At Zero Bullshit Insurance, we know the importance of money. That’s why we don’t beat around the bush when it comes to discussing the costs of Medicare. While the exact costs for each individual will vary, let’s take a look at the 2022 costs you can expect to see.
What Are The Types Of Costs?
The types of expenses you will cover will be:
- Premiums
- Deductibles
- Coinsurance
- Copayments
Premiums are billed monthly. You need to pay these in order to prevent your policy from lapsing. Deductibles are the amount you must cover out-of-pocket in order for your benefits to kick in. Coinsurance is the portion of the bill you are responsible for, and copayments are what you pay per visit (your copayment is a fixed amount).
Part A Premium
Many people will not not have to pay a monthly premium if they paid Medicare taxes for ten years (40 quarters). If you paid Medicare taxes for less than 30 quarters, your 2023 Part A monthly premium will be $506. If you paid Medicare taxes for 30-39 quarters, your 2022 monthly premium will be $278.
Part A Deductible & Coinsurance
You will pay:
- $1,600 deductible for each benefit period
- $0 coinsurance for days 1-60 during each benefit period
- $400 daily coinsurance for days 61-90
- $800 daily coinsurance for days 91 and beyond (lifetime reserve days)
- All costs beyond lifetime reserve days
Part B Premium
The standard Part B monthly premium is $164.90.
This premium could be higher depending on your income.
Part B Deductible & Coinsurance
Part B yearly deductible is $226.
After meeting your deductible, you will pay 20% of the Medicare-approved amount for the doctor services you receive.
Part C Premium
Part C monthly premiums will vary among plans. Most Part C plans will have little or no monthly premium.
You will be responsible for your Part A and B costs as well.
Part D Premium & Deductible
Part D monthly premiums will vary among plans. The average monthly premium is $33.
Part D plans can also have a maximum of $480. Some plans have no deductible.
What Will You Pay?
At Zero Bullshit Insurance, we are completely transparent and will give you the numbers you need about any plan you’re interested in. If you’re looking for honest answers and honest quotes, then Zero Bullshit Insurance is exactly what you need. Call us today to schedule your appointment.
