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Medicare Costs

This article was updated on: 01/01/2018
Medicare Part A (Hospital Insurance) Costs

Part A Monthly Premium
Most people don’t pay a Part A premium because they paid Medicare taxes while working. If you don’t get premium-free Part A, you pay up to $413 each month.

Hospital Stay
In 2018, you pay

  • $1,340 deductible per benefit period
  • $0 for the first 60 days of each benefit period
  • $329 per day for days 61–90 of each benefit period
  • $658 per “lifetime reserve day” after day 90 of each benefit period (up to a maximum of 60 days over your lifetime)

Skilled Nursing Facility Stay
In 2018, you pay

  • $0 for the first 20 days of each benefit period
  • $164.50 per day for days 21–100 of each benefit period
  • All costs for each day after day 100 of the benefit period

Medicare Part B (Medical Insurance) Costs

Part B Monthly Premium
The standard Part B premium amount in 2018 is $134 (or higher depending on your income). However, most people who get Social Security benefits pay less than this amount. This is because the Part B premium increased more than the cost-of-living increase for 2018 Social Security benefits. If you pay your Part B premium through your monthly Social Security benefit, you pay less ($109 on average). Social Security will tell you the exact amount of your Part B premium. You pay the standard premium amount if:

  • You enroll in Part B for the first time in 2018.
  • You don’t get Social Security benefits.
  • You’re directly billed for your Part B premiums.
  • You have Medicare and Medicaid, and Medicaid pays your premiums. (Your state will pay the standard premium amount of $134.)
  • Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount.

If you’re in 1 of these 5 groups, here’s what you’ll pay:

 

 

 

 

 

 

 

 

 

 

 

 

If you have questions about your Part B premium, call Social Security at 1-800-772-1213. TTY users can call 1-800-325-0778. If you pay a late enrollment penalty, these amounts may be higher.

Part B Deductible—$183 per year.

Medicare Advantage Plans (Part C) and Medicare Prescription Drug Plans (Part D) Premiums

Visit Compare Plans to get plan premiums, you can also call US Medicare Brokers at 888-408-6913.

Part D Monthly Premium

The chart below shows your estimated prescription drug plan monthly premium based on your income. If your income is above a certain limit, you will pay an income-related monthly adjustment amount in addition to your plan premium.

 

 

 

 

 

 

 

 

 

 

 

2018 Part D National Base Beneficiary Premium — $35.63

This figure is used to estimate the Part D late enrollment penalty and the income-related monthly adjustment amounts listed in the table above. The national base beneficiary premium amount can change each year. See your Medicare & You handbook or visit Medicare.gov for more information. 

For more information about Medicare costs, call US Medicare Brokers licensed insurance agents at 888-408-6913, Monday through Friday, 10AM to 8PM EST.

Medicare Part A

Original Medicare - hospital insurance

Medicare Part A

Medicare Part A is health insurance offered by the federal government to United States citizens, and legal immigrants who have permanently resided in the U.S. without a break for the 5-year period, who are age 65 and older and to some people under age 65 with certain disabilities

Medicare Part B

Original Medicare -medical insurance

Medicare Part B

Medicare Part B (medical insurance) covers medically necessary services and supplies needed for the diagnosis or treatment of your health condition. This includes outpatient services received at a hospital, doctor’s office, clinic, or other health facility.

 

Medicare Part C

Private Medicare  - medicare advantage

Medicare Part C

Medicare Advantage plans provide all of your Medicare Part A (hospital insurance) and Medicare Part B (medical insurance) coverage. They generally offer additional benefits, such as vision, dental, and hearing, and many include prescription drug coverage.

Medicare Part D

Private Medicare - prescription drug coverage

Medicare Part D

Original Medicare doesn’t include prescription drug benefits, except in certain situations. You can sign up for prescription drug coverage through a separate Medicare prescription drug plan, or through a Medicare Advantage Prescription Drug plan.
 

Medicare Supplement

Private Medicare - medigap

Medicare Supplement

Medigap helps pay for out-of-pocket costs not covered in Original Medicare, such as co-payments, coinsurance, deductibles, and overseas health coverage.  These plans can only be used for Original Medicare and cannot be used with a Medicare Advantage plan.

Comparison Chart

Comparison Chart

 

Medicare Supplement (Medigap) Plan Comparison Chart

 

Click below to compare the plans.

 

 

Dental, Vision, and Hearing Plans

Although Medicare supplement insurance plans provide excellent benefits to cover most of your health care needs, you need to go a step further to ensure quality coverage in matters relating to your dental, vision, and hearing health.

Many seniors pay large out of pocket expenses for specialized care by optometrists, ophthalmologists, and audiologists, and even for routine care by their local dentists. Other seniors have depended on costly health plans to help cover these costs—often wondering whether the high costs of their plans were indeed worth the coverage the plans provided.

At the US Medicare Brokers we have available a variety of dental, vision, and hearing plans designed to save you money to and provide excellent coverage in these vital areas of your health. There’s no need to go unprotected, and we will be happy to answer all your questions and to help find the plan or plans that are right for you.

Life Insurance and Final Expense

Final expense insurance is an insurance policy used to pay for burial expenses and funeral services when the named insured dies. Such a policy helps ease the financial burden placed on a family when a loved one dies.

Final Expense insurance is a basic issue life insurance policy that covers people until they reach 100 years old. It is quite similar to universal life insurance and is sometimes referred to as graded life or burial insurance with easy issue permanent coverage.

As an inexpensive insurance choice, final expense coverage can be used to cover the funeral and burial costs of the policy holder. Most people who do not want to place a hardship or burden their families with these burial and funeral costs will take out burial insurance polices.

Burial premiums can begin with higher costs at first than other forms of insurance since they include cash value features. An important advantage of burial premiums is that they are fixed, which means they remain the same even if your health deteriorates.

Final Expense coverage can pay for the casket, funeral service, visitation/viewing, hearse, digging and filling the grave, the actual cemetery plot, or burial vault or grave liner, minister, headstone, flowers, and other expenses related directly to named insured's funeral.