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How Much Does Medicare Cost? What You Need to Know About Premiums

Before enrolling in Medicare, make sure you understand the cost of Medicare so you're prepared for this added expense.

Most Medicare Part A enrollees don't pay a monthly premium, but you're responsible for certain out-of-pocket costs which are determined by the length of your hospital stay. You can also get more information about medicare collections at

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•          What you pay for Medicare Part B per month is based on your income, but the 2020 standard premium is $144.60 per month. Medicare Part B also has out-of-pocket expenses

•          Medicare Part C plans are purchased from a private insurer and a monthly premium depends on the selected plan and where you live. On average, monthly premiums for these plans can range from $0 a month to as high as $200 or $300 a month

•          If you choose a standalone Medicare Part D plan to reduce your out-of-pocket cost for prescription drugs, the average monthly premium for Part D in 2020 is $32.74 a month

•          Medicare Supplement plans vary by state, with up to 10 plan options in 47 states.

•          Beginning January 1, 2020, Medicare Supplement plans C and F will no longer be available to those newly enrolled in Medicare

If you're eligible for Medicare (or will be soon), you might ask: How much does Medicare cost per month? This is need-to-know information that can help you financially prepare for future healthcare expenses.

Medicare is federal health insurance available to those age 65 and older, as well as younger individuals with disabilities. But although a type of health insurance, what you pay is often less than the cost of health insurance during your working years.

This article will discuss the different parts of Medicare, and what you can expect to pay depending on the coverage you receive.