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Learn About Medicare Costs & Coverage

Understanding Medicare costs and the coverage options that are available to you is a crucial part of obtaining Medicare health insurance. Medicare coverage is broken down into several “parts” (A, B, C and D) with each providing a different type of coverage and having varying costs. Knowing what the Medicare premiums and copayments are for each part can help you determine which coverage works best for your budget. For more information about Medicare covered services including the costs you can expect to pay, review the sections provided below.

About Medicare Insurance Coverage

As mentioned above, Medicare costs will depend widely upon the level of coverage in which you enroll. While Medicare A and B coverage are the parts participants most commonly enroll, it is crucial that you understand what each part of Medicare covers to make an informed decision on which coverage is right for you. Continue reading to find out what does Medicare cover.

Medicare Part A coverage is considered hospital coverage, as it includes health insurance coverage for inpatient hospital stays, temporary care at a skilled nursing facility and hospice care. Although Medicare Part A coverage is primarily used for hospitalization, it does cover some home health care. It is worth noting that while other parts of Medicare are optional, Part A is not.

Medicare Part B coverage includes doctor services and outpatient care. Medicare Part B coverage is the most commonly sought after type of Medicare, as it is what you would use to see your physician. Part B also includes some preventative care services and medical supplies.

Part C Medicare coverage offers Medicare Advantage Plans, which is a combination of Part A and Part B coverage as well as other medical services that are not included in Part A and B. Medicare Part C coverage has the potential to cover dental and vision care depending on the plan selected. Some Part C plans will also automatically include Part D benefits.

For prescription drug Medicare covered services, Medicare Part D is available. Medicare Part D coverage is only used as insurance for approved prescription medications.

Now that you understand what Medicare covers, you will need to determine the level of coverage and which parts you would like to have included in your Medicare health insurance policy. Download our guide for more details about Medicare coverage including how to sign up for benefits successfully.

Medicare Deductibles and Medicare Premiums Explained

To determine what you might be paying for Medicare coverage, you must look at which parts you plan to enroll in, how many work credits you have accumulated and your income. There are several different fees that become part of Medicare costs, so it is crucial that you learn the difference between Medicare premiums, deductibles and copayments. Medicare premiums are monthly payments for your Medicare health insurance. That premium amount is often less for lower-income enrollees, and Medicare Part A does not include a monthly premium for most recipients. However, Medicare Part B, Part C and Part D will all include premium fees. A deductible is an amount that you must pay out of pocket before Medicare coverage will begin paying for a share of your approved medical bills. Both Medicare Part A and Part B will include a deductible that must be met. The Part C deductible requirements will vary depending on the Advantage Plan that you chose.

Additional Medicare costs you can expect to pay are copayments and fees incurred for non-covered services. Medicare co-pays are the amount that you will pay for your medical services once your deductible has been met. This number can either be a set figure amount or a percentage of the total, which is determined by the Medicare part that is used. Most Medicare plans will include copayments, but it is important to know that Medicare Part C and Part D copayments are determined by your individual plan. You can expect to pay the full costs of any medical service that is not included in your Medicare coverage as well as fees that can be accrued after missing a scheduled doctor appointment.

To find out details about Medicare costs based on your income, download our free guide.

What are Medicare Savings Programs?

You may be able to obtain help in paying Medicare costs from your state if you meet Medicare Savings Programs eligibility requirements, including income guidelines. These Medicare Savings Programs are designed to help you meet deductibles, co-insurance and copayment amounts and are generally available to low-income beneficiaries. It is also worth noting that each type of saving program will only be eligible for certain parts of Medicare such as Part A, Part B or both.

How to Pay for Medicare Services

Paying for Medicare is easier than ever with four additional ways that you can make a payment. Part B Medicare premiums will be withdrawn automatically from benefits that you already receive such as Social Security, Railroad and Civil Service benefits. If you do not receive any of those benefits, then you will get a “Medicare Premium Bill” in the mail each month. You have the option of paying your Medicare bills online or you can sign up for Medicare Easy Pay, which is a free service that will automatically deduct your premium payments from a savings or checking account each month. You also have the option to pay Medicare costs by check or money order. Lastly, you can use a credit or debit card by providing your card information onto the payment coupon of your Medicare bill, signing it and mailing it in.