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Understand Medicare Plan Costs With SelectQuote
SelectQuote’s licensed insurance agents can help you review Medicare Advantage plan options that may be available in your area. It’s free and there’s no obligation to enroll.
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How much do Medicare plans cost?
Discussing Medicare plan costs can be somewhat complicated because “Medicare” is not a single product—it’s made up of different parts and options, and each has its own cost attached. Common Medicare plan costs include premiums, copayments, coinsurance, deductibles, and out-of-pocket limits. Each Medicare plan may have different costs associated with it.
We can help you navigate your Medicare plan options and figure out what coverage is best for your situation. It’s free and there’s no obligation to enroll.
Your Medicare Plan Options and Their Cost
Let’s begin by looking at the various options you have for Medicare plan coverage:
Original Medicare
Also known as Medicare Part A and Medicare Part B, Original Medicare provides standardized basic coverage for eligible Americans age 65 and older, with some exceptions for those younger than 65. Medicare Part D (also known as prescription coverage) is provided and paid for separately.
Medicare Supplement Insurance Plan
Also known as Medigap, these plans supplement Medicare Part A and Part B. They can help cover some of the health care costs not covered by Original Medicare such as copayments, coinsurance, and deductibles.
Medicare Advantage
Also known as Medicare Part C, Medicare Advantage plans must legally offer the same coverage as Original Medicare but may also include additional routine benefits.
What are the costs of Medicare Part A?
Keep in mind that if you don’t enroll in Medicare Part A when you’re first eligible, your monthly premium could go up 10%. You’ll have to pay the higher premium for twice the number of years you could have had Part A.
What are the costs of Medicare Part B?
Monthly Premiums: Everyone pays at least the standard monthly premium of $202.90 (for 2026), but some people may pay higher amounts for Medicare Part B. If your modified adjusted gross income as reported on your IRS tax return from two years ago is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium. In 2026, the amounts range from $284.10 to $689.90 per month.
Medical Deductibles and Coinsurance: These are capped at $283 per year (2026 rate). After the deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services, including while you’re an in-patient, receiving outpatient therapy, and for durable medical equipment like a wheelchair or walker.
Other Coverage and Costs:
Clinical Laboratory Services: You pay $0 for Medicare-approved services.
Home Health Services: $0 for home health care services.
Outpatient Hospital Services: You usually pay 20% of the Medicare-approved amount for the doctor or other health care provider’s services.
For services that can also be provided in a doctor’s office, you may pay more for outpatient services you get in a hospital than you’ll pay for the same care in a doctor’s office. However, the hospital outpatient copayment for the service is capped at the inpatient deductible amount.
In addition to the amount you pay the doctor, you’ll also usually pay the hospital a copay for each service you receive in a hospital outpatient setting, except for certain preventive services. In most cases, the copay can’t be more than the Part A hospital stay deductible for each service.
The Part B deductible applies, except for certain preventive services. If you get hospital outpatient services in a critical access hospital, your copayment may be higher and may exceed the Part A hospital stay deductible.
Keep in mind that in most cases, if you don’t sign up for Part B when you’re first eligible, you’ll have to pay a late enrollment penalty. You’ll have to pay this penalty for as long as you have Part B. Your monthly premium could go up 10% of the standard premium for each full 12-month period you could have had Part B but didn’t. Also, you may have to wait until the General Enrollment Period (January 1 to March 31) to enroll in Part B. Coverage will start July 1 of that year.
How much does a Medicare Part C plan cost?
A Medicare Part C plan—also called Medicare Advantage—offers the same coverage as Medicare Parts A and B and may include additional routine benefits. The premiums for Part C vary by plan and by the private insurer purchased from. Not all plans are available in all states.
What are the costs associated with a Part D plan?
If you’re enrolled in a stand-alone Medicare Part D Prescription Drug plan, you might pay a monthly plan premium (besides your Medicare Part B premium). Your premium is based on your income, your marital status, and whether you file individually or jointly.
Deductibles, Copayments, and Coinsurance: The amount you pay for Part D deductibles, copayments, and/or coinsurance varies by plan. Deductibles vary between Medicare drug plans, but no Medicare drug plan may have a deductible of more than $615 in 2026. Some Medicare drug plans don’t have a deductible.
Late Enrollment Penalty: You may owe a late enrollment penalty if, for any continuous period of 63 days or more after your Initial Enrollment Period is over, you go without one of these:
A Medicare Prescription Drug plan (Part D)
A Medicare Advantage plan (Part C) or another Medicare health plan that offers Medicare prescription drug coverage
Creditable prescription drug coverage
In general, you’ll have to pay this penalty for as long as you have a Medicare drug plan. The cost of the late enrollment penalty depends on how long you went without Part D or creditable prescription drug coverage.
How much do Medicare Supplement Insurance plans cost?
The amount of the Medicare Supplement plan—also called Medigap—monthly premiums can vary widely. The premiums are set by the private insurance companies offering the plans and are based on a variety of factors such as age, health status, gender, and more. Insurance companies may even charge different premiums for the same Medicare Supplement plan in different locations, which is why it’s in your best interest to shop around to ensure you’re paying the lowest amount possible for Medigap coverage. Companies may not cancel your coverage unless you don’t pay the plan premium, you weren’t truthful on the application, or the Medigap insurance company becomes bankrupt or insolvent.
Let SelectQuote Help You Navigate Medicare Plans
Finding Medicare a little overwhelming? Want help finding your best plan options? SelectQuote can help. From getting through the basics to navigating the more complex cases, working with us can save you time and money. In just minutes, we can compare Medicare Advantage plans available in your area. It’s a free service and there’s no obligation to enroll.
We do the shopping. You do the saving.
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