Medicare Costs [2022]
Many people are shocked to learn that, even though you paid into Medicare every week from your payroll taxes, you still have to pay for Medicare. For 2022, the costs for Medicare are listed below:
Original Medicare
Part A: $0/month
As long as you worked 40 quarters (10 years) in the United States, you won’t have to pay an additional premium for Medicare Part A.
Part B: $170.10/month
The minimum monthly premium for Part B in 2022 is $170.10/month. However, if you made more than $91,000 in tax year 2020 as an individual or double for couples filing taxes jointly, you may have to pay up to $578.30/month for your Medicare due to the IRMAA adjustment for high earners.
Sign up for Medicare Easy Pay to have your premium automatically deducted from your bank account.
Medicare Advantage
The cost for Medicare Advantage plans depends on which one you select. In most areas, you can find a quality Medicare Advantage plan for $0-20/month, but this is heavily dependent on your prescriptions, whether you want an HMO or PPO, and many other factors. Note that this monthly payment is in addition to your Part B premium.
For more information on Medicare Advantage Plans, see the page Medicare Advantage Plans.
Medicare Supplements
The cost of a Medicare Supplement plan depends on several factors:
- Coverage: Higher coverage levels plans will cost more than lower coverage level plans.
- Location: Certain states (FL, NY, CA) have high prices than others.
- Gender: Men have higher prices than Women.
- Tobacco Usage: Tobacco users have higher prices than non-tobacco users.
- Age: An 80 year old will pay more than a 65 year old.
- Company: Some companies change more than others for exactly the same coverage.
For a 65 year old female non-smoker in Indiana, it will cost roughly $100/mo for a Plan G or $80/mo for a Plan N. This premium is in addition to your Part B premium.
For more information on Medicare Supplement Plans, see the page Medicare Supplements.
Part D Drug Plans
The monthly premium for your Part D Prescription drug plan is dependent upon which prescriptions you are taking. Some plans might be as low as $7/month, but if they don’t cover your medications, they will end up costing you way, way more than a $20/month plan that does cover them. On average, you can expect to pay around $20/month for your prescription drug plan.
For more information on Prescription Drug Plans, see the page Medicare Part D.
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