There are three parts to Medicare and two of the three will charge you a monthly premium. Medicare Part B carries a monthly premium of $88.50 in 2006. Part D premium amounts vary by the plan you choose; Part D plans average around $35 per month. Both Medicare Part B and D have annual deductibles that you must meet. Do you really have to pay all these expenses?

If your spouse works and can cover you under a group health plan that is due to their employment, you can decline the Medicare Part B coverage. Declining this coverage will save you the $88.50 each month. As long as you are covered by a group health plan from your spouse's employment you will not be penalized for dropping Medicare Part B. If you do not have other health insurance and are under the age of 65 you can still decline Medicare Part B. When you turn 65 you will get another chance to enroll without a penalty.

If neither of these circumstances apply to you and you drop Medicare Part B, Social Security will charge you a premium surcharge of 10% for each year that you were not enrolled in Medicare Part B. This can quickly become expensive.

The other option for dealing with the Part B premium is to get your State to pay for it. If your income is less than $1,000 per month you may qualify to have the State pay the $88.50 for you. This program is called QMB, which stands for Qualified Medicare Beneficiary. To find out if you qualify for QMB, contact your State's social services office.

There is another program you may qualify for to pay your Medicare Part D premiums and deductibles. To learn more visit Social Security Laid Bare using the link below.