Though the government programs help you reduce your healthcare and prescribed medicine costs. Let us understand the A, B, and D of Medicare in detail.
Medicare is health insurance for people of and over the age of 65 and for those under the age of 65 but with certain disabilities. There are different parts of Medicare- part A, part B, and Part D.
Part A- It covers the inpatient hospital cost. It is also known as hospital insurance. It includes hospital stays, nursing care, home health care, and hospice care. But it has an amount of 1408$ deductible per policy period and up to 704$ coinsurance per day for hospital stays for more than 90 days.
Part B- It covers outpatient medical services like doctor visits, diagnostic tests, and preventive care. It requires you to pay a few out-of-pocket expenses including a 198$ monthly premium, which is deductible annually and is usually 20% of total care cost.
Part D- It covers the cost of prescription drugs. It reduces medical costs by covering the costs of medicines. It does not cover over-the-counter drugs. A prescription by an authorized doctor is a must. The Part D premium differs from consumer to consumer. High-income consumers generally pay more.
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Fast Facts About Medicare insurance
Medicare has different parts that cover different things. Part A covers inpatient hospital stays, inpatient nursing facility care, home health care and hospice care. Part B covers medical services like doctor visits, lab tests and preventive care. Part D covers prescription drugs.
Medicare’s premiums, deductibles and other costs vary depending on specific services. For those with limited income or assets, there are assistance programs that can help cover some or all of these costs.
It all depends on your situation, your income and your medical needs. One of our super knowledgeable specialists would love to guide you to the option that’s right for YOU.