Not long ago, I had dinner with a group of friends from college. One of the big topics of conversation was Medicare, for which we’ll all be eligible in the next several years. (Farewell, callow youth!) And one of the biggest questions about Medicare was, “How much is it going to cost me?”
Like private health insurance, Medicare has premiums, deductibles, and co-pays. These costs can – and often do – change from year to year. What you actually pay depends on your work history, income, and inflation.
Only about one percent of people with Medicare pay a monthly premium for Medicare Part A, which covers inpatient hospitalization, skilled nursing care, and some home health services. That’s because they paid Medicare paycheck deductions for 40 quarters or longer during their working lives.