Am I Eligible for Premium-Free Medicare Part A?
To be eligible for Premium-Free Medicare Part A coverage, you or your spouse must be at least 65 and have worked at least ten years paying Medicare taxes off of your income. You must also be receiving retirement benefits from Social Security or the Railroad Retirement Board.
You are required to pay if you are not eligible for premium-free part A coverage. The price you pay is dependent on the amount of time you or your spouse worked paying Medicare taxes. The maximum amount you would pay would be $458 each month in 2020. The average and standard, however, is $252 a month.
Costs of Medicare Part A Broken Down
Here are the out-of-pocket costs of services under Medicare Part A:
- Home Health Care: $0 for home health care services and 20% of the Medicare-approved amount for Durable medical equipment (DME).
- Hospice Care: $0 for hospice care, no more than a $5 copayment for each prescription drug, 5% of the Medicare-approved amount for inpatient care, room, and board is not covered.
- Hospital Inpatient Stays: $1,408 deductible for each benefit period, $0 coinsurance for each benefit period for the first 60 days, $352 coinsurance per day of each benefit period up to 90 days, $704 coinsurance per each “lifetime reserve day” after day 90 for each benefit period.
- Mental Health Inpatient Stays: Identical to the costs of hospital inpatient stays, except 20% of the Medicare-approved amount for mental health services you get from doctors and other providers while you’re a hospital inpatient.
- Skilled Nursing Facility Stay: $0 for each benefit period for the first 20 days, $176 coinsurance per day of each benefit period up to 100 days, all costs beyond 100 days must be paid out-of-pocket.
Costs of Medicare Part B Broken Down
The standard Part B premium amount is $144.60, and the yearly deductible is $198. Here are the other individual costs broken down:
- Deductible Percentages: After your deductible is met, most pay about 20% of most doctor services, outpatient therapy, and durable medical equipment (DME). You pay $0 for clinical laboratory services.
- Home Healthcare: $0 for home health care services and 20% of durable medical equipment (DME) costs.
- Outpatient Mental Healthcare: $0 for depression screenings if accepted, 20% of the Medicare-approved amount for visits to your doctor or other healthcare providers, and additional copayments/coinsurance for outpatient visits.
Costs of Medicare Advantage and Part D
The premiums, deductibles, etc. of Medicare Advantage and Part D depend on the plan you choose. When searching for the right plan for you, be sure to inquire about the various costs you will be required to cover out-of-pocket.
Call Medicare Max USA for Comprehensive, Budget-Friendly Coverage
Medicare Max USA’s plan options are tailored to your coverage needs and budget. Our team of trained Medicare professionals will work with you to provide the best possible plan. Want a free quote? Give us a call at 833-762-9669.