Original Medicare consists of Medicare Part A and Medicare Part B, both of which have different costs associated.
Medicare Part A:
Premium- Most people do not pay a monthly premium for Medicare Part A. As long as you, or your spouse, worked 40 quarters (10 years), you will qualify for premium-free Medicare Part A. If you worked less than 40 quarters, your premium is dependent on the amount of quarters you worked. In 2021, if you worked 30-39 quarters, your monthly premium is $251. If you worked fewer than 30 quarters, your monthly premium is $471.
Deductible- The Medicare Part A deductible in 2021 is $1,484 per benefit period. This means that you may pay this deductible more than once in a year based on the length of time between hospitalizations.
Coinsurance- Medicare Part A has different coinsurances based on care. There is a daily hospital coinsurance past day 60, as well as a daily skilled nursing facility coinsurance past day 20.
Medicare Part B
Premium- Unlike Medicare Part A, Medicare Part B does carry a monthly premium for anyone enrolled. The standard Part B premium in 2021 is $148.50 per month. This premium, however, can increase based on your income. This premium income is known as IRMAA.
Deductible- Medicare Part B also has a deductible, but luckily this deductible is annual so you will only pay it once per year. In 2021, the Part B deductible is $203.
Coinsurance- Medicare Part B covers 80% of outpatient costs. This means that Medicare beneficiaries are responsible for 20% of all outpatient procedures. There are also other possible costs such as copayments and excess charges.