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Quick Answer
Medicare costs vary by person. Part A is premium-free for most people who paid Medicare taxes long enough. Part B has a standard monthly premium that's higher for higher incomes. Medicare Advantage and Part D premiums depend on the plan you choose. Most people also pay deductibles, copays, or coinsurance.
Not entirely. Most people get premium-free Part A because they paid Medicare taxes while working, but Part B always carries a monthly premium.
Beyond premiums, you'll usually have some cost-sharing — deductibles, copays, or coinsurance — depending on the coverage you choose.
Part B has a standard monthly premium set by Medicare each year. Higher-income households pay an income-related adjustment (often called IRMAA) on top of the standard amount.
Because these figures are set annually and depend on your income, it's best to confirm the current numbers for your situation rather than rely on last year's.
Medicare Advantage premiums vary widely — some plans have a $0 monthly premium (you still pay your Part B premium), while others cost more in exchange for richer benefits.
Standalone Part D drug plans have their own premiums, deductibles, and copay tiers. The right plan depends on the specific medications you take, which is why comparing plans against your drug list matters.
On its own, Original Medicare has no annual out-of-pocket maximum, which is why many people add a Medigap plan or choose Medicare Advantage (which caps yearly out-of-pocket spending).
Planning for deductibles, coinsurance, and prescription costs helps you compare the true cost of each path — not just the monthly premium.
The lowest-premium plan isn't always the cheapest overall once you factor in your doctors, medications, and expected care. Comparing total annual cost across your options is the key.
We review your situation and compare plans so you understand the real costs before you decide — at no charge. Amounts change each year, and we confirm the current figures with you.
Betsy is a licensed local broker who can walk you through your options with no pressure — and no cost.
Request a No-Cost ConsultationThe questions people ask us most — answered in plain English.
No. Most people get premium-free Part A, but Part B always has a monthly premium, and you'll typically have deductibles, copays, or coinsurance. Medicare Advantage and Part D plans have their own costs too.
Higher-income households pay an income-related monthly adjustment (IRMAA) on top of the standard Part B premium. The amount is based on your reported income and is set by Medicare each year.
No. On its own, Original Medicare has no annual cap on out-of-pocket spending. Many people add a Medigap plan or choose a Medicare Advantage plan, which does cap yearly out-of-pocket costs.
Related coverage and guides that pair well with this topic.
Simply Insurance helps people in Castle Pines, Castle Rock, the South Denver metro area, and across Colorado compare Medicare Advantage options, provider networks, prescription drug coverage, and enrollment next steps.
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