There are two fundamental parts of Original Medicare: Parts A and B.
What are the Costs Associated with Medicare?
Part A premiums for 2021
Most Medicare beneficiaries don’t pay a monthly premium for Part A (sometimes called “premium-free Part A”) as long as the beneficiary or their spouse worked and paid Medicare taxes for at least 40 quarters. If the beneficiary or spouse paid Medicare taxes for fewer than 30 quarters, the standard Part A premium is $471. If the beneficiary or spouse paid Medicare taxes for 30-39 quarters, the standard Part A premium is $259.
With Part A Hospital Inpatient Deductible and Coinsurance, the Beneficiary Pays:
Part B premiums for 2021
Medicare beneficiaries must pay a premium each month for Part B. Their Part B premium will be automatically deducted from their benefit payment if they receive benefits from:
Part B Deductible & Coinsurance
In 2021, Medicare beneficiaries pay $203 for their Part B deductible. After they meet their yearly deductible, they typically pay 20% of the Medicare-approved amount for the following services:
How to Apply for Medicare
Some beneficiaries receive Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) automatically, while others have to sign up for it. In most cases, it depends on whether or not they’re receiving Social Security benefits.
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