Overview of Medicare Premiums for 2018

This article offers a comprehensive overview of Medicare premiums for 2018, detailing costs for Parts A, B, C, and D. It highlights factors affecting premiums, deductibles, and coinsurance, enabling beneficiaries to make informed decisions about their healthcare coverage. Understanding these costs is essential for selecting the right Medicare plan, whether traditional or private options. The article emphasizes the importance of comparing various plans, especially for Parts C and D, and recommends consulting financial experts for personalized advice.

Medicare is a government-run health insurance program designed to assist individuals over 65, those with certain disabilities under 65, or patients with end-stage renal disease. Enrollment occurs during the annual open registration period, with options including the traditional Original Medicare or the private Medicare Advantage Plans, which are contracted by the government.

The Original Medicare includes four components: Parts A, B, C, and D, each with varying costs. Comparing these plans helps in selecting the most suitable coverage.

Medicare Premiums in 2018

Part A: Many do not pay premiums; however, those who purchase Part A pay $422 monthly unless they paid Medicare taxes for 30-39 quarters, lowering the premium to $232. Deductibles and coinsurance are applicable for inpatient hospital stays, with a deductible of $1,340 per benefit period, and coinsurance of $335/day after 60 days, rising to $670 after 90 days.

Part B: The standard premium in 2018 was $134, but income levels can affect this amount. The annual deductible is $183, and after that, beneficiaries pay approximately 20% of service costs for inpatient, outpatient, and equipment services.

Parts C and D: Premiums depend on your chosen plan and vary accordingly.

Understanding the 2018 premiums and associated costs for each part is crucial for selecting the right Medicare coverage. While deductibles and premiums are straightforward for Parts A and B, comparing plans for Parts C and D is essential to meet individual needs.

Note: The information provided is compiled from research, expert opinions, and available data. As these details can change over time, especially due to financial fluctuations, it is advisable to consult a financial professional before making any decisions. The website disclaimers note that the information may not always be current or accurate, and readers should review specific details with professionals.