Hospital Coverage. Part A covers hospital inpatient and skilled nursing care. If you or your spouse have worked 10 years, there may be no premium for Part A. 2024 Deductible: $1,632
Medicare Part B
Doctor & Outpatient. Part B covers medically necessary services and supplies, including outpatient, preventive services, ambulance and durable medical equipment. There is a premium for Part B, and patients may be responsible for 20% of costs.
Part A & B make up what is known as Original Medicare. Prescription Drugs are not included in Original Medicare.
2024 Part B Premium: $174.70
Part B Deductible: $240.00
Medicare Part D
Drug Coverage. Part D is private drug coverage and is available as a standalone plan, or within a Medicare Advantage Plan. Plans vary in price, networks, preferred pharmacies and the drugs covered.
Medicare Part C
Medicare Advantage is private insurance approved and regulated by Medicare and is offered as an alternative to Original Medicare, providing coverage that must be at least as good as Original Medicare.
Medicare Advantage Plans may have premiums, with cost reflecting factors such as the network and how much of the cost you share. Medicare Advantage limits your out-of-pocket costs and may include additional benefits, such as prescription drugs, physical exams, dental, vision and gym membership.
Medicare MSA
MSA’s are a $0 premium high deductible Medicare Advantage Plan.
MSA’s have a special account into which the plan deposits tax-free money that may be used towards Medical costs. Unspent money rolls over each year to increase your pool of money.
MSA’s do not include Prescription Drug coverage you need a separate drug plan to cover your pharmacy needs.
Medicare Supplement Insurance
Medigap plans
Medicare Supplements, which are also known as Medigap plans, were created to fill gaps in Original Medicare. These gaps include deductibles, copays and your liability for the 20% of part B costs. Medigap plans typically do not have a hospital network, which means any provider in the USA that accepts Medicare is an option.
Medigap plans do not cover Prescription Drugs, so a separate drug plan is required. Beneficiaries choose Medigap for nationwide coverage along with a guarantee that the plan can never be taken away. Medigap plans may be guaranteed issue during your first six months of eligibility, after which you may need to provide health history to be accepted for coverage.
