WEDNESDAY, JANUARY 27, 2021
Medicare plans have many sections and parts each geared to cover different parts of your healthcare expenses. The two main parts that you can find in both Original Medicare and Medicare Advantage are Part A and Part B—also known as inpatient hospital care and outpatient hospital care respectively.
What Do Part A and Part B Cover?
Medicare Part A is known as inpatient hospital coverage and helps with expenses if you are made to stay in a hospital overnight. This includes inpatient hospital care, inpatient skilled nursing facility care, home health care and some hospice care.
Medicare Part B helps cover doctor’s visits, preventative services, tests, treatments, medical supplies and more. This side of Medicare can help cover treatments in the hospital whereas Medicare Part A covers the hospital stay itself.
Both of these coverages are available under Original Medicare and Medicare Advantage plans.
What Do Part A and B Not Cover?
There are certain exclusions under Medicare. Many plans do not include coverage for:
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Hearing aids
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Routine eye exams
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Dentures
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Dental care
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Cosmetic surgery
Long term care insurance can be purchased separately but is not generally covered under Medicare plans.
However, you can add prescription drug coverage to your Medicare Advantage policy by adding Part D, which covers most prescription drug costs.
Ask your insurance agent if you have any questions about your Medicare plan and what it does or does not cover. Plans vary between insurer.
How Much is Medicare Part A and Part B?
The costs for Medicare Part A and B may vary depending on your location, health, age and other factors. On average, however, the cost for Medicare Part A in 2021 is approximately $471 with a $1,484/year deductible for inpatient costs. Coinsurance for inpatient care is free for the first 60 days and $371 for 61 to 90 days of hospitalization. Coinsurance rises the longer you remain in the hospital.
The average cost for Medicare Part B in 2021 is approximately $148.50 a month with a $203 deductible. Coinsurance for Part B is typically 20% of the costs after your deductible.
If you are concerned that you are paying too much for Medicare, be sure to speak with your insurance agent. They can help you find the best option and save money on the Medicare plan suited for your needs and your budget.
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