What are the parts of Medicare and roughly what does each cost in 2026?

Medicare has four parts. Part A covers hospital stays and is premium-free for most people who paid Medicare taxes for 40 quarters. Part B covers doctors and outpatient care and charges a standard monthly premium that the Centers for Medicare & Medicaid Services sets each year. Part C, Medicare Advantage, bundles A, B, and usually drug coverage through a private plan. Part D covers prescription drugs. Exact premiums, deductibles, and the drug-cost cap change annually, so check medicare.gov for current figures. Higher earners also pay income-related surcharges called IRMAA on Parts B and D. Budget for premiums plus out-of-pocket costs, which Fidelity estimates run well into six figures over a couple's retirement.