What are Medicare Part A and B
So, Medicare is medical insurance that senior citizens receive through government sources or private insurance providers. But what kind of insurance is this? More specifically, what does it cover? And what are Medicare Parts A and B?
Medicare Part A and B are the two basic parts where enrollees register to get started with Medicare. These parts make up Original Medicare. Oftentimes, enrollment to these parts is automatic. However, some people also have to get themselves registered once they turn 65 (or are younger with certain medical conditions).
Medicare Part A
Medicare Part A subsidizes the hospital-related costs of the patient. It includes enrollees’ hospital stays, hospice care, and skilled nursing care. Plus, it also helps with certain costs related to home medical care services.
The out of pocket costs for this part includes deducible, copayments, and coinsurance.
Some people have to pay a premium for Medicare Part A others are exempted. So, if you have worked for at least 40 quarters in your career, you would not have to pay a premium. If your employment fell short of this period you may pay part or full of Medicare Part A premium depending on the quarters you have worked.
Medicare Part B
This part includes different medical facilities including:
- Doctor office visits,
- Mental health care,
- Alcohol use counseling,
- Flu shots,
- Pneumococcal shots,
- Preventive services,
- Physical therapy,
- Diabetes screening, supplies, and therapy, and
- Certain medical equipment.
Out of pocket costs include copayments (mostly 20%) and deductibles. The part also comes at a premium of $144.60 per month. This premium, however, changes with changes in the income of the enrollee and they may end up paying $491.60 per month if their income is more than $500,000 for individuals.
Medicare Part A and B are fairly straightforward and cover most of the everyday costs of medical care. They cover facilities such as hospital stays and doctor consultation. In the end, there are smaller out of pocket costs for senior citizens because of these parts.
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