Medicare Cost Calculator
Estimate Medicare premiums and out-of-pocket costs
Your Information
From 2-year-old tax return
Average premium: $46/month
Covers gaps in Original Medicare
Before insurance coverage
Cost Breakdown
Estimated Total Annual Cost
$0
Premiums + Out-of-Pocket
Monthly Premiums
IRMAA Surcharges
Based on 2023 MAGI
Annual Deductibles & Costs
Recommendations
- • Calculate to see personalized recommendations
When to Use Medicare Calculator
Turning 65 Planning
Estimate Medicare costs before enrollment to budget for retirement healthcare expenses and choose between Original Medicare and Medicare Advantage plans.
IRMAA Impact Assessment
Calculate how high income affects Medicare premiums through IRMAA surcharges and plan strategies to reduce modified adjusted gross income.
Plan Comparison
Compare costs between Original Medicare with Medigap versus Medicare Advantage to determine which option provides better value for your situation.
Annual Budget Planning
Calculate total annual Medicare expenses including premiums, deductibles, and estimated out-of-pocket costs to create accurate retirement healthcare budget.
Medigap Selection
Evaluate whether Medigap supplemental insurance is worth the cost by comparing premiums against potential out-of-pocket savings on deductibles and coinsurance.
Income Strategy Planning
Model how Roth conversions, capital gains timing, or other income decisions affect IRMAA brackets to minimize Medicare surcharges.
Frequently Asked Questions
How much does Medicare cost?
Medicare costs: Part A is free for most (premium $518/month if under 40 work quarters). Part B standard premium is $185/month with $257 deductible. Part D averages $46/month. Medicare Advantage (Part C) averages $18/month. High earners pay IRMAA surcharges. Total annual costs range from $2,220-$7,000+ depending on income and coverage choices.
What is IRMAA and who pays it?
IRMAA (Income-Related Monthly Adjustment Amount) is a surcharge for high-income Medicare beneficiaries. Based on 2-year-old tax return, IRMAA applies if single income exceeds $106,000 or married filing jointly exceeds $212,000. Surcharges range from $74-$419.30/month for Part B and $13.70-$85.80/month for Part D, added to standard premiums.
What's the difference between Medicare Part A, B, C, and D?
Part A (Hospital Insurance) covers inpatient hospital stays, skilled nursing, hospice. Part B (Medical Insurance) covers doctor visits, outpatient care, preventive services. Part C (Medicare Advantage) is private insurance replacing A+B, often includes Part D. Part D covers prescription drugs. Most people need A+B+D or choose Part C (Advantage) which bundles coverage.
Do I have to pay for Medicare Part A?
Most people get Part A premium-free if they or their spouse paid Medicare taxes for 10+ years (40 quarters). If you have 30-39 quarters, Part A costs $285/month. Under 30 quarters, it's $518/month. You still pay deductibles: $1,676 per benefit period. Part A is automatic at 65 if receiving Social Security.
What does Medicare not cover?
Medicare doesn't cover: long-term care (nursing homes), most dental care, eye exams for glasses, dentures, cosmetic surgery, acupuncture (except chronic pain), hearing aids, routine foot care. No coverage outside USA except limited exceptions. Consider Medigap (supplemental insurance) to cover gaps like Part B's 20% coinsurance and deductibles.
Should I choose Original Medicare or Medicare Advantage?
Original Medicare (A+B) offers freedom to see any doctor accepting Medicare, nationwide coverage, predictable costs with Medigap. Medicare Advantage (Part C) has lower premiums, includes extras (dental, vision), but restricts to network, requires referrals, has annual out-of-pocket limits ($9,350). Choose Original if you travel or want doctor choice; Advantage if you prefer lower premiums and don't mind networks.
When should I enroll in Medicare?
Initial Enrollment Period: 3 months before turning 65, your birthday month, and 3 months after (7 months total). Late enrollment penalties: Part B adds 10% per 12-month delay, Part D adds 1% per month delayed. Penalty lasts lifetime. If still working with employer coverage (20+ employees), you can delay without penalty. Enroll during Special Enrollment Period within 8 months of leaving employer coverage.
Is this Medicare calculator free?
Yes, this Medicare calculator is completely free with no registration required. Calculate Medicare costs including all parts, IRMAA surcharges, and annual expenses unlimited times. Compare Original Medicare vs Medicare Advantage scenarios and download detailed cost reports. No personal information needed, no spam, just instant Medicare cost calculations.
No comments yet. Be the first to share your thoughts!