Key Takeaways
How Much Are The Monthly Premiums?
Are Medicare Premiums Income Tested?
Are Part D Medicare Plans An Additional Cost?
A Simple Guide for People Turning 65
If you’re turning 65 in 2026, you’re probably hearing a lot about Medicare—but what does it actually cost? This quick, friendly guide walks you through the latest numbers for 2026 so you can make smart decisions about your healthcare coverage. No sales pitch—just the facts, from someone who’s helped thousands of people navigate this system with confidence.
Medicare Part A (Hospital Insurance)
Premium:
Most people get Part A premium-free if they’ve worked at least 40 quarters (10 years) and paid Medicare taxes. If you haven’t met that requirement, the Part A premium in 2026 is up to $565 per month 2026 MEDICARE COST SHARE AT A G…
Deductible:
● $1,736 per benefit period (which covers the first 60 days of a hospital stay)
● $0 for days 1–60 (after you pay the deductible)
● $434/day for days 61–90
● $868/day for days 91–150 (lifetime reserve days)
● All costs after day 150
Medicare Part B (Medical Insurance)
Standard Premium for 2026:
● $202.90/month for most people 2026 MEDICARE COST SHARE AT A G…
Annual Deductible:
● $283 per year—after you pay this, Medicare typically covers 80% of approved services.
Part B IRMAA (Income-Related Monthly Adjustment Amount)
If your income is higher, you may pay more. Here are the 2026 monthly rates:
| 2024 Income (Individual) | Joint Income (Married) | Monthly Premium (2026) |
|---|---|---|
| $109,000 or less | $218,000 or less | $202.90 |
| $109,001 – $137,000 | $218,001 – $274,000 | $284.10 |
| $137,001 – $171,000 | $274,001 – $342,000 | $405.80 |
| $171,001 – $205,000 | $342,001 – $410,000 | $527.50 |
| $205,001 – $499,999 | $410,001 – $749,999 | $649.20 |
| $500,000+ | $750,000+ | $689.90 |
Medicare Part D (Prescription Drug Coverage)
Premiums for Part D vary by plan and are based on the medications you take and where you live.
Typical 2026 Range:
● $42 to $163 per month
● Higher income earners will pay an IRMAA surcharge on top of this, similar to Part B.
💊 Pro Tip: Drugs like Eliquis, Ozempic, and Mounjaro tend to be Tier 3 or higher. Your out-of-pocket costs will depend on your specific plan’s formulary (the list of covered drugs) and tier structure.
What About Medicare Advantage (Part C)?
Medicare Advantage Plans are all-in-one alternatives to Original Medicare. Many plans offer low or even $0 premiums, but you’ll pay co-pays and have network restrictions. You still must pay your Part B premium ($202.90 in 2026), and additional costs vary by plan.
These plans often include prescription coverage and extra perks like dental or vision—but be sure to check provider networks and yearly out-of-pocket maximums, which can exceed $8,000 or more.
Medicare Supplement (Medigap) Plans
These are optional add-ons to Original Medicare that help cover the 20% coinsurance that Medicare doesn’t pay. In 2026, Plan G remains the most popular Medigap plan, but premiums can vary depending on your age, zip code, and carrier.
● Plan G Premiums (NY Example): $325–$375/month
● High Deductible Plan G: Around $90–$110/month with a $2,870 deductible
Unlike Advantage plans, Medigap plans don’t cover prescriptions, so you’ll need to enroll in a separate Part D plan.
Q&A: Medicare Costs in 2026
Do I have to pay for Medicare if I worked my whole life?
Most people get Part A for free, but you still pay a monthly premium for Part B (standard: $202.90 in 2026) and optionally for Part D and Medigap.
What if my income is higher?
You’ll pay more for Part B and Part D through IRMAA (see tables above). It’s based on your tax return from two years ago (2024).
How can I reduce my Medicare costs?
Choosing a Medicare Advantage plan might save on monthly premiums, but check networks and copays. High-Deductible Plan G is another option if you’re healthy and want low premiums with strong catastrophic protection.
Can I switch my plan if costs go up?
Yes! In some states like New York, you can change Medigap plans without medical underwriting year-round, including when dropping a Medicare Advantage plan.
Final Thought
Medicare can be confusing, especially when it comes to costs—but you don’t have to figure it out alone. I’ve helped hundreds of people just like you understand Medicare and choose a plan that fits their health and budget. If you’re turning 65 in 2026, let’s talk early so you don’t miss deadlines—or overpay.
