For many, the Part A premium is free. However, for those who do have to pay, the costs can range from $252 to over $400. If you have paid Medicare taxes for less than 30 quarters (roughly 7.5 years), the Part A premium as of 2020 is $458. In 2021, this is expected to rise to $471. If you have paid Medicare taxes for 30 to 39 quarters (roughly 7.5 to 9.5 years), then as of 2020, the premium is $252. In 2021, this is expected to rise to $259.
There is also a $1,408 deductible for each benefit period as of 2020. In 2021, this deductible will increase to $1,484.
For Part B, the standard Part B premium as of 2020 is $144.60, but it can vary depending on your income. In 2021, this premium is expected to increase to $148.50. The deductible for Part B is $198 but is expected to be $203 in 2021.
Medicare Advantage and Part D
The Medicare Advantage and Part D premiums vary by plan. However, many Medicare Advantage Plans have a $0 premium, while some plans average out to around $30.
As for Part D, premiums can differ based on income, with higher premiums being caused by higher income. For most plans, after spending $4,020 (as of 2020), you will be expected to pay 35% of the brand-name prescriptions you receive, as well as 44% for generic prescriptions.
CJC Advisors can help!
At CJC Advisors, we know how confusing Medicare can be. That’s why we aim to help you find the right plan at the right cost. Give us a call today for more information!