While Medicare premiums are the same in many states across the US, rates can and do vary in other states, and depending the type of Medicare coverage you have, as well as what health insurance company is approved for your area. The following standard rates are offered as a guide only. Please call our office to speak with our experienced licensed Medicare agent for accurate rates for your circumstances. We would love to assist you personally.
Most people do not pay a monthly Part A premium because they or a spouse has 40 or more quarters of Medicare-covered employment.
For 2021 Medicare Part D Costs, most drug plans charge a monthly fee that varies by plan. You pay this in addition to the Part B premium. If you’re in a Medicare Advantage Plan (Part C) or Medicare Cost Plan with drug coverage, the monthly premium may include an amount for drug coverage.
Deductibles vary between Medicare drug plans. Some Medicare drug plans don’t have a deductible.
Once your deductible is met, you’ll pay a coinsurance (copay) for prescription drugs. Note that the amount of your copay may change during the benefit period, if the drug price fluctuates.
Once you and your plan have spent $4,130 on covered drugs in 2021, you’re in the coverage gap (a temporary limit on what the plan covers). Even though you’ll only pay 25% for both brand name and generic drugs at this point, almost the full price of the drug (except for what the plan pays) will count as out-of-pocket costs to help you get out of the coverage gap.
Once you reach your threshold ($6,550), you are out of the coverage gap (donut hole) and you’ll automatically get catastrophic coverage. This assures you only pay a small coinsurance amount or copayment for covered drugs for the rest of the year.
Medicare Advantage plans combine Part A and B into one plan and are offered by Medicare-approved health insurance companies as an alternative option to your Original Medicare coverage. Premiums and out-of-pocket costs may vary depending on your plan, however some premiums can be as low as $0, in addition to your monthly Medicare Part B premium (see above). To ensure you find a plan that fits your specific healthcare needs and budget, please contact our licensed Medicare agent for professional assistance. For more information on Medicare Advantage, visit our Medicare Options Compared page.
Medicare Supplement insurance will lower your medical costs by paying all or a portion of your out-of-pocket costs that your Original Medicare doesn’t cover. Premiums vary depending on the plan you choose, the carrier who offers the plan, the area in which you live and your age. Most often you can see any doctor you wish. Visit our Medicare Supplements Chart page for plans and coverage details. To purchase the right plan for your specific needs and budget, please contact our Licensed Medicare Agent.
Disclaimer: Miller & Associates Insurance Solutions is not part of the Federal Government Medicare System. The content in on this page has not been reviewed or approved by Medicare.
The educational information displayed herein regarding Medicare premiums was retrieved from Medicare.gov.