1 10-minute claim is based solely on the time to complete the e-application if you have your Medicare card and other pertinent information available when you apply. The time to shop for plans, compare rates, and estimate drug costs is not factored into the claim. Application time could be longer. Actual time to enroll will depend on the consumer and their plan comparison needs.
Resources
Paying for Medicare in 2024
- January 12, 2024
- Reviewed by John Krahnert
Medicare includes a number of different out-of-pocket expenses, including premiums, deductibles and copayments. Learn more about these Medicare out-of-pocket costs.
Medicare provides coverage for a variety of health care services. But it includes a number of different out-of-pocket expenses from beneficiaries, including premiums, deductibles, copayments and more.
We’ll help you understand how to pay your Medicare expenses and provide you with some cost-saving tips.
Paying for Part A and Part B premiums
The premium is the monthly amount you pay for your Medicare benefits.
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- Medicare Part A is premium-free for most people (if they paid Medicare taxes for 10 years while working).
- Part B comes with a premium that may increase based on your income.
- Part C and Part D costs vary by the plan and private insurance company that sells them.
One option you have for paying your Medicare Part A and Part B premiums is Medicare Easy Pay (MEP).
Medicare Easy Pay is the electronic payment option that allows Medicare beneficiaries to have their premium payments automatically deducted from a checking or savings account each month.
Paying for Part C and Part D premiums
Part C (known as Medicare Advantage) and Part D (prescription drug coverage) are sold by private insurance companies and there are hundreds of plans available.
Each Part C and Part D plan will come with its own costs, coverages, terms and ways in which they can be paid for.
To determine how you can pay for a Part C or Part D plan, you’ll need to talk with a licensed insurance agent.
You can also compare Part D plans available where you live and enroll in a Medicare prescription drug plan online in as little as 10 minutes when you visit MyRxPlans.com.1
Deductibles, copayments and coinsurance
Of course, the monthly premium won’t be your only Medicare expense. You may need to pay out of pocket toward deductibles. Also, you’ll likely incur some copayment or coinsurance expenses along the way.
The same applies to Medicare Advantage. Where out-of-pocket costs for Original Medicare are standardized, Medicare Advantage costs can vary by plan.
You may be able to enroll in a Medicare Advantage plan with lower out-of-pocket costs, depending on what plans are available in your area.
Ways to save
If you think you may have trouble paying for Medicare expenses, there are a few options available.
A Medicare Savings Program is designed to help people with lower incomes save money on Medicare expenses. There are four types of Medicare Savings Programs that can help pay for Part A and Part B premiums, deductibles, copayments and coinsurance.
There is also the Extra Help program (also known as the Low Income Subsidy, or LIS). This program helps patients pay for their Medicare Part D prescription drug plan and assists with premiums, deductibles, coinsurance and copayments.
Those enrolled in the Extra Help program are also exempt from coverage gap, or “donut hole” found in Part D plans.
In addition to the available discount programs, there are a number of things you can do to save money on your Medicare expenses.
- Sign up when you first become eligible
There are several enrollment periods for Medicare. If you don’t enroll when you are first eligible, you may end up paying more for coverage. - HMO or PPO?
Medicare Part C plans come in the form of both PPO and HMO plans (among other options). This means that going out of your plan’s network for care can cost you extra. Familiarize yourself with your plan’s network and map out where you can go for each type of service.
Get in touch with a licensed insurance agent today to discuss your options and find a Medicare Advantage plan in your area.
Find Medicare Advantage plans in your area
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About the author
Christian Worstell is a senior Medicare and health insurance writer with MedicareAdvantage.com. He is also a licensed health insurance agent. Christian is well-known in the insurance industry for the thousands of educational articles he’s written, helping Americans better understand their health insurance and Medicare coverage.
Christian’s work as a Medicare expert has appeared in several top-tier and trade news outlets including Forbes, MarketWatch, WebMD and Yahoo! Finance.
Christian has written hundreds of articles for MedicareAvantage.com that teach Medicare beneficiaries the best practices for navigating Medicare. His articles are read by thousands of older Americans each month. By better understanding their health care coverage, readers may hopefully learn how to limit their out-of-pocket Medicare spending and access quality medical care.
Christian’s passion for his role stems from his desire to make a difference in the senior community. He strongly believes that the more beneficiaries know about their Medicare coverage, the better their overall health and wellness is as a result.
A current resident of Raleigh, Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism.
If you’re a member of the media looking to connect with Christian, please don’t hesitate to email our public relations team at Mike@tzhealthmedia.com.
