The federal government of the United States provides the Medicare health insurance program. Only certain people are eligible for Medicare. You may be eligible if you:
- Are 65 years old or older
- Are a person with certain disabilities, even if you are not yet 65 years old
- Have End-Stage Renal Disease (ESRD.) This is permanent kidney failure. The treatment requires you to receive dialysis and possibly a kidney transplant
There are different parts of coverage provided by Medicare for specific services.
Original Medicare
Included in Original Medicare are two parts:
- Medicare Part A, which is commonly referred to as Hospital Insurance
- Medicare Part B, which is commonly referred to as Medical Insurance
With Original Medicare, as you receive services, you make different types of payments. For example, at the beginning of every year, you start by paying into your deductible. Typically, this is 20% of the value of the service you receive. So, if you receive a Medicare-approved service valued at $100, your portion or coinsurance amount is $20.
Original Medicare pays for many costs for your covered health care supplies and service, but it does not pay for everything.
Medicare Part A
Medicare Part A will cover anytime you stay in the hospital, need skilled nursing facility care, hospice, and some elements of home health care.
You probably will not need to pay anything in the way of a premium for your Part A coverage. If your spouse or you ever paid into Medicare taxes during the time you worked, you should not need to pay premiums for Part A now.
If you did not pay into Medicare taxes, you could purchase Part A coverage.
Medicare taxes paid for fewer than 30 quarters (about 7 ½ years) in your career means you would have premiums of $506 in 2023. This premium tends to increase annually.
Medicare taxes paid for between 30 and 39 quarters (between 71/2 years and 9 ¾ years) means you would have lower premiums of $278 for the same coverage in 2023.
Medicare Part B
Your Medicare Part B will cover specific services from your doctor, hospital outpatient care, some medical supplies, and most preventive services.
Medicare Part D for Prescription Drugs
In addition, you can access Medicare Part D coverage, so you have some help to cover the costs of your prescription drugs. Part D also includes coverage for certain vaccines.
Additional medical insurance as Medicare Supplements may help you with many remaining health care expenses.
Contact Us for more information.