Medicare Part A (Hospital Insurance)

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• Premium: Most beneficiaries won't pay a monthly premium for Part A if they have at least 40 quarters of work history. If you have between 30 and 39 quarters, the premium is $518 per month.

• Inpatient Hospital Deductible: For each benefit period, you'll pay a deductible of $1,676.

• Coinsurance:

  • Days 1-60: $0 per day

  • Days 61-90: $419 per day

  • Days 91 and beyond: $838 per "lifetime reserve" day (up to 60 days over your lifetime)

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Medicare Part B (Medical Insurance)

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• Premium: The standard monthly premium is $185. Higher-income earners may pay more.

• Annual Deductible: Before Medicare starts to pay its share, you must meet an annual deductible of $257.

• Coinsurance: After meeting the deductible, you're typically responsible for 20% of the Medicare-approved amount for most doctor services, outpatient therapy, and durable medical equipment.

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Medicare Part D (Prescription Drug Coverage)

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• Premium: Premiums vary by plan. High-income earners may have an additional charge known as the Income-Related Monthly Adjustment Amount (IRMAA), ranging from $13.70 to $85.80.

• Deductible: Plans may have a deductible up to $590.

• Out-of-Pocket Cap: Starting in 2025, there's a $2,000 cap on out-of-pocket spending for prescription drugs. Once you reach this limit, your plan covers the rest of your drug costs for the year.
   

Medicare Supplement Plans (Medigap)

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• Premiums: These vary based on factors like location, age, gender, and tobacco use. Premiums can range from $70 to over $300 per month.

• Coverage: Medigap plans help pay for costs not covered by Original Medicare, such as copayments, coinsurance, and deductibles. Each plan offers different levels of coverage.

 

Medicare Advantage Plans (Part C)

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• Premiums: Many plans have low or even $0 premiums, but costs and coverage vary widely.

• Coverage: These plans are offered by private insurers and include all Part A and Part B benefits, often with additional services like vision, dental, and hearing. Out-of-pocket costs and network restrictions vary by plan.

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Understanding these costs can help you choose the best plan for your needs. At Golden Health, we're here to assist you in navigating your Medicare options. For personalized guidance, please contact our team.

*Note: Medicare costs can change annually. It's important to review the latest information during each enrollment period.