What are the Medicare premiums and coinsurance rates?
Below is a summary of basic costs for people with Medicare.
Part A: (Hospital Insurance) Premium
Most people don't pay a monthly premium for Part A (sometimes called "premium-free Part A"). If you don't qualify for premium-free Part A, you can buy Part A. If you buy Part A, you will pay either $259 or $471 each month in 2021.
Part B: (Medical Insurance) Premium
The standard Part B premium amount is $148.50 (or higher depending on your income) in 2021.You pay $203.00 per year for your Part B deductible in 2021. 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.
If you have limited income and resources, your state may help you pay for Part A and/or Part B.
Part D: Costs for Medicare Drug Coverage
You'll make these payments throughout the year in a Medicare drug plan:
- Monthly premium - The Part D monthly premium varies by plan (higher-income consumers may pay more).
- Yearly deductible - Deductibles vary between Medicare drug plans. No Medicare drug plan may have a deductible more than $445 in 2021. Some Medicare drug plans don't have a deductible.
- Copayments or coinsurance
- Costs in the coverage gap
- Costs if you get Extra Help
- Costs if you pay a late enrollment penalty
Your actual drug plan costs will vary depending on:
- The drugs you use
- The plan you choose
- Which pharmacy you use
- Whether the drugs you use are on your plan's formulary
- Whether you get extra help paying your Medicare Part D costs