To get the most out of your Medicare coverage, it’s important to understand what the different parts of the Medicare program provide and what the cost is to you. You become eligible for Medicare coverage when you turn 65. If you’re younger and disabled for 24 months or have certain illnesses, you can also qualify.
The Medicare program consists of four parts: Part A - Hospital Insurance, Part B - Medical Insurance, Part C – Medicare Advantage, and Part D - Prescription Drug Coverage. Let’s begin with Part A – Hospital Insurance. For most people, you pay no premium for Part A hospital coverage, because you’ve been working at least 10 years and paying Medicare taxes.
You pay a deductible each time you’re admitted to the hospital per benefit period before Medicare begins to pay. The benefit period ends after you have received no inpatient treatment for 60 consecutive days. While there is no limit to the number of benefit periods you can have, you must pay the inpatient hospital deductible each time a new benefit period begins.
The costs for inpatient hospital stays are calculated this way: For Days 1-60 you pay $0… after you pay your Part A deductible. For Days 61-90 and Days 91-150, you pay an increasing amount for each segment, while using your 60 lifetime reserve days. After day 150 you pay all costs.
As you can see, there’s a lot to know about Medicare, so why not get some help with your Medicare plan? Let us help you with your important Medicare decisions. Call to speak to a licensed insurance agent.