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The average cost for a knee MRI, which stands for magnetic resonance imaging, is about $770, as of 2014, according to Healthcare Bluebook. This is the price for an MRI with no contrast.
Costs â an MRI in Chicago costs anywhere from $375 to $525, while an X-ray at the same places cost $90 and $105 respectively. Meniscus Tear: A meniscus tear is when there is damage to the discs that cushion your knee, which is usually caused when your knee twists by your foot stays planted on the ground.