Understanding Medicare Parts A & B
Medicare Part A (Hospital Insurance)
- Medicare Part A covers inpatient hospital stays, skilled nursing care, hospice care, and some home health care.
- Part A does not usually have a premium, if you or your spouse paid Medicare taxes for 40 or more quarters.
- You will pay a deductible and a per day copay for days 61 and beyond, for each benefit period.
Part B (Medical Insurance)
- Covers certain doctor services, outpatient care, medical supplies, and preventive services.
- There is a standard monthly Part B premium, which is adjusted annually. If your modified adjusted gross income is above a certain amount, you may pay an additional fee called an Income Related Monthly Adjustment Amount (IRMA).
- You will pay an annual deductible, then 20% of the Medicare approved amount for most services.