what are the parts of medicare?
The different parts of Medicare help cover specific services:
- medicare part a (hospital insurance) part a covers hospital stays, skilled nursing facility care, hospice care, and some home health care.
- medicare part b (medical insurance) part b covers certain medical services, outpatient care, medical supplies, and preventive services.
- medicare part d (prescription drug coverage) helps cover the cost of prescription drugs (including many recommended shots or vaccinations).
part to & cousins of part b
Generally, you don’t pay a monthly premium for Part A if you or your spouse paid Medicare taxes while working for a certain period of time. this is sometimes called “part a no premium”.
learn more about part a without premium.
If you’re not eligible for Part A with no premium, you may be able to purchase Part A. will pay up to $499 each month in 2022 ($506 in 2023). If you paid Medicare taxes for fewer than 30 quarters, the standard portion of a premium is $499 ($506 in 2023). If you paid Medicare taxes for 30-39 quarters, the standard portion of a premium is $274 ($278 in 2023).
learn more about part a premiums.
Most people will pay the standard part b premium amount. The standard Part B premium amount in 2022 is $170.10 ($164.90 in 2023). If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard premium amount and an Income-Related Monthly Adjustment Amount (IRMAA). irmaa is an additional charge added to your premium.
learn more about part b premiums.
how does medicare work?
With Medicare, you have choices about how you get your coverage. Once you sign up, you’ll need to decide how you’ll get your Medicare coverage. there are 2 main ways:
Original Medicare includes Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance). you pay for services as you get them. when you get services, you will pay a
at the beginning of each year, and you typically pay 20% of the cost of the Medicare-approved service, called coinsurance. if you want drug coverage, you can add a separate drug plan (part d).
Original Medicare pays for much, but not all, of the cost of covered health care services and supplies. A Medicare Supplement Insurance (Medigap) policy can help pay for some of your remaining health care costs, such as copays, coinsurance, and deductibles. Some medigap policies also cover services that original medicare doesn’t cover, like emergency medical care when you travel outside the us. uu.
Learn the general rules about how original medicare works.
medicare advantage is a medicare-approved plan from a private company that offers an alternative to original medicare for your health and drug coverage. these “bundled” plans include part a, part b, and usually part d. Plans may offer some extra benefits that Original Medicare doesn’t cover, like dental, vision, and hearing services. Medicare Advantage plans have annual contracts with Medicare and must follow Medicare coverage rules. the plan must notify you of any changes before the start of the next enrollment year.
learn about the types of medicare advantage plans.
each medicare advantage plan may charge differently
. they may also have different rules about how you get services.
learn more about how medicare advantage plans work.
medicare prescription drug coverage (part d)
Medicare drug coverage helps pay for the prescription drugs you need. To get Medicare drug coverage, you must join a Medicare-approved plan that offers drug coverage (this includes Medicare drug plans and Medicare Advantage plans with drug coverage).
Learn more about getting Medicare drug coverage.
Each plan can vary in cost and specific drugs covered, but must provide at least a standard level of coverage established by Medicare. Medicare drug coverage includes generic and brand name drugs. Plans may vary the list of prescription drugs they cover (called a formulary) and how they place drugs in different “tiers” on their formularies.
learn more about medicare drug coverage.
Plans have different monthly premiums. You’ll also have other costs throughout the year in a Medicare drug plan. how much you pay for each drug depends on the plan you choose.
Learn about the costs of Medicare drug coverage.
how does medicare work with my other insurance?
When you have other insurance, there is more than one “payer” for your coverage.
learn how medicare works with other insurance.
