Medicare Costs in 2008

In the Original Medicare Plan, your specific costs will include premiums, deductibles, and coinsurance amounts.  Part A and Part B differ in cost requirements, and your amounts will vary from year to year. 

Usually, Part A doesn’t call for a monthly premium if you or your spouse paid enough Medicare taxes while you were working.  In this case, you will most likely be automatically enrolled when you turn 65.  However, if you don’t qualify for premium-free Part A, your monthly premium for this component of your Medicare coverage can be up to $423.00.  If you have 30 – 39 quarters of Medicare-covered employment, your Part A monthly premium will be $233.00

Your Part A deductible, per benefit period, will most likely be $1,024.00, and your coinsurance amount will be $256.00 a day for the 61st – 90th day each benefit period.  For each lifetime reserve day, coinsurance will be $512.00 for the 91st – 150th day. 

For your Part B, your monthly premium will likely be $96.40.  However, some people will pay more, depending on their modified adjusted gross income.  For your Part B deductible, you will need to pay $135.00 for the year, and then 20% of the Medicare approved amount for services after this deductible. 

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