So far the latest data I have been able to find is from 2011. At that time the federal government was paying $796 a month of the cost of Part's A and B while most beneficiaries were paying $115, for a total of $909 a month. I'm sure it's more now in 2017. I'm going to be conservative and say that if you have Medicare today, you are getting about a grand a month's worth of Insurance from the Government for the pittance you pay for your part B premium. If that sounds like a lot, try to buy a private policy for that at your age. I doubt you can find an insurance company that could come close to providing the same coverage for that.

Ever wonder how much Medicare's worth to you, after paying FICA taxes during your working years? Let's break it down and find out. If you've paid FICA taxes for at least 40 calendar quarters, you'll receive free coverage for Medicare Part A, the hospital insurance portion. You can still get Medicare coverage even if you haven't paid FICA taxes for that many quarters, but it's gonna cost you. For example, if you've paid FICA taxes for fewer than 30 calendar quarters, you can buy Part A coverage for a monthly premium of $450 in 2011. And if you've paid FICA taxes for 30 to 39 quarters, the monthly premium in 2011 is $248.
So if you're eligible to receive Medicare Part A for free, you're receiving a value of $450 per month, or $5,400 per year. If you're retired for 20 years -- a typical lifespan for people who attain age 65 -- then you'll realize a value of at least $108,000, and probably more, since that $450 premium will certainly increase substantially as future medical costs continue to rise. (For more details on what you can expect from Medicare after age 65, see my recent post, 8 Essential Steps for Enrolling in Medicare).
Now let's look at Medicare Part B, the portion covering physician and outpatient services. If you're a new retiree in 2011, you're required to pay a monthly premium of $115.40, no matter how many calendar quarters you worked. This premium covers about one-fourth of the program's cost. The remainder -- about $346 -- is being paid from the federal government's general revenues. The monthly premium adds up to $4,152 per year. Again, if you're retired for 20 years, that represents a value of $83,040.
So add up the $108,000 in value for Medicare Part A, and the $83,040 for Medicare Part B, and the total value to you is $191,040 over the course of 20 years. If you add in inflation in medical costs, this value will easily exceed $200,000. This amount grows even larger if you live longer than 20 years, and double that amount if you're married.