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 65 or older who meet citizenship and residency requirements, individuals under 65 on disability for 25 months, or individuals with End-Stage Renal Disease are eligible for Medicare part A.
How Much Does Part A Cost? (2021)
For the majority of medicare recipients, Part A has no premium; If an individual has established 40 quarters of employment over a period of ten years, while contributing to the Medicare tax, the premium is waived. If an individual only contributes to Medicare Taxes for 30-39 quarters, they may purchase Part A for $259 each month. If an individual contributed towards Medicare Taxes for less than 30 quarters, they may purchase Part A for $471 each month.
What other costs are associated with Part A? (2021)
Medicare Part A does involve out of pocket costs. The Part A deductible is $1,408 per benefit period, which is defined as 60 days since your last admittance as an inpatient. Once met, the daily copay during the first 60 days is $0. After the 60th day, the daily copay is $352. After the 90th day, the daily copay is $704 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.