How much would Medicare Parts A and B cost me?
Medicare is government run insurance – therefore if you have worked at least 40 calendar quarters and paid Social Security taxes during that time, Medicare Part A is free.
Medicare part A is hospital coverage. Part A generally covers hospital stays, skilled nursing care, hospice care and includes limited health care services. Part A does not cover hospital stays at 100% in all cases. Medicare part A does have limitations and once those are met, the insurance covers around 80%. You would then be then responsible for the other 20%.
Medicare part B is your outpatient coverage on procedures, such as same day surgeries. Part B does have a monthly cost to it and if you are drawing social security, that amount will be deducted from your social security. The cost for Medicare Part B in 2021 is $148.50 a month. Part B coverage is 80% and you again are responsible for the other 20% of the cost.
Either way, you are responsible for the other 20%, of whatever Part A and B does not cover. This is where Medicare Supplements pick up the remaining 20% if you own one. Or, there is the option of a Medicare Advantage Plan.
For more detailed information on how Medicare Supplements or Medicare Advantage plans can help cover the costs that remain, please contact Lori Good at Frost-Beck Insurance Agency. You can reach Lori by calling 419-446-2777, sending an email to lori@frostins.com, or by submitting your request by clicking here.
