The current Medicare system is a federal health insurance service for more than 60 million Americans over the age of 65, as well as those with qualifying long-term disabilities who can apply at younger ages.

Sounds simple, right? Wrong. Medicare costs are broken down into a series of plans, known as Parts A through D. Most of those on Medicare don't pay for Part A, which is hospital insurance. But if you do spend time in a hospital, there's a $1,340 deductible. If you're in the hospital for more than two months, you will need to pay $341 per day and beyond 90 days, that jumps to $682 per day, according to Medicare.

Medicare Part B covers medical services, which includes outpatient care, preventive doctor's visits, ambulatory assistance and health-care equipment. Currently, the standard Medicare Part B premiums are usually $135.40 a month or higher, depending on your income.

Parts A and B are referred to as "original Medicare" and virtually all U.S. senior citizens have this coverage. But many also opt for Part C, known as Medicare Advantage, which is supplementary coverage for expenses not included in Parts A and B.

Another big cost for those on Medicare is Part D, the prescription drug coverage. Prices vary by plan, but the average basic premium was about $33 a month this year, although some plans can charge deductibles of over $400.

According to an in-depth Kaiser Family Foundation study published last year, the average Medicare beneficiary paid $5,503 in 2013. Those costs included monthly premiums, as well as services such as long-term care, eyeglasses or contact lenses, hearing aids and dental work, which are not covered by Medicare.

That spending level has increased since 2013, however. Premiums alone have gone up from $105 a month in 2013 to $135 a month in 2019 for the standard Medicare Part B. Medicare estimated that in 2017, participants in good health and on Parts A and B alone paid $7,620.