What was the cost of Medicare in 2014?


Quick Answer

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.

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Full Answer

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.

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