Medicare Part A is the hospital insurance component of Medicare’s benefits. Most people don’t have to pay for Part A benefits, as they’ve already paid into Medicare taxes sufficiently. Therefore, they qualify for premium-free Part A. To get premium-free Part A benefits, you must pay Medicare taxes for at least 30 quarters. People who paid this tax for less than 30 quarters will be required to pay a monthly premium of $471. People who paid 30-39 quarters of Medicare taxes must pay a standard premium of $259 in 2021. To determine if you qualify for low-cost or premium-free Part A, get in touch with an insurance specialist.
Medicare Part A also has other costs that you will need to account for, such as deductibles and coinsurance. In 2021, the standard Part A deductible was $1,484 for each benefit period. Therefore, you would have to pay this amount out-of-pocket before your benefits kick in. The amount you pay in coinsurance varies based on how many days have passed in any individual benefit period.