Medicare Costs Explained 2026
Premiums, deductibles, coinsurance, IRMAA surcharges, and out-of-pocket maximums — everything you need to understand what Medicare actually costs in Florida.
2026 Medicare Cost Numbers at a Glance
Complete Medicare Cost Breakdown 2026
Here's what each part of Medicare costs in 2026, including premiums, deductibles, and coinsurance.
| Coverage | Monthly Premium | Deductible | Your Share |
|---|---|---|---|
| Part A (Hospital) | $0 for most people | $1,736 per benefit period | Days 1–60: $0 | Days 61–90: $433/day | Days 91+: $866/day |
| Part B (Medical) | $202.90/month (standard) | $283/year | 20% of Medicare-approved amount after deductible |
| Part D (Drugs) | $15–$60+/month (varies by plan) | Up to $590/year (varies by plan) | Varies by tier; $2,000 OOP cap in 2026 |
| Medicare Advantage (Part C) | Often $0 (beyond Part B) | Varies by plan | Copays vary; OOP max ≤$9,350 in-network |
| Medigap Plan G | $90–$180/month in Florida | You pay Part B deductible ($283) | $0 after deductible — Plan G covers the rest |
IRMAA: Higher-Income Medicare Surcharges 2026
If your income exceeds certain thresholds, you'll pay more for Parts B and D. IRMAA is based on your income from 2 years prior (2024 income affects 2026 premiums). Individual thresholds shown; joint thresholds in parentheses.
| 2024 Income (Individual / Joint) | Part B Premium | Part D Surcharge |
|---|---|---|
| Up to $106,000 / $212,000 | $202.90 | Plan premium only |
| $106,001–$133,000 / $212,001–$266,000 | $285.00 | +$13.70 |
| $133,001–$167,000 / $266,001–$334,000 | $367.10 | +$35.30 |
| $167,001–$200,000 / $334,001–$400,000 | $449.20 | +$57.00 |
| $200,001–$500,000 / $400,001–$750,000 | $531.30 | +$78.60 |
| Above $500,000 / $750,000 | $594.00 | +$85.80 |
You can appeal IRMAA if your income has decreased due to retirement, divorce, death of a spouse, or other qualifying life events. File Form SSA-44 with Social Security. Learn more about IRMAA →
What Medicare Actually Costs: Real Scenarios
Here's what a typical Florida senior might pay monthly under different Medicare coverage combinations in 2026.
Medicare Advantage (MAPD)
- Part B: $202.90
- Advantage plan: $0 additional
- Drug coverage: included
- Dental/vision: often included
Copays apply for services. OOP max protects you.
Original Medicare + Plan G
- Part B: $202.90
- Medigap Plan G: $120–$180
- Part D: $20–$50
- Dental/vision: not included
After $283 deductible, Plan G covers everything else.
Original Medicare Only
- Part B: $202.90
- No supplement
- No drug coverage
- 20% coinsurance — unlimited
High risk — one hospitalization could cost thousands.
7 Ways to Reduce Your Medicare Costs
Enroll on time to avoid permanent penalties
The Part B and Part D late enrollment penalties are permanent. Enrolling during your Initial Enrollment Period is the single most important cost-saving step.
Compare Part D plans annually
Drug plan formularies, premiums, and copays change every year. During AEP (Oct 15–Dec 7), compare plans based on your specific medications. Switching to a better-matched plan can save hundreds per year.
Apply for Extra Help (Low Income Subsidy)
If your income is limited, you may qualify for Extra Help — a federal program that reduces Part D premiums, deductibles, and copays. In 2026, individuals earning up to $22,590 may qualify.
Consider Medicare Savings Programs
Florida offers Medicare Savings Programs that help pay Part B premiums and other costs for qualifying low-income beneficiaries. Contact your local Medicaid office or SHINE counselor.
Use generic drugs and preferred pharmacies
Generic drugs cost significantly less than brand-name drugs. Using your plan's preferred pharmacy network can also reduce copays. Ask your doctor about generic alternatives.
Appeal IRMAA if your income has decreased
If you retired, divorced, or experienced another qualifying life event that reduced your income, you can appeal IRMAA surcharges using Form SSA-44.
Work with an independent broker
An independent broker like William Gray compares all available plans in your ZIP code at no cost to you. Captive agents only sell one company's plans — you may miss better options.
Medicare Cost Help by County
Related Medicare Guides
Frequently Asked Questions
How much does Medicare cost per month in 2026?
What is the Medicare Part B deductible for 2026?
What is the Medicare Part A deductible for 2026?
Does Medicare have an out-of-pocket maximum?
What is IRMAA and how does it affect my Medicare costs?
How can I reduce my Medicare costs in Florida?
What does Medicare not cover?
What is the Medicare Part D out-of-pocket cap for 2026?
Get a Free Medicare Cost Analysis
William Gray will compare every Medicare plan available in your ZIP code and show you exactly what each option will cost based on your health, medications, and doctors.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE (TTY: 1-877-486-2048) to get information on all of your options.
Not affiliated with or endorsed by the U.S. government or the federal Medicare program. This is an advertisement for insurance. William Gray and affiliated licensed agents are independent insurance agents, not government employees or representatives. Medicare has neither reviewed nor endorsed this information.
Not all plans or types of coverage may be available in your area. Plan availability, benefits, and premiums vary by county and ZIP code. Enrollment in any plan depends on contract renewal. Benefits, premiums, and cost-sharing may change on January 1 of each year.
Independent Agent & Compensation Disclosure. William Gray is an independent licensed insurance agent (FL License #W690237) and is not employed by or exclusively affiliated with any single insurance company. William is compensated by insurance carriers when you enroll in a plan. This compensation does not affect the premium you pay — your premium is the same whether you enroll through a broker or directly with the carrier. Affiliated agents are independent contractors solely responsible for their own conduct and representations.