Medicare Part A is hospital insurance and is one-half of Original Medicare, the federally regulated health insurance program. The following are covered in Part A:
Inpatient hospital treatment for injuries or diseases
Following a qualified hospital stay, short-term qualifying nursing facility care is available.
Nursing home care (if professional nursing care is considered medically required for you)
Short-term respite care and hospice care
Home health services that are eligible, such as physical therapy or occupational therapy
You don’t have to pay a Medicare Part A premium if you or your spouse paid Medicare taxes while working for a particular period of time. Most people are qualified for premium-free Part A coverage, but if you aren’t, you can purchase it. You could pay up to $471 per month, depending on how much you paid in Medicare taxes over your lifetime.
2. Medicare Part B: Medical insurance
Medicare Part B a is medical insurance, and it is the other half of Original Medicare. It covers medically necessary services that satisfy accepted standards of care and are required to diagnose or treat your illness. Preventative care, such as most vaccines and early-detection screenings, is also covered.
Medicare Part B coverage includes the following:
Yearly wellness doctor visits
Ground ambulance transportation
Cardiovascular disease screenings
Durable medical equipment, including wheelchairs and blood sugar monitors
Unlike Medicare Part A, which usually does not require payment of a monthly premium, Medicare Part B requires payment of a monthly premium. The Part B premium in 2021 will be $148.50 per month, according to the US Centers for Medicare & Medicaid Services.
3. Medicare Part C: Medicare Advantage plans
Rather than Original Medicare, many people choose Medicare Part C, generally known as a Medicare Advantage plan.
Medicare Advantage plans, unlike Original Medicare, are issued by private health insurance providers and are not funded by the federal government. Part C plans combine the advantages of Parts A and B, and they frequently include things that Original Medicare doesn’t, such as hearing, dental, and vision care. Many plans also include coverage for prescription drugs.
In some circumstances, the out-of-pocket payments of a Medicare Advantage plan are less than those of Original Medicare, making them a more affordable option. In fact, in 2021, the average monthly payment, in addition to your Medicare Part B premium, is just $21.
4. Medicare Part D: Prescription drug plans
Many people are astonished to learn that Parts A and B of Original Medicare do not cover prescription drugs. You can enroll in a Medicare Part D plan if you want coverage for your prescriptions. This is a supplemental benefit that covers prescription drugs. You can acquire a prescription drug plan (PDP) that meets your needs through Medicare Part D.
According to the Kaiser Family Foundation, the national average prescription drug plan premium in 2021 is $30.50. The cost of your particular plan is determined by its coverage, deductible, and coinsurance or coayment amount.
When selecting a Medicare Part D plan, look over the plan’s formulary, which is a list of drugs that the plan covers. Formularies differ per plan, and they may or may not cover all of your required prescriptions. As a result, while comparing Medicare Part D plans, it’s critical to look at the different coverage options.
Choosing the right health plan
It’s crucial to remember the different aspects of each type of Medicare while enrolling in Medicare and choosing the right health plan for you. The National Senior Services can help you locate available plans in your area, compare rates, and check that your drugs are covered.
National Senior Services is not connected with or endorsed by the US government or the federal Medicare program; Medicare has neither reviewed nor endorsed this information. We are a licensed and approved Medicare Service Provider.