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- Hospital insurance that helps with inpatient hospital care, skilled nursing facility care (rehab only), hospice and home health care.
- The deductible for Part A during 2017 is $1,316.
- There is no cost for Part A if you paid Medicare taxes at least 40 quarters while working.
- Medical insurance that helps with medically necessary doctor services and outpatient care. Preventive services are also covered to help you maintain your health and keep illnesses from getting worse.
- The deductible for Part B during 2017 is $183. Medicare will pay 80% of medically necessary health care after you pay this deductible, and you will be responsible for the other 20%.
- If you don’t sign up for Part B when you are first eligible (Initial Enrollment Period), you may have to pay a late enrollment penalty.
- The cost for Part B is based on your income. In 2017 the monthly premium for most people is $109 and is deducted from your Social Security benefit. New Medicare beneficiaries will pay $134 (see chart below). If you are not receiving your benefit, you will be billed quarterly by the SSA.
Part B premiums by income
|If your yearly income in 2015 was||You pay
|File individual tax return||File joint tax return|
|$85,000 or less||$170,000 or less||$134|
|above $85,000 up to $107,000||above $170,000 up to $214,000||$187.50|
|above $107,000 up to $160,000||above $214,000 up to $320,000||$267.90|
|above $160,000 up to $214,000||above $320,000 up to $428,000||$348.30|
|above $214,000||above $428,000||$428.60|