How Much Does Medicare Cost at age 65?

As we age, we get more prone to illnesses. That’s why planning for healthcare expenses is very important. However, it’s not an easy task. To know how much does Medicare cost at age 65, just read on this short but helpful blog. At Health Plans In Oregon, we’re here to make Medicare simple.

The simple answer: 

Most people get Medicare Part A (Hospital Insurance) for free. Your Medicare benefits are based on you or your spouse’s work history. Below is a general info on how much does Medicare cost at age 65.

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For Part A, each month (in 2022) you will pay:

• Nothing if you or your spouse worked and paid Medicare taxes for 10 years or more in the U.S.
• $274 if you or your spouse worked and paid Medicare taxes for 30-39 quarters.
• $499 if you or your spouse worked and paid Medicare taxes for less than 30 quarters.

For Part B, each month (in 2022) you will pay:

• A $170.10 premium each month if your annual income is below $91,000 ($182,000 for couples).
• People with high incomes have a higher Part B premium.

Note: How much you will pay for services each month depends on which services you receive and whether you go to a doctor who accepts the Medicare-approved amount as payment in full (accepts assignment).

For part D, prescription drug plan, generally cost around $35/month.

Once you enroll on Medicare Part A and Part B, you have 3 options to take which determines how much your entire Medicare will cost you.

Options are:

1. Part A + Part B + Part D
2. Part A + Part B + Part C
3. Part A + Part B + Part D + Medicare Supplement

Which of these 3 choices fits your budget and needs? At Health Plans In Oregon, our goal is to make sure you have all the information you need about Medicare insurance options. We make the complex and hard to understand policies, simple and easy, giving you peace of mind.