![]() ![]() ![]() So, although it seems free now, it was more of an investment through your taxes. The reason you do not have a premium for Medicare Part is because you have been paying into it your entire working life. Medicare Part A is the closest part of “free Medicare.” Anyone 65 years or older, who has worked at least ten years (40 quarters) in the United States, qualifies for premium-free Part A. Many people assume that Medicare is free. Part A of Medicare will also cover any blood transfusions that require more than 3 pints of blood. It even covers hospice care, some of your home healthcare, and even a Skilled Nursing Facility stay in the case that has something you need. This can include things such as the cost of a semi-private room for your stay at the hospital. It is important to remember that this is Plan A NOT Part A is your hospital insurance. This part of Medicare will help you cover your monthly ordinary inpatient hospital expenses. Medicare Every state and insurer is required to offer MediGap plan A (sometimes under a different name). Each plan has a monthly premium set by the insurance company, as well as different deductibles and coinsurance/copayment levels that are impacted based on the tier of medication you take. ![]() Medicare Part D- The cost of a prescription drug plan under Medicare Part D will be determined based on the prescriptions you currently take. Although these plans do have higher premiums than a Medicare Advantage plan, they typically have much lower (sometimes no) out-of-pocket costs. Medicare Supplement Plans- The cost of a Medigap plan is going to vary based on which plan you choose, as well as your age, gender, and location. Although many have low, sometimes even $0 premiums, these plans will have out-of-pocket maximums, which can reach as high as $8,850 in the year 2024. Medicare Part C- The cost of a Medicare Part C plan will vary based on the plan you enroll into. Aside from the premium, like Medicare Part A, Medicare Part B does have a deductible, as well as coinsurances and copayments. The standard monthly premium in 2024 is $174.70, and can actually increase based on your reported income. Medicare Part B- the outpatient coverage of Medicare Part B does have a monthly premium for anyone enrolled. Medicare Part A does, however, have a deductible and coinsurances that you are responsible for. Medicare Part A- the hospital coverage of Medicare Part A for most people has a $0 monthly premium, as you have been paying for this throughout your working life. Although some parts of Medicare may seem free, you have either been paying for them throughout your life, or you pay as you go. Technically there is no “free” part of Medicare. Health insurance should be easy to understand when we are in our retirement years! The first step to simplifying this maze, is getting all of our pieces (or parts) in order and defined. Each part of Medicare will be broken down so you’ll have a much deeper and better understanding of what each part does and how it relates to you and your ongoing healthcare needs. We are going to take a dive into the 4 different Parts of Medicare. Why are there so many parts of Medicare? What does each part of Medicare cover? Do I have to have each part of Medicare? If you’re confused by these questions, you’re not alone! Because of that, it is even more confusing as it is now divided into four different parts. Medicare as a plan has evolved over the past few decades. Even with an agent at hand, It can be challenging to get a reasonable explanation that is simple to understand. This can make it harder for you can make the best choice for your health. It can be easy to get confused and even frustrated with the program with all the parts involved. Medicare is a bit challenging to take in. ![]()
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