Understand Medicare costs one piece at a time
Medicare can help pay for many health-care services, but it does not mean every service or expense is paid in full. Your costs can depend on the parts of Medicare you have, the services you use, and your individual circumstances.
Costs are more than a monthly premium
When people hear “Medicare costs,” they often think only about a monthly premium. Costs can also include deductibles, copayments, coinsurance, prescription drug expenses, and services that are not covered.
The important first step is learning the meaning of each cost. That makes it easier to read official Medicare information and ask questions that relate to your own health-care needs.
Common Medicare cost terms.
Premium
A premium is the amount you pay each month to keep certain coverage.
Deductible
A deductible is the amount you may pay for covered health-care services before Medicare or other coverage starts to pay.
Copayment
A copayment is a set dollar amount you may pay for a covered service, visit, or prescription.
Coinsurance
Coinsurance is usually a percentage of the cost of a covered service that you may pay after any deductible is met.
What can affect what you pay
Medicare costs are not the same for every person. Your costs can be affected by the coverage you have, the health-care services you receive, whether a provider accepts Medicare, and the prescriptions you take.
Some costs can also change from year to year. That is why it helps to review official Medicare information when you are preparing to enroll or reviewing your coverage.
Medicare does not cover every cost
Having Medicare does not necessarily mean every health-care expense is paid in full. Depending on your coverage and the care you receive, you may still have costs for services, prescriptions, equipment, or care that is not covered.
Before receiving non-emergency care, it can be helpful to ask what the service costs, whether Medicare covers it, and what you may be responsible for paying.
Questions worth writing down
Before reviewing Medicare cost information, it can help to make a short list of questions that matter to you:
What monthly premiums may apply to my coverage?
What deductible would I need to meet?
What might I pay for regular doctor visits or specialist care?
How are my prescriptions covered and what costs may apply?
Does my doctor or provider accept Medicare?
Are there programs that may help with Medicare costs?
A written list can make it easier to use official Medicare resources and understand the cost information that applies to your situation.