2023 Original Medicare Costs
Medicare Part A (Hospital Insurance) Costs
Part A monthly premium
Most people don't pay a Part A premium because they paid Medicare taxes while working. If you don't get a premium-free Part A, you pay between $278.00 - $506.00 per month depending on how long they or their spouse worked and paid Medicare taxes.
Part A Hospital Inpatient Deductible and Coinsurance
The Part A hospital deductible is $1,600.00 for each benefit period
Days 1-60: $0 coinsurance for each benefit period
Days 61-90: $400 coinsurance per day of each benefit period
Days 91 and beyond: $800 coinsurance per each "lifetime reserve day" after day 90 for each benefit period (up to 60 days over your lifetime)
Beyond lifetime reserve days: all costs
Skilled Nursing Facility coinsurance is $200.00
Medicare Part B (Medical Insurance) Costs
Part B monthly premium
Most people pay the standard Part B premium amount $170.10. Social Security will tell you the exact amount you'll pay for Part B. However, if your modified adjusted gross income as reported on your IRS tax return from 2 years prior is above a certain amount, you'll pay the standard Part B premium and an income-related monthly adjustment amount.
Based on your income, here's what you'll pay for Part B in 2022
If you file an individual tax return and earn:
$97,000 or less, you will pay $164.90/mo
more than $97,000 up to $123,000, you will pay $230.80/mo
more than $123,000 up to $153,000, you will pay $329.70/mo
more than $153,000 up to $183,000, you will pay $428.60/mo
more than $183,000 up to $500,000, you will pay $527.50/m0
above $500,000, you will pay $560.50/mo.
If you file a joint tax return and earn:
$194,000 or less, you will pay $164.90
more than $194,000 up to $246,000, you will pay $230.80/mo
more than $246,000 up to $306,000, you will pay $329.70/mo
more than $306,000 up to $366,000, you will pay $428.60/mo
more than $366,000 up to $750,000, you will pay $527.50/mo
above $750,000, you will pay $560.50/mo.
If you file married & separate and earn
$97,000 or less, you will pay $164.90
more than $97,000 up to $403,000, you will pay $527.50/mo
above $403,000, you will pay $560.50/mo
The Part B deductible is $226.00 per year.
After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you're a hospital inpatient), outpatient therapy, and Durable Medical Equipment (DME)
As you can see, even after paying the premium and deductibles, original Medicare (Part A & Part B) can leave you financially vulnerable. This is where Part D (Prescription Drug Coverage), Part C (Medicare Advantage Plans), and Medigap (Medicare Supplemental Insurance) can come in handy.