Part A & Part B

Medicare Part A & Part B

Medicare Part A and Medicare Part B are both referred to as Original Medicare.

Part A

Medicare Part A (hospital insurance) is available to most people for free. The reason is that a substantial percentage of people would have already spent their working years paying for it by paying Medicare taxes. For recipients who have not worked or paid up to 30 quarters of Medicare taxes, the standard premium for Part A in 2021 is $471. Recipients who have paid over 30 quarters and up to 39 quarters will pay a premium of $259.

Part A also has a deductible of $1,484 for each benefit period.

Part A covers:

  • Inpatient Services: This means that all the care and services you receive while admitted as an inpatient will be covered. Depending on how long you are admitted and which benefit period you are in will determine the costs you will pay. For example, you will pay $0 for coinsurance for the first 60 days of each benefit period. If you are still admitted after 60 days, then you will pay a daily coinsurance of $371 in the benefit period. After 91 days, you will pay a $742 coinsurance per each “lifetime reserve day” for each benefit period. The lifetime reserve days equal up to 60 days over your lifetime. If you go beyond the lifetime reserve days, you will be responsible for all costs.
  • Skilled Nursing Facility (SNF) Care: In a SNF, Medicare will cover your room, board, medications, wound care, tube feedings, and other services. These services will be covered for up to 100 days of each benefit period.
  • Home Health Care: Typically covered by Part B, Part A will begin providing coverage if within 14 days of receiving home care,  you were admitted as an inpatient for at least three consecutive days .
  • Hospice Care: This will be covered for as long as it deemed necessary from your provider.

Part B

Part B is typically referred to as medical insurance and covers:

  • Outpatient Services
  • Durable Medical Equipment
  • Home Health Care
  • Ambulance Services
  • Preventative Services
  • X-rays
  • Lab Tests
  • Prescriptions (immunosuppressants, select anticancer, select dialysis, and others that are administered by your physician)

Part B has a premium of $148.50, which can go higher depending on how much your income is. It also has a yearly deductible of $203. After the deductible is met, you will be responsible for 20% of the Medicare-approved amount for specific services.

Initial Enrollment Period

The best time for you to enroll in Original Medicare is during the Initial Enrollment Period (IEP), which starts three months before you turn 65 and ends three months after. By enrolling during this period, you can avoid late enrollment penalties.

When it comes to enrolling in Medicare, Eldridge Agency wants to make sure you are fully aware of all your options and understand the type of coverage you will be getting. We know how to make the transition into Medicare easy, so if you are in the Reno, NV, area, give us a call today at (775) 328-1197.