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 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 this 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.
According to cms.gov, "The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022."
If you sign up for Part A, you may pay up to $506 each month in 2023; however, most people qualify for premium-free Part A. To be eligible for premium-free Part A at age 65, you must meet one of the following criteria:
If you are not age 65, you could qualify for premium-free Part A if you meet one of the following criteria:
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. 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 Fall Annual Enrollment for 2023 is October 15th to December 7th, 2022.
Yes, there are deductibles for Original Medicare. Learn more here on what we can maybe expect in 2023. In 2023, the Medicare Part A deductible is $1,600, an increase of $44 from 2022. In 2023, the Medicare Part B deductible is $226, a decrease of $7 from 2022.
Telemedicine/Telehealth is covered by Medicare Part B and Part C.
Medicare covers the following COVID-19 costs costs, so, Part C plans are required to cover it at the same level as well:
FDA-authorize and FDA-approved COVID-19 vaccines.
Lab tests for COVID-19.
COVID-19 Over-the-Counter tests. (8 per month). You pay nothing when a health care provider orders this test during the COVID-19 public health emergency and you get it from a laboratory, pharmacy, doctor, or hospital.
FDA-authorized 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.
Medicare Advantage is meant to be an all-in-one insurance plan. Medicare Advantage plans must include all the benefits of Parts A & B, and many plans also include Part D (prescription drug coverage). Some Medicare Advantage plans may offer additional benefits such as transportation to doctor visits, allowances for over-the-counter drugs, and services that promote your health and wellness such as gym memberships. Some Medicare Advantage plans may offer coverage for dental care (including X-Rays), vision, and hearing care.
Medigap is Medicare Supplement Insurance that helps fill gaps in Original Medicare. Original Medicare pays for much of the cost for covered health care services and supplies, but not all of it. A Medigap policy can help pay some of the remaining costs, like copayments, coinsurance, and deductibles. Not all Medigap plans cover travel outside the U.S. at 100%.