Even though these definitions are not 100 percent correct, it is fair to say that most people define Medicare Part A as hospital insurance and Part B as medical insurance.
This outlines some of the basic charges for these Medicare health benefits:
- Most Americans qualify for free Part A based upon their own or a spouse’s work record. If not, beneficiaries over 65 could pay a fairly modest premium every month of $224 (30 to 39 work quarters) or $407 (less than 30 work quarters) in 2015.
- For Part B, most people pay $104.90 a month this year, but individuals with a high income could could pay as much as $335.70, depending upon the income threshold.
What’s New For Medicare Part A and B in 2015?
One of the most noticeable changes to Part A is the increase in the deductible to $1,260. In addition, these are some of the most significant out-of-pocket costs for Part A:
- For days 61 to 90 of covered inpatient hospital stays, daily coinsurance is $315.
- For days after 90, up to the limit of lifetime reserve days, the daily hospital coinsurance is $630.
- For days 21 to 100 in a skilled nursing facility, daily coinsurance is $157.50.
As for Medicare Part B, most covered services come with 20 percent coinsurance. Also, beneficiaries have a $147 Part B deductible each year. Finally, Medicare will only pay up to the approved amount, and beneficiaries are responsible for charges that exceed the guidelines.
How to Prepare for Changes in Medicare in 2015 and Beyond
If you need help with Medicare in 2015, 2016, or 2026, we hope to be your trusted resource. Contact us here at Trusted Senior Specialists at your convenience: 1-855-474-6234 or schedule an exclusive appointment by clicking this link: http://www.meetme.so/medicare.