What Are The Different Parts Of Medicare?

April 30th, 2022 - Naples, FL

People often get confused at the different parts of Medicare. Here is a breakdown:

Medicare Part A:

Part A is the Medicare part for hospital.

Most people don’t pay a monthly premium for Part A. The monthly premium us $499 if you paid Medicare taxes for less than 30 quarters, and $274 if you paid Medicare taxes for 30-39 quarters.

The Part A deductible is $1,556 in 2022 (for each benefit period).

For inpatient hospital stays, the copay (for each benefit period) is:

– Days 1-60: $0 copay

– Days 61-90: $389 copay

– Days 91 and beyond: $778 coinsurance per each “lifetime reserve day” (up to 60 days over your lifetime)

– Beyond lifetime reserve days: all costs

Medicare Part B:

Part B is the Medicare part for doctor’s visits. The standard Part B monthly premium is $170.10 (or higher depending on your income).

The Part B deductible is $233 for the year in 2022. After your deductible is met, you typically pay 20%.

Medicare Part C:

Part C is another name for Medicare Advantage.

Medicare Part D:

Part D is the Medicare part for prescription drug benefit.

If you have a Medicare Advantage plan, you most likely have drug benefit already included in your plan. However, if you have Medicare Supplement, you need to purchase an extra drug plan.

Do you have any questions about the 4 Medicare parts? Contact us today, we are here to help.