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The Medicare Program has been part of the American Culture since 1965 and as you get ready to enroll it is important you understand how the program works and what it will cost you.
Today, Medicare plays a key role in providing health and financial security to 60 million older people and younger people with disabilities. The program helps to pay for many medical care services, including hospitalizations, physician visits, prescription drugs, preventive services, skilled nursing facility, home health care, and hospice care. Many people on Medicare live with health problems, including multiple chronic conditions and limitations in their activities of daily living, and many beneficiaries live on modest incomes.
If you worked for at least 10 years in the U.S you can qualify for Part A insurance free of charge, this is because you already paid into the system through your payroll taxes. However, if you worked fewer than 10 years overall throughout your life, this results in not having enough Social Security credits, and you will have to pay between $252.00 and $458.00 to " Buy In" to Part A.
The Medicare Part A inpatient hospital deductible that beneficiaries will pay when admitted to the hospital will be $1,408 in 2020. The Part A inpatient hospital deductible covers beneficiaries' share of costs for the first 60 days of Medicare-covered inpatient hospital care in a benefit period. In 2020, beneficiaries must pay a coinsurance amount of $352 per day for the 61st through 90th day of a hospitalization in a benefit period and $704 per day for lifetime reserve days.
For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21 through 100 of extended care services in a benefit period will be $176.00 in 2020.
Medicare Part B, the part of medicare that covers outpatient services, does carry a monthly premium of $144.60. It can be higher depending on your income.
The annual deductible for Medicare Part B is $198. This number may seem incredibly low compared to Medicare Part A Plan deductible but that is because once this deductible is met Medicare only pays 80% of costs for medical services. This leaves you responsible for paying the leftover 20% out of pocket which can be very expensive.
There is no maximum out-of-pocket limit with Original Medicare, there's no annual dollar limit on your out-of-pocket expenses. The more services you use, the more your expenses mount up
Most Americans are curious how much their prescription medication will cost without insurance, especially if an individual is unemployed or on an insurance plan that is tied to high copay costs out of pocket for prescription medications.
Prescription drugs treat conditions and improve patient health. But when drug prices are too high, access to medicines becomes out of reach for far too many patients. With brand-name drugs now accounting for 77 percent of all spending on prescription drugs, patients are experiencing higher pharmacy costs, higher premiums and higher deductibles as a result of high brand drug prices. Moreover, taxpayers are footing the bill as increased prescription drug spending drives up Medicare and Medicaid spending. The increasing cost of brand drugs is unsustainable.
Drug costs can vary depending on:
Prescription drugs can be quite costly or even a small fortune, especially if they are taken regularly.
Medicare Supplemental Plans also known as "MediGap Plans" are a great way to mitigate both Inpatient and Outpatient costs such as;
In addition to the Medicare Part B Premium of $144.00,They require you to pay a monthly premium, running as low as $50.00 per month or as high as $300.00 in some cases.
In return, the plan pays most of your out-of-pocket expenses. So when you go to the doctor, for example, you don't have to pay the 20 percent coinsurance required by Medicare. Your Medigap plan pays it for you.
Medicare Supplemental Plans can eliminate the worry associated with the world of hospital bills and insurance claims which can be confusing, understanding that seniors often have complex medical bills.
Well worth it for the benefit it provides.
Medicare Advantage, also known as Part-C, is a form of coverage designed by the federal government & managed by CMS. These plans are provided by private insurance companies and will cover you for all Medicare Covered Services upfront and get reimbursed by Medicare for the 80% they would have covered if you only had Part B coverage. These Plans, also known as MAPD Plans, have additional benefits beyond what Medicare can provide. But the main advantage is the low monthly premium and predictable copays for your medical services.
As you can assume, this additional coverage might come nearly free of charge, but it does come with a comprehensive list of fixed and predictable co-pays for most services. Since these policies are offered through private insurance companies the cost and benefits vary from one state to another, and even one county to another county. If you want to find out how much a Medicare Advantage Plan may cost you get a quote from one of our skilled medicare specialists today.
Similar to Part C Plans, Prescription Drug Policies are offered by private companies. Each company has a different formulary, and some companies may cover more expensive drugs than others.
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