Q:

Are there annual cost differences for an individual on Medicare?

A:

Quick Answer

Though most Original Medicare beneficiaries pay the same premiums and have the same deductibles, individual circumstances cause some differences in the annual costs, explains Medicare.gov. The annual costs of Medicare Part C, or Medicare Advantage, and Part D, the optional prescription drug coverage, vary by the particular health insurance provider.

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Full Answer

In 2015, most Part A beneficiaries pay no monthly premium, notes Medicare.gov. People who purchase Part A coverage pay up to $407 a month. Most Part B recipients pay a premium of $104.90 per month, but the 5 percent with higher incomes pay an additional Income Related Monthly Adjustment Amount.

Annual costs for people with Part A coverage are different depending on how long they are hospitalized, explains Medicare.gov. There is an annual deductible, and a beneficiary pays co-insurance if he spends more than 60 days as an inpatient at a hospital during any given year.

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