What are the Medicare premiums and coinsurance rates?
The following is a listing of the Medicare premium, deductible, and coinsurance rates that are in effect in 2015:
Part A: (Hospital Insurance) Premium
If you buy Part A, you'll pay up to $407 each month in 2015. But, most people get premium-free Part A. You can get premium-free Part A at 65 if:
- You already get retirement benefits from Social Security or the Railroad Retirement Board.
- You're eligible to get Social Security or Railroad benefits but haven't filed for them yet.
- You or your spouse had Medicare-covered government employment.
If you're under 65, you can get premium-free Part A if:
- You received Social Security or Railroad Retirement Board disability benefits for 24 months.
- You have End-Stage Renal Disease (ESRD) and meet certain requirements.
In most cases, if you choose to buy Part A, your must also have Medicare Part B (Medical Insurance) and pay monthly premiums for both.
The inpatient deductible for Part A, is:
- $1,260 deductible for each benefit period
- Days 1-60: $0 coinsurance for each benefit period
- Days 61-90: $315 coinsurance per day of each benefit period
- Days 91 and beyond: $630 coinsurance per each "lifetime reserve day" after day 90 for each benefit period (up to 60 days over your lifetime)
- Beyond lifetime reserve days: all costs
Part B: (Medical Insurance) Premium
Most people pay the Part B premium of $104.90 in 2015. You pay $147.00 per year for your Part B deductible.
Some people automatically get Part B.
If you don't sign up for Part B when you're first eligible, you may have to pay a late enrollment penalty .
If your modified adjusted
gross income as reported on your IRS tax return from 2 years ago (the most recent tax return information provided to Social Security by the IRS) is above a certain amount, you may pay more (Social Security Administration - PDF-12 pages).
Social Security will contact some people who have to pay more depending on their income. The amount you pay can change each year depending on your income. If you have to pay a higher amount for your Part B premium and you disagree (for example, if your income goes down), use this form to contact Social Security (Social Security Administration - PDF-8 pages).
Part D: Costs for Medicare Drug Coverage
You'll make these payments throughout the year in a Medicare drug plan:
- Monthly premium (in addition to your Part B premium)
- Yearly deductible : Deductibles vary between Medicare drug plans. No Medicare drug plan may have a deductible more than $320 in 2012. Some Medicare drug plans don't have a deductible.
- Copayments or coinsurance
- Costs in the coverage gap
- Costs if you pay a late enrollment penalty
Your actual drug plan costs will vary depending on:
- The drugs you use
- The plan you choose
- Whether you go to a pharmacy in your plan's network
- Whether the drugs you use are on your plan's formulary
- Whether you get extra help paying your Medicare Part D costs
Look for specific Medicare drug plan costs, and then call the plans you're interested in to get more details.
If you have limited income and resources, your state may help you pay for Part A and/or Part B. You may also qualify for extra help to pay for your Medicare prescription drug coverage.Source: www.hhs.gov