One common misperception is that Medicare is entirely free. That is only partially true. This article will focus on Medicare's costs and premiums, assuming that you are eligible and have successfully enrolled.

You might be surprised to learn that Medicare premiums can be deductible if you itemize on your federal income tax return and qualify to deduct your medical expenses. To learn more, keep reading this comprehensive guide.

Premiums and deductibles can determine your total out-of-pocket expenses each year.