Medicare Costs at a Glance
In general, Medicare Parts A & B pays 80% coinsurance of your hospital & medical bills; You’ll pay the remaining 20% coinsurance of the bills plus deductibles and copays which vary depending on the Medicare-approved service.
Most people choose to add a Medicare Supplement Plan (Medigap) to help pay for ALL or SOME of their out-of-pocket costs for Medicare-approved services.
If you choose to “REPLACE” Medicare Parts A & B with alternative coverage called an Advantage Plan then you must follow the insurance company’s specific plan out-of-pocket cost structure.
|2020 Medicare Parts A & B Costs at a Glance|
|Part A Premium|
Most people don’t pay a monthly premium for Part A
(sometimes called “premium-free Part A”)
|Part A Deductible||$1,408 deductible for each benefit period|
|Part A Coinsurance|
|Part B Premium|
The standard Part B premium amount is $144.60
(maybe higher depending on your income reported in 2018 IRS tax returns)
|Part B Deductible||$198 annual deductible|
|Part B Coinsurance||After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you’re a hospital inpatient), outpatient therapy, and durable medical equipment (DME)|
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