What Was the Cost of Medicare in 2014?

In 2014, Medicare benefit payments totaled $597 billion, which cost the federal government a net of $505 billion, reports the Kaiser Family Foundation. Most individual beneficiaries paid a monthly premium of $104.90 for Medicare Part B, according to Kiplinger.

National spending on Medicare in 2014 represented 14 percent of the federal budget, notes the Kaiser Family Foundation. About 23 percent of the spending was for Part A hospital inpatient services.

Individual Medicare Part A beneficiaries paid no monthly premiums in 2014, but they did have a $1,216 deductible for any hospital stays, according to Kiplinger. That deductible covered up to 60 days of an inpatient hospitalization.