Medicare Part A covers hospital inpatient costs if you are admitted to a hospital by a doctor, in addition to hospice care, some at-home care, and some skilled nursing facility care.
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 plans, are offered by Medicare-approved private insurance companies that must follow rules set by Medicare. It includes all the coverage of Medicare Parts A and B, and some plans may include additional coverage for services such as dental care (including X-Rays), vision care, and hearing care, plus some fitness benefits (such as coverage for gym memberships).
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). Part D covers outpatient prescription drugs, like those picked up at the pharmacy or delivered in the mail.
Most people don't pay a monthly premium for Part A. However, if you don't qualify for Part A, your monthly premium can cost up from $278 or $506 in 2023, depending on how long you or your spouse worked and paid into Medicare taxes. Your deductible for the year is $1,600 in 2023, before Original Medicare begins to pay. (source)
For Part B, the standard monthly premium in 2023 is $164.90 but may be higher depending on your income. After your deductible is met, you typically pay 20% of the Medicare-approved amount for medical services. (source)
The Part C and Part D plans costs vary depending on your plan and insurance company.
To be eligible for premium-free Part A at age 65, you must meet one of the following criteria:
-You or your spouse-maintained Medicare-covered job, paying 10 years in taxes while employed.
-Currently, you receive retirement benefits from the Railroad Retirement Board or Social Security.
-You qualify for Railroad benefits or Social Security, but haven't yet applied.
If you are not age 65, you could qualify for premium-free Part A if you meet one of the following criteria:
-You have an End-Stage Renal Disease (ESRD) diagnosis and meet specific requirements.
-For 24 months, you have gotten Railroad Retirement Board or Social Security benefits.
-In most situations, if someone decides to buy Part A, they also have to have Medicare Part B (Medical Insurance) and pay each monthly premium.
The cost of your Medicare will depend on which plans you are enrolled in.
You generally 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. This is why many individuals choose Medicare Advantage.
You can enroll for Original Medicare (Part A and Part B) through Medicare.gov. Medicare Advantage plans, Part D plans, and Medigap plans must be purchased through private insurance companies.
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.
Medicare Fall Annual Enrollment for 2023 is October 15th to December 7th, 2022.
Yes, there are deductibles for Original Medicare.
Telemedicine/Telehealth is covered by Medicare Part B.
Medicare Advantage plans must include all the portions of Parts A & B, and many plans also include Part D (prescription drug coverage).
A Medigap policy can help pay some of the remaining costs leftover from Original Medicare, like copayments, coinsurance, and deductibles.