October 10, 2023
4 minute read

Medicare premiums: Each part has a unique price

How much are Medicare premiums?

Each part or Medicare (A, B, C, and D) provides a different set of health insurance benefits.1

Medicare premiums are different for each part, too. But how different are they?

We explain what each part of Medicare might cost you.

Medicare Part A premiums (for hospital insurance)

The first part of Original Medicare, Part A, covers:

For most, Medicare Part A comes at no additional cost. This is because most adults have already paid for Medicare Part A. Here’s what you need to know:

  • You won’t pay Medicare premiums if you or your spouse have worked 40 quarters (10 years) or more in the United States. Why? You’ve already paid Part A Medicare premiums through Social Security taxes.
  • You will pay Medicare premiums for Part A if you haven’t worked for at least 40 quarters in the U.S. In 2023, you’ll pay either $278 or $506 each month for Part A, depending on how long you or your spouse worked and paid Medicare taxes.2

Medicare Part B premiums (for medical insurance)

The second half of Original Medicare, Part B, covers:

Many beneficiaries choose to enroll in Part B. For most seniors, Part B costs $164.90 per month in 2023.2

However, the Part B Medicare premium can increase based on your annual income. The possible increase is called the Income Related Monthly Adjustment Amount (IRMAA) and is calculated based on your income two years prior to the adjustment year.3

For a closer look, see the chart below: 4

2023 Part B Medicare premiums
File individual tax return File joint tax return File married and separate tax return Part B: you pay (in 2023)
$97,000 or less $194,000 or less $97,000 or less Standard premium = $164.90
Above $97,000 up to $123,000 Above $194,000 up to $228,000 Not applicable $65.90 + standard premium = $230.80
Above $123,000 up to $153,000 Above $246,000 up to $306,000 Not applicable $164.80 + standard premium = $329.70
Above $153,000 up to $183,000 Above $306,000 up to $366,000 Not applicable $263.70 + standard premium = $428.60
Above $183,000 up to $499,999 Above $366,000 and less than $750,000 Above $97,000 and less than $403,000 $362.60 + standard premium = $527.50
Above or equal to $500,000 Above or equal to $750,000 Above or equal to $403,000 $395.60 + standard premium = $560.50


Medicare Part C premiums

Medicare Part C, or Medicare Advantage, is an alternative to Original Medicare.

You do not lose your Part A and Part B coverage, but you are still responsible for your Part B premiums.

With Medicare Part C, you have comprehensive coverage that often covers additional benefits such as:

  • Prescriptions
  • Dental services

Zero-dollar Medicare Advantage premiums are available to many. The cost will depend on factors such as your:

Medicare Part D premiums (for prescription drug insurance)

Medicare Part D provides coverage for prescription medications. Like Medicare Part C, Medicare Part D is sold by private insurance companies.

Medicare income limits also apply to Part D, meaning that IRMAA may also increase your Part D Medicare premiums.

How much will you pay for prescription drug coverage (Medicare Part D)?

Look at the chart below for more information on what your monthly Part D adjusted amount will be in 2023.

The chart is based on your filing status and yearly income for 2020.4

2023 Part D Medicare premiums
File individual tax return File joint tax return File married and separate tax return Part D: you pay (in 2023)
$97,000 or less $194,000 or less $97,000 or less Your plan premium
Above $97,000 up to $123,000 Above $194,000 up to $228,000 Not applicable $12.20 + your plan premium
Above $123,000 up to $153,000 Above $246,000 up to $306,000 Not applicable $31.50 + your plan premium
Above $153,000 up to $183,000 Above $306,000 up to $366,000 Not applicable $50.70 +your plan premium
Above $183,000 up to $499,999 Above $366,000 and less than $750,000 Above $97,000 and less than $403,000 $70.00 + your plan premium
Above or equal to $500,000 Above or equal to $750,000 Above or equal to $403,000 $76.40 + your plan premium

Help with Medicare premiums

There are several programs available to help qualifying beneficiaries pay for their Medicare premiums. Some of these programs can also cover copayments, coinsurance, and deductibles.

While these programs may not cover all your medical expenses, they can certainly help:

  • Extra Help">Extra Help or Low-Income Subsidy (LIS">LIS). This subsidy helps cover Medicare Part D (prescription drug coverage) costs.5 It can be applied to: deductibles, copayments, and premiums. HealthMarkets can help you determine whether you qualify for Extra Help">Extra Help.
  • Qualified Medicare Beneficiary (QMB) Program. This program can help cover Part A and B premiums and out-of-pocket costs (deductibles, coinsurance, and copayments).
  • Specified Low-income Medicare Beneficiary (SLMB) Program. This program can help cover Part B premiums.
  • Qualified Individuals (QI) Program. This program can help cover Part B premiums.
  • Qualified Disabled and Working Individuals (QDWI) Program. This program can help working disabled people who are younger than 65 and those who have lost their Medicare Part A premium-free coverage by going back to work. It helps cover Part A premiums.

Compare plans to choose the right Medicare coverage

Saving money may seem tempting on a fixed budget. However, selecting the lowest Medicare premiums may end up costing you more when it comes to deductibles, out-of-pocket costs, and uncovered medical services.

Start comparing your Medicare options or call (800) 827-9990 to talk with a licensed insurance agent today.

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© 2024 HealthMarkets Insurance Agency. All rights reserved.

To send a complaint to Medicare, call 1-800-MEDICARE (TTY users should call 1- 877-486-2048), 24 hours a day/7 days a week).

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program to get information on all of your options.

Attention: This website is operated by HealthMarkets Insurance Agency, Inc. and is not the Health Insurance Marketplace® website. HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency nationwide except in MA. Not all agents are licensed to sell all products. Service and product availability varies by state. Sales agents may be compensated based on a consumer’s enrollment in an insurance plan. No obligation to enroll. Agent cannot provide tax or legal advice. Contact your tax or legal professional to discuss details regarding your individual business circumstances. Our quoting tool is provided for your information only. All quotes are estimates and are not final until consumer is enrolled. Medicare has neither reviewed nor endorsed this information.

HealthMarkets Insurance Agency is a licensed and certified representative of Medicare Advantage HMO, PPO and PPFS organizations and stand-alone prescription drug plans. Each of the organizations we represent has a Medicare contract. Enrollment in any plan depends on contract renewal. The plans we represent do not discriminate on the basis of race, color, national origin, age, disability, sex, sexual orientation, gender identity, or religion.

This information is not a complete description of benefits. Call the Plan’s customer service phone number for more information.

MULTIPLAN_HMMEDPREM_2021_M

© 2024 HealthMarkets Insurance Agency. All rights reserved.

To send a complaint to Medicare, call 1-800-MEDICARE (TTY users should call 1- 877-486-2048), 24 hours a day/7 days a week).

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program to get information on all of your options.

Attention: This website is operated by HealthMarkets Insurance Agency, Inc. and is not the Health Insurance Marketplace® website. HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency nationwide except in MA. Not all agents are licensed to sell all products. Service and product availability varies by state. Sales agents may be compensated based on a consumer’s enrollment in an insurance plan. No obligation to enroll. Agent cannot provide tax or legal advice. Contact your tax or legal professional to discuss details regarding your individual business circumstances. Our quoting tool is provided for your information only. All quotes are estimates and are not final until consumer is enrolled. Medicare has neither reviewed nor endorsed this information.

HealthMarkets Insurance Agency is a licensed and certified representative of Medicare Advantage HMO, PPO and PPFS organizations and stand-alone prescription drug plans. Each of the organizations we represent has a Medicare contract. Enrollment in any plan depends on contract renewal. The plans we represent do not discriminate on the basis of race, color, national origin, age, disability, sex, sexual orientation, gender identity, or religion.

This information is not a complete description of benefits. Call the Plan’s customer service phone number for more information.

MULTIPLAN_HMMEDPREM_2021_M

© 2024 HealthMarkets Insurance Agency. All rights reserved.

To send a complaint to Medicare, call 1-800-MEDICARE (TTY users should call 1- 877-486-2048), 24 hours a day/7 days a week).

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program to get information on all of your options.

Attention: This website is operated by HealthMarkets Insurance Agency, Inc. and is not the Health Insurance Marketplace® website. HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency nationwide except in MA. Not all agents are licensed to sell all products. Service and product availability varies by state. Sales agents may be compensated based on a consumer’s enrollment in an insurance plan. No obligation to enroll. Agent cannot provide tax or legal advice. Contact your tax or legal professional to discuss details regarding your individual business circumstances. Our quoting tool is provided for your information only. All quotes are estimates and are not final until consumer is enrolled. Medicare has neither reviewed nor endorsed this information.

HealthMarkets Insurance Agency is a licensed and certified representative of Medicare Advantage HMO, PPO and PPFS organizations and stand-alone prescription drug plans. Each of the organizations we represent has a Medicare contract. Enrollment in any plan depends on contract renewal. The plans we represent do not discriminate on the basis of race, color, national origin, age, disability, sex, sexual orientation, gender identity, or religion.

This information is not a complete description of benefits. Call the Plan’s customer service phone number for more information.

MULTIPLAN_HMMEDPREM_2021_M