How much does Medicare Part A and Part B cost?
If you have worked at least 40 calendar quarters and paid social security taxes, Medicare Part A is provided at “zero premium”. Medicare Part A is hospital coverage and also covers skilled nursing care, hospice care, as well as some other limited services. Medicare Part A, however usually does not provide 100% coverage for hospital stays, but rather it pays 80% and you are responsible for the other 20% left unpaid.
Medicare Part B covers outpatient procedures. Part B does come with a monthly cost, and if you are drawing social security, those premiums will be deducted from those benefits. For 2021 the monthly cost of Part B is $148.50, and it covers procedures at 80%. You then would again be responsible for the remaining 20%.
In either instance you would be responsible for 20% of the costs of service. This is where Medicare Supplement Plans or Medicare Advantage Plans come in handy, to take care of that remaining 20% out of pocket.
For more information on how Medicare Supplements or a Medicare Advantage Plan can help cover those costs, please click here or call us at Beck Insurance Agency at 419-446-2777.
Lori Good, Senior Products Specialist