Cost of Medicare
There are certain costs involved with Medicare that you must be aware of. These costs include premiums, deductibles, copayment/coinsurance, and other out-of-pocket costs.
The Costs of Original Medicare
You will more than likely not be required to pay a monthly premium for Part A. You are eligible for premium-free Part A if you have worked at least 10 years paying Social Security taxes in the U.S., or if your spouse receives premium-free Part A.
Under Part A, you will be required to pay a deductible. As of 2021, the deductible is $1,484 per benefit period.
The Cost of Part D
Specific costs for Part D will vary based on a few factors. Your premium, for example, will be different depending on the provider you choose (the maximum, however, is $445 as of 2021). Then, your copayments and coinsurance fees will depend on the drug itself.
There are 5 categories, or tiers, that determine the out-of-pocket cost of your prescription:
- Tier 1: $1 to $3 Coinsurance, Covers Preferred Generic Prescription Drugs
- Tier 2: $7 to $11 Coinsurance, Covers Generic Drugs
- Tier 3: $38 to $42 Coinsurance, Covers Preferred Brand Name Drugs
- Tier 4: 45% to 50% Copayment, Covers Non-Preferred Drugs
- Tier 5: 25% to 33% Copayment, Covers Specialty Drugs
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