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Learn More About the Medicare Premiums and Deductibles Updated for 2019

It’s everyone’s worst nightmare, you get sick and have to be hospitalized. This is a very real fear for anyone who is disabled or eligible for Medicare but doesn’t have it.

The average hospital stay is $19,000, and this can devastate families instantly. For many people, Medicare is the solution. It will help ease your fears about the rising cost of hospital bills. This article is going to go over an updated price list for Medicare premiums and deductibles in 2017.

Medicare Part A Costs (Hospital Insurance)

Most people don’t have to pay a premium for Medicare Part A because they paid taxes to Medicare while they were working. If they didn’t pay taxes, the premium could be up to $413 each month. For a hospital stay, you will pay a $1,316 deductible per benefit year. After you cover your deductible, everything else will be covered at 100 percent. You will pay $0 for the first 60 days of your benefit period, and $329 a day for days 61 through 90.For a Skilled Nursing Facility stay, you will pay $0 for days 20 days of each benefit year, and $164.50 for days 21 through 100.

It’s everyone’s worst nightmare, you get sick and have to be hospitalized. This is a very real fear for anyone who is disabled or eligible for Medicare but doesn’t have it. The average hospital stay is $19,000, and this can devastate families instantly. For many people, Medicare is the solution. It will help ease your fears about the rising cost of hospital bills. This article is going to go over an updated price list for Medicare premiums and deductibles in 2017.

Medicare Part A Costs (Hospital Insurance)

Most people don’t have to pay a premium for Medicare Part A because they paid taxes to Medicare while they were working. If they didn’t pay taxes, the premium could be up to $413 each month. For a hospital stay, you will pay a $1,316 deductible per benefit year. After you cover your deductible, everything else will be covered at 100 percent. You will pay $0 for the first 60 days of your benefit period, and $329 a day for days 61 through 90.  For a Skilled Nursing Facility stay, you will pay $0 for days 20 days of each benefit year, and $164.50 for days 21 through 100.

Medicare Part B Costs (Medical Insurance)

For medical costs that don’t result in a hospital stay, you will pay a $134 premium per year. However, people with social security benefits will pay a lower amount depending on how much their social security benefits are. The premium for people on social security is around $109 per year. You will pay the standard amount if:

  • You enroll in Medicare Part B for the first time in 2017
  • You’re are not or cannot enroll in social security
  • Your premium amount will be billed right to you instead of going through any company
  • You have both Medicare and Medicaid if you have both of these, Medicaid will be your secondary insurance and it is designed to pick up any leftover costs, including premiums
  • Your adjusted gross income for two years prior is above the limited amount

Medicare Advantage Plans Costs (Part C): Medicare Advantage Plans have to be set up directly through the Medicare 1-800 number, and they vary depending on your eligibility factors.

Medicare Part D Costs (Prescriptions)

This premium is based on your monthly income amount. If you are below $85,000 for an individual tax return, it would be added to your plan premium, at no extra cost to you. Then you file a joint return, you have to make below $170,000 or less for the cost to be factored into your premium amount. If you made between $85,000 to $170,000 individually, or $170,000 to $214,000 jointly; it would add $13.30 to your premium cost. If you made between $107,000 to $160,000 individually, or $214,000 to $320,000 jointly; $34.20 would be added to your premium. If you made between $160,000 to $214,000 individually, or $320,000 to 428,000 jointly; $55.20 would be added to your premium cost.

Medicare Deductible

Medicare is set up so that enrollees have a deductible they have to meet before Medicare will kick in and usually cover 80 percent of all other hospital and health-related costs. This deductible is primarily based on your income, whether you are on social security benefits or not, and what you paid taxes while you were working. It can range from a few hundred dollars a year to just over a thousand dollars a year. The good thing about Medicare though, is once you hit your deductible and pay it, everything else is covered at 80 percent until the benefit year starts over.

Many people choose to have state Medicaid as secondary insurance because Medicaid will cover your Medicare premiums and anything left over after a hospital stay. This usually leaves the enrollee with just a small copay for every visit. Having health insurance is so important as the population ages. You deserve to have the peace of mind knowing you’re covered in case anything were to happen. If you have any questions about your Medicare premiums and deductibles, call your insurance company and they will be glad to answer them for you.
It’s everyone’s worst nightmare, you get sick and have to be hospitalized. This is a very real fear for anyone who is disabled or eligible for Medicare but doesn’t have it. The average hospital stay is $19,000, and this can devastate families instantly. For many people, Medicare is the solution. It will help ease your fears about the rising cost of hospital bills. This article is going to go over an updated price list for Medicare premiums and deductibles in 2017.

Medicare Part A Costs (Hospital Insurance)

Most people don’t have to pay a premium for Medicare Part A because they paid taxes to Medicare while they were working. If they didn’t pay taxes, the premium could be up to $413 each month. For a hospital stay, you will pay a $1,316 deductible per benefit year. After you cover your deductible, everything else will be covered at 100 percent. You will pay $0 for the first 60 days of your benefit period, and $329 a day for days 61 through 90.  For a Skilled Nursing Facility stay, you will pay $0 for days 20 days of each benefit year, and $164.50 for days 21 through 100.

Medicare Part B Costs (Medical Insurance)

For medical costs that don’t result in a hospital stay, you will pay a $134 premium per year. However, people with social security benefits will pay a lower amount depending on how much their social security benefits are. The premium for people on social security is around $109 per year. You will pay the standard amount if:

  • You enroll in Medicare Part B for the first time in 2017
  • You’re are not or cannot enroll in social security
  • Your premium amount will be billed right to you instead of going through any company
  • You have both Medicare and Medicaid if you have both of these, Medicaid will be your secondary insurance and it is designed to pick up any leftover costs, including premiums
  • Your adjusted gross income for two years prior is above the limited amount

Medicare Advantage Plans Costs (Part C): Medicare Advantage Plans have to be set up directly through the Medicare 1-800 number, and they vary depending on your eligibility factors.

Medicare Part D Costs (Prescriptions)

This premium is based on your monthly income amount. Say that you are below $85,000 for an individual tax return, it would be added to your plan premium, at no extra cost to you. And then you file a joint return, you have to make below $170,000 or less for the cost to be factored into your premium amount. Then you made between $85,000 to $170,000 individually, or $170,000 to $214,000 jointly; it would add $13.30 to your premium cost. If you made between $107,000 to $160,000 individually, or $214,000 to $320,000 jointly; $34.20 would be added to your premium. If you made between $160,000 to $214,000 individually, or $320,000 to 428,000 jointly; $55.20 would be added to your premium cost.

Medicare Deductible

Medicare is set up so that enrollees have a deductible they have to meet before Medicare will kick in and usually cover 80 percent of all other hospital and health-related costs. This deductible is primarily based on your income, whether you are on social security benefits or not, and what you paid into taxes while you were working. It can range from a few hundred dollars a year to just over a thousand dollars a year. The good thing about Medicare though, is once you hit your deductible and pay it, everything else is covered at 80 percent until the benefit year starts over.

Many people choose to have state Medicaid as secondary insurance because Medicaid will cover your Medicare premiums and anything left over after a hospital stay. This usually leaves the enrollee with just a small copay for every visit. Having health insurance is so important as the population ages. You deserve to have the peace of mind knowing you’re covered in case anything were to happen. If you have any questions about your Medicare premiums and deductibles. Call your insurance company and they will be glad to answer them for you.