How is Medicare paid for?

Medicare is financed by the Social Security Administration. So, taxpayers fund Medicare by paying 1.45% of their earning into Federal Insurance Contributions Act. (FICA). Employers bring in 1.45%. If you’re self-employed, you have to pay 2.9%.  

Is Medicare Part A free?

If you or your spouse have worked for at least 10 years (40 quarters) and paid Medicare taxes, you are eligible for premium-free Part A. If you have not met the 40 quarters, you can pay the Part A premium which in 2019 is $437. If you paid Medicare taxes for 30-39 quarters, the standard…

Is Medicare Part B free?

You pay a monthly premium for Part B. Premium amounts vary depending on your income. The higher your income, the more you pay for the premium. For those who earn low-income, there is a government program, called Medicaid or Low-Income Subsidy, that helps cover premium payments for Part B.

Is there a deductible for Medicare?

Yes. There will be a deductible for Medicare Parts A & B, and it changes yearly. In 2021, your deductible for Part A is $1,484, and Part B is $203 annually.

What will my Medicare premium be?

If you or your spouse have worked for at least 10 years (40 quarters) and paid Medicare taxes, you are eligible for premium-free Part A. If you have not met the 40 quarters, you can pay the Part A premium which in 2019 is $437. If you paid Medicare taxes for 30-39 quarters, the standard…

How can I get help paying for Medicare?

If you are earning low-income, there is a government program called Medicaid, or Low-Income Subsidy, that helps cover premiums for Part B as well as other Medicare benefits. You can also get help with Part D. There are some programs that will help you pay premiums and assist with co-insurance such as Low-Income Subsidy (LIS)…