Medicare Part A does not have a premium cost for enrollees who have worked for at least 10 years.
Medicare Part B premiums for 2022 start at $170.10 and increase depending on your income. Not enrolling on time can increase your premium amount.
Medicare Part A and Part B cover most of your healthcare services (hospital and medical). You can add supplemental insurance to help cover the costs of Original Medicare (Parts A and B) .
Medicare has different parts and plans, but the most common is Original Medicare (Parts A and B). Parts A and B are available to all Americans 65 years of age and older and individuals under 65 with certain disabilities .
Keep in mind, Parts A and B provide different coverage:
Part A Hospital Insurance
- Skilled Nursing stays
- Some Home Health
- And more
Part B Medical Insurance
- Doctors services
- Outpatient therapies
- Durable medical equipment
- And more
You need to know, like coverage, they also are different in cost. If you are new to Medicare, we have answers to help you make the right choice for your health and budget.
Find a local Medicare plan that fits your needs
The cost of Medicare Part A premiums depends on whether you or your spouse paid income taxes, and for how long. Most individuals won’t pay a Part A premium. Here are some essential facts about Part A and what it costs.
Medicare Part A Premiums
Medicare calculates Part A premium costs by how long you or your spouse have paid Medicare taxes.
Here is an explanation of monthly premiums for Plan A in 2022:
If you or your spouse paid Medicare taxes for 10 years or more
If you or your spouse paid Medicare taxes for more than 7.5 years but less than 10
If you paid Medicare taxes for fewer than 7.5 years
Medicare Part A Deductible
Most Part A costs come from the inpatient hospital deductible. Inpatient care provided at a hospital or skilled nursing facility will require you to pay the annual deductible.
For the year 2022, the Plan A deductible increased from 2022:
- Medicare Part A deductible 2021: $1,484
- Medicare Part A deductible 2022: $1,556
Medicare Part A Co-insurance
Your Part A deductible will cover the first 60 days [i] of inpatient care. You’re responsible for a daily coinsurance amount beyond 60 days. The type of facility and how long you stay affect the daily coinsurance amount.
Part A coinsurance increases when your length of stay in a facility increases:
- 0 to 60 days
- 61 to 90 days
- You have a lifetime limit of reserve days to use if your stay lasts longer than 90 days.
Medicare Part A daily coinsurance rates for 2022:
- Days 0-60: $0
- Days 61-90: $389 per day
- Lifetime Reserve Days: $778 per day
If you need skilled nursing care, your daily coinsurance amount is $194.50 for days 21-100.
Your monthly premiums and annual deductible help make up the cost of Medicare Part B. These payment amounts answer the question, “How much is Medicare Part B?”
Medicare Part B Premiums
Each year, Medicare Part B premiums can go up or down. How does the 2022 Medicare Part B premium stack up? Here’s a breakdown:
- Medicare Part B premium 2019: $135.50
- Medicare Part B premium 2020: $144.60
- Medicare Part B premium 2021: $148.50
- Medicare Part B premium 2022: $170.10
Your income plays a part in your Part B premium. For 2022, individuals making $91,000 per year or less, and couples making $182,000 or less, pay the standard monthly amount of $170.10 each.
If your individual or joint income is above the standard bracket, you may pay an Income-Related Monthly Adjustment (IRMAA) . Find your IRMAA rate for 2022 below:
Annual income: Individual (up to $91,000) & Joint (up to $182,000)
- IRMAA: $0
- Part B premium: $170.10
Annual income: Individual ($91,000 to $114,000) & Joint ($182,000 to $228,000)
- IRMAA: $68
- Part B premium: $238.10
Annual income: Individual ($114,000 to $142,000) & Joint ($228,000 to $284,000)
- IRMAA: $170.10
- Part B premium: $340.20
Annual income: Individual ($142,000 to $170,000) & Joint ($284,000 to $340,000)
- IRMAA: $272.20
- Part B premium: $442.30
Annual income: Individual ($170,000 to $500,000) & Joint ($340,000 to $750,000)
- IRMAA: $374.20
- Part B premium: $544.30
Annual income: Individual ($500,000 and above) & Joint ($750,000 and above)
- IRMAA: $408.20
- Part B premium: $578.30
Part B Late Enrollment Penalty
The last factor that determines your Part B premium amount is when you sign up. If you enroll as soon as you’re eligible for Part B, your monthly premium will follow the formulas above.
If you sign up later, you may pay a 10% penalty for each 12-month period you missed. If you enroll at 67 (when eligible at 65), your monthly premium payment will be 20% higher than the table above.
Medicare Part B Deductible
All Medicare enrollees pay the same monthly deductible. Like your premium, the annual deductible adjusts each year. For example:
- Medicare Part B deductible 2021: $203
- Medicare Part B deductible 2022: $233
Medicare Part B Coinsurance
Once you meet your deductible, you’ll pay 20% of all Medicare-approved services you receive. Services can include doctor services, outpatient therapy and durable medical equipment.
For example: If your doctor charges $100 for visits, you’ll pay 20% ($20) after you’ve met your deductible.
Are you eligible for cost-saving Medicare subsidies?
Original Medicare (Parts A and B) is most common and has remained popular over the years. There are, however, other options that you may want to consider. For example:
Medicare Advantage: Also called Medicare Advantage Plan (Part C) , this is an alternative to Original Medicare that provides additional benefits like dental, vision and prescription drug coverage. These plans are regulated by Medicare but provided through private insurance companies.
Medigap: Medicare Supplement Insurance (Medigap) fills the holes in your policy that aren’t covered by Original Medicare. These are purchased in addition to your Medicare coverage and are offered by private insurance companies.
Medicare Part D: Standalone, private prescription drug insurance that works with Original Medicare. With Medicare Prescription Drug Plan (Part D) , you can enroll at the same time as Original Medicare, or during the Medicare Open Enrollment Period each year from October 15 to December 7.
Medicare & Medicaid: Medicaid is a public health insurance option designed for people with low-income or limited resources. If you qualify for both Medicare and Medicaid, you are considered “dual eligible” and can receive greater financial assistance.
No. If you’re enrolled in Original Medicare (Parts A and Part B), your health won’t play a role in how much you pay for your Medicare coverage. Part A is determined by how long you paid Medicare taxes. For Part B, all enrollees pay the same deductible while premiums are calculated using income and whether you signed up on time.
If you’re at least 65 and can’t afford your Medicare Part B premium or deductible, there may be help. Medicare Savings Programs (MSP) are designed for low-income individuals who have trouble affording healthcare. To help you get started, here are the four types of MSPs, and their most-recent eligibility requirements from 2021:
- Qualified Medicare Beneficiary Program (QMB): helps pay premiums, copays, deductibles and coinsurance for Parts A and B.
- Who’s eligible: individuals with income up to $1,094 per month; couples making up to $1,472
- Specified Low Income Medicare Beneficiary Program (SLMB): helps pay Part B premiums
- Who’s eligible: individuals making up to $1,308 per month; couples making up to $1,762
- Qualified Individual Program (QI): helps pay Part B premiums
- Who’s eligible: individuals making up to $1,469 per month; couples making up to $1,980
- Qualified Disabled and Working Individuals Program (QDWI): helps pay Part A premiums for disabled people that have returned to work
- Who’s eligible: individuals making up to $4,379 per month; couples making up to $5,892
If you need help finding an affordable Medicare plan, contact GoHealth. Our licensed insurance agents can help you navigate the different options and see what makes the most sense for you.
Your first chance to sign up for Original Medicare is during your Initial Enrollment Period (IEP) . To figure out your IEP, follow the seven-month rule; your enrollment window includes the three full calendar months before the month you turn 65. It remains open during your birth month, and the three months after. For example: If your birthday is in June, your seven-month window will open Mar. 1 and close Sept. 30.
3 months before your 65th birthday: May, April, March
Your birth month: June
3 months after you turn 65: July, August, September
If you missed your IEP, there are other enrollment periods available. You may be eligible for a Special Enrollment Period due to a Qualifying Life Event (QLE) . There is also a designated time to change your Medicare plan. Learn all about Medicare’s different enrollment periods — and how GoHealth can help you.