HOW MUCH DO RETIREES PAY FOR MEDICARE?

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How much do retirees pay for Medicare?

The Centers for Medicare and Medicaid Services has announced the standard Medicare

premiums for Part B beneficiaries will be $164.90 a month in 2023, down $5.20 from

the $170.10 monthly charge in 2022, or about 3% less.

Do you still pay into Medicare after 65?

Many people enroll in Medicare Part A at 65, even though they have employer coverage,

because it’s free unless they or their spouse has paid fewer than 40 quarters of Medicare

taxes. However, they may decide to wait if they want to continue contributing pretax

dollars to a health savings account (HSA).

Why is Medicare B free?

Medicare Part B is only free if you have a low income and are enrolled in one of the Medicare

Savings Programs for financial assistance. Eligibility for these programs varies by state,

and some states make it easier to qualify because of higher income limits or by eliminating

the asset requirement.

What happens if you don’t enroll in Medicare at 65?

Generally speaking, if you do not sign up for Medicare on time, you may have to pay a 10%

surcharge on Medicare Part B premiums for each year you go without coverage starting the

month you’re eligible for coverage. You’ll have to pay this penalty each time you pay your

premiums as long as you have Part B.

Should I keep my health insurance if I have Medicare?

There is no compulsion to have other health insurance legally speaking. However,

most people will want to have additional health insurance even when they have Medicare.

This is because Medicare doesn’t cover everything that most retirees would like covered.

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