Learn about the basic costs for Medicare: Part A (hospital insurance). Part B (medical insurance) including Income Related Monthly Adjustment Amount (IRMAA) and late enrollment penalty. Medicare Advantage Plans (Part C) and what factors contribute to how much you pay out-of-pocket. The different types of Medicare drug coverage (Part D) and the costs you will pay in a Medicare drug plan. The current Medicare Part A, Part B, Part C, and Part D costs for monthly premiums, deductibles, penalties, copayments, and coinsurance.