How Much Will Medicare Cost in 2023?

Did you know that you will be required to pay a fee for most, if not all, parts of Medicare?

Many people believe that Medicare is free because, for much of their working life, they have paid into Medicare by taxes, but that assumption is not right.

Medicare was financed mainly from three sources in 2016, according to a 2017 study: general sales, payroll taxes, and beneficiary premiums.

Medicare Part A (Hospital Insurance) is largely funded by a percentage tax on wages earned by employers and workers. Higher-income taxpayers pay a higher payroll tax on earnings (more than $200,000 / individual and $250,000 / pair). Once we join Medicare, most of us will not pay any additional fees for Medicare Part A because we, or our spouse, have paid more than 40 quarters into Medicare. However, you may have to pay up to $458 a month if you or your partner haven't worked for 40 quarters.

Medicare Part B (Doctors' Insurance) is funded by general taxes, premiums, and interest from patients, and other sources. When we sign up for Medicare, most of us will pay $164.60 a month for Medicare Part B.

About this Medicare Part B fee, there are two special things:

• Per year, this rate is subject to change and will possibly change every year. (The price was $135.50 in 2019, for example.)
• This rate depends on your scenario. For instance, you are likely to pay less than $144.60 if you claim Social Security, and if you have a higher salary (more than $85,000 / individual or $170,000 / couple), you would pay more than $144.60.

In addition to the regular payments above, depending on which of the two Medicare schemes, you would likely have additional fees

You can enroll in Medicare Part C if you choose Medicare Advantage. Depending on the plan you choose, Medicare Part C comes with a wide variety of premiums, deductibles, and out-of-pocket.

You can participate in a Medicare Part D prescription plan if you choose Original Medicare. We also suggest that you get a Medigap supplement plan that helps pay for some of the health care expenses not covered by Initial, such as copayments, coinsurance, and deductibles.

The state you live in is another aspect to consider. For plans, some states charge more, while others charge less.

Medicare has many components and many variables that decide how much you're going to pay for coverage every month, so most of our customers have overall monthly Medicare payments ranging from $250-$300 a month.

These explanations for Medicare will help you understand how Medicare is funded and what you can expect when you are set to enroll to pay.

To easily make the right Medicare decision, you can call us!

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