Medicare 2014 & 2015 costs...

• Monthly premium (for people who pay a premium):

  If you buy Part A, you'll pay up to $426 each month (reduced to $407 in 2015).

  Most people get premium-free Part A.

• Late enrollment penalty: 

  • If you don't buy it when you're first eligible, your monthly premium may go up 10%. (You'll have to pay the higher premium for twice the number of years you could have had Part A, but didn't sign up.) Learn more about the Part A late enrollment penalty.

Part A costs if you have Original Medicare

• Home health care

  • $0 for home health care services.
  • 20% of the Medicare-approved amount for durable medical equipment.

• Hospice care

  • $0 for hospice care.
  • You may need to pay a copayment of no more than $5 for each prescription drug and other similar products for pain relief and symptom control while you're at home. In the rare case your drug isn’t covered by the hospice benefit, your hospice provider should contact your Medicare drug plan to see if it's covered under Part D.
  • You may need to pay 5% of the Medicare-approved amount for inpatient respite care.
  • Medicare doesn't cover room and board when you get hospice care in your home or another facility where you live (like a nursing home).

• Hospital inpatient stay

  • $1,216 deductible for each benefit period ($1,260 in 2015).
  • Days 1–60: $0 coinsurance for each benefit period ($0 in 2015).
  • Days 61–90: $304 coinsurance per day of each benefit period ($315 in 2015).
  • Days 91 and beyond: $608 coinsurance per each "lifetime reserve day" after day 90 for each benefit period (up to 60 days over your lifetime) ($630 in 2015).
  • Beyond lifetime reserve days: all costs.

  Note

  You pay for private-duty nursing, a television, or a phone in your room. You pay for a private room unless it's medically necessary.

• Mental health inpatient stay

  • $1,216 deductible for each benefit period ($1,260 in 2015).
  • Days 1–60: $0 coinsurance per day of each benefit period ($0 in 2015).
  • Days 61–90: $304 coinsurance per day of each benefit period ($315 in 2015).
  • Days 91 and beyond: $608 coinsurance per each "lifetime reserve day" after day 90 for each benefit period (up to 60 days over your lifetime) ($630 in 2015).
  • Beyond lifetime reserve days: all costs.
  • 20% of the Medicare-approved amount for mental health services you get from doctors and other providers while you're a hospital inpatient.

  Note

  There's no limit to the number of benefit periods you can have when you get mental health care in a general hospital. You can also have multiple benefit periods when you get care in a psychiatric hospital. Remember, there's a lifetime limit of 190 days.

• Skilled nursing facility stay

  • Days 1–20: $0 for each benefit period ($0 in 2015).
  • Days 21–100: $152 coinsurance per day of each benefit period ($157.50 in 2015).
  • Days 101 and beyond: all costs.

• Monthly premium:

  Most people pay the Part B premium of $104.90 each month (this amount won’t change in 2015).

  However, if your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you may pay more.

• Late enrollment penalty:

 If you don't sign up for Part B when you're first eligible or if you drop Part B and then get it later, you may have to pay a late enrollment penalty for as long as you have Medicare. Your monthly premium for Part B may go up 10% for each full 12-month period that you could have had Part B, but didn't sign up for it. Learn more about the Part B late enrollment penalty.

Part B costs if you have Original Medicare

• Part B annual deductible:

  You pay $147 per year for your Part B deductible (this amount won’t change in 2015).

• Clinical laboratory services:

 You pay $0 for Medicare-approved services.

• Home health services:

  • $0 for home health care services.
  • 20% of the Medicare-approved amount for durable medical equipment.

• Medical and other services:

 You pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you're a hospital inpatient), outpatient therapy, and durable medical equipment.

• Outpatient mental health services

  • You pay nothing for your yearly depression screening if your doctor or health care provider accepts assignment.
  • 20% of the Medicare-approved amount for visits to a doctor or other health care provider to diagnose or treat your condition. The Part B deductible applies.
  • If you get your services in a hospital outpatient clinic or hospital outpatient department, you may have to pay an additional copayment or coinsurance amount to the hospital. This amount will vary depending on the service provided, but will be between 20-40% of the Medicare-approved amount.

• Partial hospitalization mental health services:

You pay a percentage of the Medicare-approved amount for each service you get from a doctor or certain other qualified mental health professionals if your health care professional accepts assignment. You also pay coinsurance for each day of partial hospitalization services provided in a hospital outpatient setting or community mental health center, and the Part B deductible applies.

• Outpatient hospital services

  • You generally pay 20% of the Medicare-approved amount for the doctor or other health care provider's services, and the Part B deductible applies.
  • For all other services, you also generally pay a copayment for each service you get in an outpatient hospital setting. You may pay more for services you get in a hospital outpatient setting than you would pay for the same care in a doctor's office.
  • For some screenings and preventive services, coinsurance, copayments, and the Part B deductible don't apply (so you pay nothing).

• Monthly premium:

 The Part C monthly premium varies by plan.

• Monthly premium:

 The Part D monthly premium varies by plan (higher-income consumers may pay more). 

• Late enrollment penalty: 

If you don't sign up for Part D when you're first eligible or if you drop Part D and then get it later, you may have to pay a late enrollment penalty for as long as you have Part D. The cost of the late enrollment penalty depends on how long you went without creditable prescription drug coverage. Learn more about the Part D late enrollment penalty.