Part A Medicare Insurance
What is Part A?
Medicare Part A is insurance coverage provided to eligible beneficiaries for hospital, skilled nursing, hospice, and home health care .
Who Can Receive Part A?
Individuals who are 65 or older, meet citizenship and residency requirements, individuals under 65 on disability for 25 months or with End-Stage Renal Disease are eligible for Medicare part A.
How Much Does Part A Cost? (2019)
For the majority of medicare recipients, Part A of medicare comes at no cost. If an individual can establish 40 quarters of employment over a period of ten years, while contributing to the Medicare tax, there will be no premium. If you contributed Medicare Taxes for 30-39 quarters, you may purchase Part A for $232 each month. If you contributed towards Medicare Taxes for less than 30 quarters, you may purchase Part A for $422 each month.
What other costs are associated with Part A? (2019)
Medicare Part A does involve out of pocket costs. The Part A deductible is $1,340. Once met, the daily copay during the first 60 days is $0. After the 60th day, the daily copay is $335. After the 90th day, the daily copay is $670 until the 60 reserve days are exhausted. After this, all remaining costs fall to the beneficiary. Medicare Supplement plans can help cover each of these costs.
Note: Staying overnight in a hospital doesn’t always mean you’re an inpatient, therefore you may not be covered. You’re considered an inpatient the day a doctor formally admits you to a hospital with a doctor’s order. Being an inpatient or an outpatient affects your out-of-pocket costs. Always ask if you’re an inpatient or an outpatient.