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 Beck Insurance Agency. You can reach Lori by calling 419-446-2777, sending an email to email@example.com, or by submitting your request by clicking here.