The Four Parts to Medicare
Here is the breakdown of the four parts to Medicare. These are known as Parts.
$0.00 monthly premium if you have worked 10 years in your lifetime. Part A is going to cover Inpatient Hospitalization and Skilled Nursing facilities. If you go into the hospital, there is a deductible of $1364.00. The first 60 days of hospitalization, Medicare will cover 100% of the cost, except for the telephone and television. If you are in the hospital longer than 60 days, your costs are as follows:
Days 61-90 $341.00 per day.
Days 91-150 $682.00 per day.
Medicare will cover 150 days of hospitalization. After your 150 days has been met, then you are responsible for all costs unless you have a supplement or something to pick up what Medicare does not.
If you have to go into a Skilled Nursing Facility, Medicare will cover the first 20 days. For days 21-100 you will have a $170.50 per-day copay, unless you have additional insurance.
The monthly premium for Part B for someone new to Medicare is $135.50 per month and will be drafted directly out of your Social Security Check. Part B covers doctor's visits, out-patient procedures, emergency room visits where you are not admitted into the hospital, other things as well. Part B has an annual deductible of $185.00 for 2018 and after the deductible has been met the insurance becomes an 80/20. Medicare will cover 80% and you will be responsible for the other 20%. There is no cap on the amount you could owe! There are options available to make sure you do not have to come up with the 20%, or even the Part B deductible.
This is Part A & B in a nutshell. This is known as traditional Medicare. The great news about traditional Medicare is that there are no networks. If the doctor takes Medicare, you can go see him. You do not need a referral, and your care is between you and your doctor. You are in more control of your Health decisions.