What are the costs of Medicare?
These are the four main factors that will determine your Medicare costs:
• What parts of Medicare do you choose?
• How many years did you work?
• How much did you earn?
• If you select government-sponsored Medicare or Medicare Advantage through a private insurer
Medicare has four separate parts: parts A, B, C and D.
What is part A (hospital insurance)?
Part A is a hospital insurance that helps cover hospital care in hospitals, specialized nursing centers, hospices and home health care.
What is part B (medical insurance)?
Part B can be used to insure the necessary medical services, such as medical services, outpatient care, home health services and other medical services. Part B also insures certain preventive services.
What is Part C (Medicare Advantage Plan)?
A best Medicare Advantage plan (such as the PPO or HMO) is yet another Medicare health policy option that you can sign up for as a part of Medicare. The Medicare Advantage plans, sometimes known as “Part C” or “MA Policy,” are provided by private firms with Medicare approval.
What is prescription drug insurance – Part D?
Medicare provides prescription drug insurance for all people with Medicare. If you choose not to enroll for a Medicare drug policy when you are first qualified and do not have other genuine prescription drug insurance or do not receive additional help, you are likely to pay a late registration fee. To obtain Medicare prescription drug insurance, you have to comply with a plan administered by an insurance firm or another private firm approved by Medicare.
If you have worked at least 10 years, you can take advantage of a “free” Part A program. If you have not worked for at least 10 years, you can choose to buy the Medicare Part A plan and pay a monthly premium. Medicare Part B works a little differently. This medical insurance component has a monthly premium that costs roughly the same for most people and a small deductible. You can choose from doctors who “accept the assignment” and will not charge you more than what Medicare pays. You can also select other doctors, but you must pay the difference.
Medicare Advantage, or part C, is managed by private insurance companies that have different premiums and deductibles. You can choose to get Part D coverage as part of your Medicare Advantage plans or opt for medical and hospital coverage only. Finally, part D is available only through private insurers. If you plan to get Part A and B coverage through the government, you still need to compare insurers with Part D coverage.As you can see, Medicare costs may differ for each individual. It may take some time and research to find the right combination for you, so search well and compare your options.