Part A (Hospital Insurance) helps cover Inpatient care, inpatient care in a skilled nursing facility, hospice care, home health care.
Part B (Medical Insurance) helps cover medically necessary doctor services, outpatient care, home health services, durable medical equipment, mental services. Part B also covers many preventive services
Some people get Part A and/or Part B automatically. If you are getting Social Security benefits or the Railroad Retirement Board, you'll automatically get Part A and Part B starting the first of the month you turn 65. If this does not apply to you, you will need to sign up for Medicare. Contact Social Security 3 months before you turn 65.
If you are 65 or older, have group insurance and your company has 20 or more employees...Your group health plan pays first. If you are 65 or older and your company has fewer than 20 employees...Medicare pays first.
People who must buy Part A will pay a premium of either $252 or up to $458 each month in 2020 depending on how long they or their spouse worked and paid Medicare taxes.
If you aren't eligible for premium free Part A, and you choose not to buy it when you are first eligible, your monthly premium may go up by 10%. You will pay the higher premium for twice the number of years you could have had Part A and didn't sign up. For example, you were eligible for Part A for 3 years and didn't sign up. You will have to pay the higher premium for 6 years.
If you decide not to sign up for Part B when you're first eligible, you may have to pay a late enrollment penalty for as long as you have Part B. The premium may go up 10% for each 12 months you could've had Part B and didn't sign up.
With Medicare Part A & Part B, there are many deductibles and copays. Private insurers sell Medicare Supplemental Insurance plans or Medigap plans to offset those costs.
Original Medicare does not cover long-term care, dental care, eye exams, glasses, dentures, acupuncture, hearing aids, and routine foot care.
People with End-Stage Renal Disease (ESRD) can join a Medicare Advantage Plan during Open Enrollment. (Page 59) If you join a Medicare Part D Senior Savings Model, you save on out-of-pocket costs for insulin. (Page 84) Acupuncture is now being covered by Medicare. Medicare now covers 12 acupuncture visits in 90 days for chronic low back pain. (Page 30)
It's important to read over 2021 Medicare and You Guide.
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