Medicare Premiums

Medicare premiums are the monthly fees you pay for your Medicare coverage. The specific premiums you’ll pay depend on the parts of Medicare you enroll in, factors such as your income when you first enrolled, and whether you receive certain government assistance. Here’s an overview of the different Medicare premiums:

  1. Medicare Part A Premiums: For most individuals, Medicare Part A premiums are based on the Medicare taxes you or your spouse paid while working. If you’ve worked and paid Medicare taxes for at least 40 quarters (10 years), you typically won’t have to pay a premium for Part A. You may have to pay a premium if you have fewer than 40 quarters of Medicare-covered employment.

  2. Medicare Part B Premiums: The standard Medicare Part B premium is a monthly fee that most beneficiaries pay. However, the premium amount can vary based on your income. If you’re a higher-income earner, you might pay an Income-Related Monthly Adjustment Amount (IRMAA) in addition to the standard premium. The Social Security Administration determines these income-based premiums.

  3. Medicare Part C (Medicare Advantage) Premiums: Private insurance companies offer Medicare Advantage plans (Part C). While some Medicare Advantage plans have $0 premiums, others might have additional monthly costs on top of your Part B premium. The premium amount depends on the plan’s benefits and coverage.

  4. Medicare Part D Premiums: Medicare Part D plans are prescription drug plans private insurers offer. Part D premiums also vary depending on the plan you choose. Like Medicare Advantage, some Part D plans have $0 premiums, while others have monthly costs based on the coverage and medications included.

  5. Medigap (Medicare Supplement) Premiums: If you enroll in a Medigap policy to supplement your Original Medicare coverage, you’ll pay a separate premium to the private insurance company. The premium amount varies based on the plan you select.

Knowing the premium costs associated with the Medicare parts you’re considering is essential. Please review your budget and expected healthcare needs to ensure the premiums align with your financial situation. If you’re unsure about your eligibility or the premium amounts, you can contact the Social Security Administration or Medicare directly for personalized information.

We do not offer every plan available in your area. Currently we represent 6 organizations that offer 46 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.