Medicare is something Americans can start using at age 65, but what will the cost for 2023 be?
Medical costs are something that elderly Americans worry about as they sometimes face even more health issues.
Even for those who are younger, medical costs and healthcare are a stressful topic. When looking at private health insurance or government health insurance, it’s best to figure out what you need.
Most state health insurances are through Medicare and will cover part of someone’s medical expenses.
Medicare is available in parts, and each part has its own cost, copay, premium, and deductible.
Everything to know about the cost of Medicare in 2023
According to Marca, the average cost for healthcare for some at the age of 65 is more than $11,300 per year.
Some of that is covered with health insurance, but the rest can still be incredibly expensive.
To get Medicare Part A with no premium, you or your spouse need to have worked for at least 40 quarters. This adds up to ten years. You will not need to pay a monthly premium for Part A if you’ve earned this many credits.
If you do not have that many credits, then you’ll need to pay that premium. That amount is $278-$506 per month.
Just because premiums are free, doesn’t mean everything else for Part A is too. In 2023 the deductible for Part A is $1,600 per benefit period.
Medicare Part B does not have a free premium, so most people end up paying for that. In 2023, Medicare Part B will be $164.90 per month. Your premium is based on your tax return and income. Some people could see their premium for Part B cost as much as $550.50.
Taxable income and making it less for 2022 tax returns
Samantha edits our personal finance and consumer news section. Have a question or lead? Send it to [email protected].