Cost of Medicare and its Benefits for People

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In the year 2018, the monthly premium for Medicare Part B was $134, which is same as that of 2017. The cost of medicare will depend on the income whether it is higher or low. From the last few years, the premium paid is less than the standard rate.

Hospital Insurance Costs (Medicare Part A)

The monthly premium of Medicare Part A: most of the people do not pay a Part A premium as they paid the taxes of Medicare when they are working. The coverage for hospitalization, skilled nursing as well as for rehabilitation provided by the Medicare Part A. A small amount is deducted to a specified limit. Part A is free for some people but if the conditions are not qualified, then medical taxes should be paid during the working tenure.

The premium of Part A is not paid by everyone because medical taxes paid by the person during their job tenure. But if, in case, you are not eligible for Part A premium-free, then you are liable to pay $437 every month.

For hospital stay in 2019, you have to pay:

  • Deductible per benefit period: $1, 364.
  • For first sixty day of benefit period: $0.
  • For 60-90 days of each benefit: $341.
  • For “lifetime reserve day”, the benefit day of each period after ninety days: $682.

For Skilled nursing facility in 2019, you pay:

  • For first twenty day of each benefit: $0.
  • For 21-100 days of each benefit period: $170.50.
  • All costs must be paid after hundred days of benefit.
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It is a misconception that healthcare insurance is free for the retirees. But this is not true at all. But medicare Part A is free for most of the retirees. Whereas, it is not right for Medicare Part A, Medicare Advantage, Medicare Part D or Medicare plans.

Medicare Part B (Medical Insurance) Costs

The Monthly Premium of Part B

The coverage of basic healthcare services such as primary visits to doctors and work related to lab. Once the insured person meets a deduction of $183 per year, they pay 20% for covered services on co-insurance basis. If people fail to sign up at the age of 65, then it is mandatory to pay premium for the coverage of Part B. Moreover, stiff penalties will also be faced by the person.

The standard premium cost of medicare for Part B is $135.50 or higher depends on the income of the insured person. People who take benefit for Social Security pay fewer amounts ($130 on average basis).

The standard premium amount will be higher, if:

  • Enroll in Part B for the first time in the year 2019.
  • Not get the benefits of Social Security.
  • Directly billed the premium of Part B.
  • Liable to pay standard premium amount.
  • If the adjusted gross income reported on your IRS tax return is above a certain amount from the two years.

These amounts may be higher if you are penalized for the same. The deductible amount for Part B is $185 per year.

The premium of Medicare Advantage (Part C) and Medicare Prescription Drug Plan (Part D)

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If you would like to prefer traditional Part A as well as Part B in place of Medicare advantage, then buy a Medicare Part D plan. After all, the average premium cost of Part D plan is $33.50 but it could be more according to your income.

The beneficiary amount of a nation changes every year. So, the prices of plans may vary every year. For more information related to the medicare, visit www.lamedicare.com.

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