When you turn 65, you are eligible for Medicare health insurance. Medicare is divided into 2 sections, part A and part B. These parts are divided as follows:
Part A covers hospital benefits such as
- Inpatient hospital remains
- Care of inpatient nursing facilities, with the exception of long-term care
- Home health care services for part-time work
- Hospice help
There are requirements that must be met before starting Part A. In order to stay in the hospital, your doctor and hospital must agree that you need help. For a qualified medical facility, your doctor certifies that you need help, and you must spend the first 3 days in the hospital; This allowance will continue for up to 100 days of care. For home health care, a doctor has approved therapy, and the hospice requires that a doctor be certified that you have six months or less to live. There are no monthly premiums for this coverage, some consider it to be free, but you paid FICA taxes for your working life, so essentially you’ve already paid your premiums. There is an annual deductible of US $ 1,184, as well as other deductions based on the length of your stay from $ 148 to $ 592 after you have completed either 60 days in hospital or 20 days in a qualified medical facility.
Part B covers other health costs, such as
- Doctors and # 39; Services
- Hospital Services
- Medical services and supplies
- Home Medical Services
There is a long list of things that Part B does not cover, and some of them are: dental care, eye care, cosmetic surgery, medications, hearing aids, prostheses and long-term care.
Part B works differently than part A, for most people the monthly premium is $ 104.90. The premium may be higher if your annual income exceeds $ 85,000. This premium is automatically deducted from your monthly social security check. There is an annual deductible if 147 dollars. You are also liable if the services are covered by Medicare, co-insurance, fees above the approved Medicare amount and all expenses if the provider is not approved by Medicare. Co-insurance for which you are responsible is 20% of all approved expenses after you have completed your $ 147 franchise.
These fees are charged for 2013 and are reviewed annually as part of the social security system. Expenditures are usually adjusted for inflation, which has been very low over the past few years, while the cost of services has increased.
