Most people receive Medicare Part A (hospital insurance) premium-free if they or their spouse worked and paid Medicare taxes for at least 10 years. If you don’t meet this requirement, you may have to pay a monthly premium. For more details, schedule an appointment with a Tsunami Advisor here: Schedule an Appointment.

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In 2024, the standard monthly premium for Medicare Part B is $174.70, but if your income is higher, you may pay more. Medicare Part B premiums can also change annually based on healthcare costs. For personalized guidance, schedule an appointment with a Tsunami Advisor here: Schedule an Appointment.

You may need to pay an additional premium for a Medicare Advantage plan, and you'll also have out-of-pocket costs like deductibles, copayments, and coinsurance. The good news is that these plans include an annual out-of-pocket maximum to limit your expenses. For more information, schedule an appointment with a Tsunami Advisor here: Schedule an Appointment.

The Medicare Part B late enrollment penalty is 10% for each 12-month period you delay enrollment without creditable coverage. This penalty lasts for as long as you have Part B. For help avoiding the penalty or understanding your options, schedule an appointment with a Tsunami Advisor here: Schedule an Appointment.

Medicare Part D covers prescription drugs, but you'll still pay some out-of-pocket costs, including premiums, deductibles, and copayments. To learn more about your prescription drug costs, schedule an appointment with a Tsunami Advisor here: Schedule an Appointment.

The Medicare Part A deductible is $1,632 per benefit period, while the Medicare Part B deductible is $240 annually. For help understanding your deductibles and costs, schedule an appointment with a Tsunami Advisor here: Schedule an Appointment.