Medicare is a government-run health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (ESRD). The cost of Medicare varies depending on several factors such as the type of coverage you have and your income.

Overview: Generally, once you're qualified for Medicare, you'll incur several different costs, including your "Part B" premium ($164.90/month or more) and any premiums associated with your Medicare Supplement /Medigap plan and your Prescription Drug Plan (PDP). For Medicare Advantage (MA) plans, you'd still have your "Part B" premium and any recurring premium associated with the MA plan. Be sure to compare all plan options with a licensed agent

Here are the typical costs for the most common types of Medicare coverage:

  1. Medicare Part A (Hospital Insurance): Most people do not pay a monthly premium for Part A coverage because they or their spouse paid Medicare taxes while working. However, if you are not eligible for premium-free Part A, you may be required to pay a monthly premium of $278 or $506/month in 2023. In 2023, the Medicare Part A deductible is $1,600 per benefit period and the Part B annual deductible is $226. These amounts can change.
  2. Medicare Part B (Medical Insurance): The standard monthly premium for Part B coverage in 2023 is $164.90. However, your premium may be higher depending on your income.
  3. Medicare Part C (Medicare Advantage): The cost of Medicare Advantage plans varies by plan and by area, but typically includes the coverage of Part A, as well as additional benefits not covered by original Medicare, including potentially a prescription drug plan and other items. You may also be required to pay a monthly premium for your Medicare Advantage plan, and, usually, you still pay the Part B premium of $164.90 or higher.
  4. Medicare Part D (Prescription Drug Coverage): The cost of a Medicare Part D plan depends on the specific plan you choose. Monthly premiums for Part D plans range from $15 to $100 or more, and you may also be responsible for a deductible, copayments, and coinsurance.  Some Medicare Advantage plan include coverage equivalent to Part D.

It's important to note that these costs can change from year to year, so it's a good idea to check with Medicare or your agent for the most up-to-date information.