In general, Part A coverage is free if you paid enough Medicare taxes while you worked. If you did not pay enough of these taxes, you can pay up to $410 a month for Part A.

Premiums for Part B vary, depending on the yearly income you declare on your tax return. The premiums range from $93.50 to $161.40 a month.

Co-payments for covered Part A and Part B services also vary. For example, you will pay $992 for days 1 to 60 of a hospital stay under Part A, but pay nothing for the first 20 days of your stay at a skilled nursing facility.

Part B coverage has a yearly deductible of $131. After you reach this mark, you pay 20 percent of the Medicare-approved amount for most doctor services.