Medicare Part A covers hospital inpatient costs if you are admitted to a hospital by a doctor, in addition to hospice care, at-home care, or skilled nursing facility care. Medicare Part A also provides coverage for wheelchairs or walkers, blood transfusions, surgery, and lab tests.
Medicare Part B covers preventive healthcare, such as yearly doctor visits and tests, cancer screenings, some vaccinations, diabetes supplies, and ambulance and emergency room services.
Medicare Part C, also known as Medicare Advantage, is sold privately. It includes all the coverage of Medicare Parts A and B, with additional coverage for dental care (including X-Rays), vision care, and hearing care, plus some fitness benefits (such as coverage for gym memberships). Medicare Part C can be tailored to suit individual healthcare needs of chronically ill enrollees.
Medicare Part D covers prescription drugs not covered by Part B, which covers medication that needs to be administered by a doctor (such as injections).
Many individuals will choose to enroll in a Medigap plan for coverage that extends to medical supplies and services not covered by Medicare Parts A, B, C, or D. Medigap, which private insurance companies sell, is also lettered. Ten different types of plans are available: A, B, C, D, F, G, K, L, M, and N. A Medigap plan supplements your original Medicare benefits and covers things like copayments, deductibles, and health care costs when you travel outside the United States. Individuals who enroll in Medigap plans will have to pay a premium on top of the cost of their original Medicare benefits.
Most people don't pay a monthly premium for Part A. However, if you purchase Part A, your monthly premium can cost up to $499 per month in 2022. If you have been paying Medicare taxes for fewer than 30 quarters, the premium is $499, and if you paid Medicare taxes for 30-39 quarters, the monthly premium is $274. (source)
For Part B, the standard monthly premium in 2022 is $170.10 but may be higher depending on your income, and the deductible and coinsurance cost is $233. After this deductible is met, you typically pay 20% of the Medicare-approved amount for medical services. (source)
The Part C and Part D/Medicare Advantage costs vary depending on your plan and insurance provider.
According to cms.gov, "The standard monthly premium for Medicare Part B enrollees will be $170.10 for 2022, an increase of $21.60 from $148.50 in 2021. The annual deductible for all Medicare Part B beneficiaries is $233 in 2022, an increase of $30 from the annual deductible of $203 in 2021."
If you sign up for Part A, you may pay up to $499 each month in 2022; however, most people qualify for premium-free Part A. To be eligible for premium-free Part A at age 65, you must meet the following criteria:
If you are not age 65, you could qualify for premium-free Part A if:
The cost of your Medicare will depend on which plans you are enrolled in.
You pay a monthly premium for your Medicare coverage and a portion of the costs each time you get a covered service. With original Medicare, there is no yearly limit on what you pay out-of-pocket. Many Americans have supplemental coverage, like Medigap or Medicare Advantage.
You can enroll for original Medicare, which means Parts A and B, through medicare.gov. All other types of coverage, including supplement plans, Medigap, and Medicare Advantage, can be purchased through private insurance companies.
The best Medicare Advantage plan provider for you will depend on your health and insurance needs.
For anyone already enrolled in a Medicare Advantage plan, you have the opportunity to switch plans during the forthcoming 2023 Medicare Advantage Open Enrollment Period.
Contact Coverage Haven today to find a suitable plan for your health needs and budget.
It is likely advisable to remain on your employer’s health insurance plan until your employment ends, at which time you may enroll in Medicare.
Medicare.gov’s Medicare Plan Finder is the best tool for you to search and compare Medigap Policies, Medicare Health Plans, and Prescription Drug Plans.
You may want to compare plans to ensure that you have a plan that meets your health needs. There could be varying reasons to want to review and even switch plans, such as; unsatisfaction with current coverage, increased costs, changes in prescription costs, or even if you reach a qualifying event such as moving to a new area.
Medicare Open Enrollment for 2023 is October 15th to December 7th, 2022.
Yes, there are deductibles for Medicare. Learn more here on what was deductible in 2022 and what we can maybe expect in 2023.
*note these figures are continually updated as soon as data and information are available.
It is not mandatory to enroll in Medicare when you turn 65. If you are still actively working for an employer who provides health insurance when you turn 65, you are entitled to a special enrollment period of eight months after your employment ends.
AARP Medicare Supplement Plans pay for some of the out-of-pocket costs that are not covered by Original Medicare (Part A and Part B). This plan is generally only offered by private insurers such as UnitedHealthcare.
Medicare covers the following COVID-19 costs costs.
FDA-authorize and FDA-approved COVID-19 vaccines.
Lab tests for COVID-19.
COVID-19 Over-the-Counter tests. (8 per month)
FDA-authorize COVID-19 antibody tests.
Monoclonal antibody treatments for COVID-19.
All medically necessary hospitalizations regarding COVID-19.
Expanded telehealth services during the Public Health Emergency.