When it comes time for Medicare enrollment, you may be surprised to discover that there are four separate types of Medicare. The four types of insurance are called Medicare Part A, B, C, and D and each part covers various health care expenses at a range of costs.
The amount you must pay for Medicare coverage differs based on several factors. In some cases, you may be eligible for Medicare enrollment free of cost. Keep reading to learn more about how you can make the most out of your Medicare coverage.
It is important to know about each of the types of Medicare to be aware of exactly what your coverage entails. Additionally, if you fail to apply for Medicare in the appropriate time frame, you may face penalties, pay additional out-of-pocket fees, or miss out on getting coverage altogether. Get the most out of government health insurance by learning about Medicare below.
Medicare Part A is half of the original Medicare plan which primarily covers the cost of inpatient care. This type of coverage may also be called hospital insurance and it also covers additional inpatient care at:
- Skilled nursing facilities
- Nursing homes
- Hospice care locations
- At home
You are eligible for enrollment in Medicare Part A without having to pay a monthly premium fee if you have worked for long enough and paid enough in taxable wages. Furthermore, Medicare coverage may extend to your spouse if you qualify for Medicare Part A with no premium costs.
While you are enrolled in this Medicare plan, you will be responsible for paying out-of-pocket costs for your healthcare such as the benefit-period deductible and coinsurance. The benefit period begins when you are admitted into inpatient care and ends after you have stopped receiving inpatient care for 60 consecutive days.
The different costs for coinsurance are as follows:
- Day 1 through 0 does not require a coinsurance payment.
- Day 61 through 90 require a coinsurance payment of $400 per day.
- After 90 days, the coinsurance payment will increase to $800 per day and will begin to subtract from your lifetime reserve days. You have 60 reserve days for your life, and they do not refresh each benefit period.
- After you have used the 60 reserve days, you will be responsible for covering all inpatient care costs.
In 2023, the deductible cost for Medicare Part A is $1,600. Before the coverage from this plan begins, you will be responsible for paying out-of-pocket fees. Another cost associated with Medicare Part A is the per-day coinsurance you will have to pay. The payment required as a coinsurance will vary depending on the length of your inpatient care.
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