Medicare Cost Calculator

Annual Cost Estimate

Monthly Part B Premium ($)

Monthly Part D Premium ($)

Monthly Medigap/Supplement Premium ($)

Modified Adjusted Gross Income ($)

Expected Annual Medical Expenses ($)

Expected Annual Prescription Costs ($)

Lifetime Medicare Cost

Current Age (65+)

Life Expectancy

Current Total Monthly Medicare Cost ($)

Healthcare Inflation Rate (%)

Formula

Total Annual Cost = (Part B + IRMAA + Part D + Medigap) × 12 + Out-of-Pocket Expenses

Frequently Asked Questions

What is the IRMAA surcharge?

IRMAA (Income-Related Monthly Adjustment Amount) is an additional premium charged for Medicare Part B and Part D if your modified adjusted gross income exceeds certain thresholds. It's based on your tax return from two years prior.

What are the different parts of Medicare?

Part A covers hospital insurance (usually premium-free), Part B covers medical insurance ($174.70/month standard in 2024), Part C is Medicare Advantage (private plans), and Part D covers prescription drugs.

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