Here are some of Medicare’s basic rules and regulations regarding coverage:
Medicare Part A:
This provides hospitalization coverage. If you’ve paid into the Social Security pool for at least 10 years, you’ll pay no premiums. There’s no spending cap, although coverage is limited to 90 to 150 days per benefit period. There’s a deductible of $1,340 and the copay is 20% of the service cost. Most people age 65 or older are eligible for Part A if they have worked and paid Medicare taxes long enough. You should sign up for Medicare Part A three months prior to your 65th birthday, whether or not you want to begin receiving retirement benefits. For more on Medicare enrollment, visit the Medicare Benefits page on the Social Security Administration website.
Medicare Part B:
Part B provides coverage for doctor visits and other outpatient costs such as medical equipment and physical therapy. It also covers some preventive costs such as diabetes testing, glaucoma screening, and colon and prostate cancer screening. Part B comes with a monthly premium that costs between $134 to $428 depending on your income, and has a deductible of $183 a year. Copay is usually 20% of service costs. This premium is deducted directly from any Social Security payments you receive.
There are gaps in Part A and Part B insurance. It doesn’t cover prolonged hospitalization or long-term care. It also doesn’t cover prescription drug costs, dental care and dentures, or hearing and vision. For those, you’ll need to purchase supplemental insurance.
Medicare Part C:
Also known as Medicare Advantage, Part C is the name for supplemental private plans operated through Medicare. These plans help cover some of the gaps between Medicare Part A and Part B. In addition to Part C, some private insurance companies offer supplemental policies (so-called "Medigap" policies) to help pay some of the healthcare costs medicare doesn’t cover, such as copayments, coinsurance, and deductibles. Before making a choice, review advantages drawbacks various plans. for more information, For more information, the Medicare.gov website offers detailed explanation of Medigap and Medicare Part C plans. (Note: some retirees may receive healthcare benefits from a previous employer. If your employer offers retiree benefits, see what kind of supplemental insurance it offers.)
Medicare Part D:
The Part D section is for prescription drug coverage. These policies are sold by private insurers. Plans differ, but most purchasers pay a monthly premium for Part D coverage. They may or may not have a small annual deductible. Most plans require an additional fee the enrollee pays for each prescription. This might be assessed as a copayment—a flat fee for each prescription, or coinsurance, or as a percentage of the cost of the drugs
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