustment Amount (IRMAA) for Part D. Please see the chart below for the Part D IRMAA calculations.

Timing is also an important factor when enrolling in your Part D Plan. If you don’t sign up for Part D when you’re first eligible, you may have to pay a Part D late enrollment penalty. In Medicare timing is everything. Medicare Prescription Drug Plans usually also have copays for your Medications. When determining the cost of your Part D Drug Plan, it is important to look at the True-Out-Of-Pocket cost (TROOP). This will take into consideration your monthly premium as well as your yearly copays and deducible for your prescription medications.

We recommend checking each and every one of your prescriptions against the list of plans available to you in your area. The right plan should cover all of your Medications as well as give the lowest out of pocket cost compared to the other plans available to you.

Simply put, Medicare is a Federal Insurance program provided by the United States for people who are 65 years of age or older. It is also available for people with certain disabilities or end-stage kidney failure. There are four main “parts” to Medicare, each containing different levels of coverage. If you qualify for Medicare, it is very important to learn how these parts fit together and make the most of their benefits.


Here at Medigap Insurance Carriers, we like to keep things simple! There are four parts to Medicare. Fours parts, four letters: A, B, C (or a Supplement) and D. Let’s take a closer look at these parts.

Medicare Cost Conclusions

Simply put, Medicare is a Federal Insurance program provided by the United States for people who are 65 years of age or older. It is also available for people with certain disabilities or end-stage kidney failure. There are four main “parts” to Medicare, each containing different levels of coverage. If you qualify for Medicare, it is very important to learn how these parts fit together and make the most of their benefits.


Here at Medigap Insurance Carriers, we like to keep things simple! There are four parts to Medicare. Fours parts, four letters: A, B, C (or a Supplement) and D. Let’s take a closer look at these parts.

Simply put, Medicare is a Federal Insurance program provided by the United States for people who are 65 years of age or older. It is also available for people with certain disabilities or end-stage kidney failure. There are four main “parts” to Medicare, each containing different levels of coverage. If you qualify for Medicare, it is very important to learn how these parts fit together and make the most of their benefits.


Here at Medigap Insurance Carriers, we like to keep things simple! There are four parts to Medicare. Fours parts, four letters: A, B, C (or a Supplement) and D. Let’s take a closer look at these parts.

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