What are Medicare premiums and how much do they cost?

Medicare premiums refer to the amounts individuals pay to receive coverage under the various parts of Medicare. The costs of these premiums can vary depending on the specific plan and coverage one selects. In 2021, most people do not pay a premium for Medicare Part A, which primarily covers hospital stays. However, Medicare Part B, which mainly covers doctor visits and outpatient care, does have a premium. The standard Part B premium in 2021 is $148.50 per month, but it may be higher for those with higher income levels. Additionally, Medicare Part D, which provides prescription drug coverage, requires separate premiums that can vary depending on the plan chosen. It is important to review and compare coverage options to determine the most suitable plan and its associated premium costs.