Medicare was created to help eligible people over 65 and eligible under 65 individuals get healthcare coverage for certain health services. Medicare is divided into various parts, but the most common parts include Part A and Part B.
Medicare Part A Costs
Medicare Part A provides coverage for:
Hospice care
Inpatient services
Skilled nursing facility care
Home health services
Most Medicare beneficiaries do not have to pay monthly premiums for Part A since they paid 40 quarters of Medicare taxes while employed. However, Part A beneficiaries who do not qualify for free premiums must pay premiums to stay enrolled. The most you could pay in premiums for Part A in 2022 is $499 a month, but if you have worked and paid taxes for at least 30 quarters, you will pay $274 per month.
The deductible is a mandatory cost for all Part A and Medicare enrollees. The deductible for Medicare Part A in 2022 has been set at $1,556 for each benefit period.
The coinsurance amount for Part A in 2022 is $0 for the first 60 days. However, the coinsurance is $389 per day from the 61st to the 90th day of hospitalization in a benefit period. This amount increases to $778 per day after the 90th day.
The coinsurance for skilled nursing facility stays from days 21 through 100 is $194.50. It is $0 for the first 20 days.
Medicare Part B Costs
Medicare Part B provides coverage for:
Outpatient services
Preventive screenings
Medically necessary services
Durable medical equipment
Ambulance services
And more
Every Part B beneficiary must pay part B premiums. The standard monthly premium for Part B in 2022 is $170.10.
The yearly deductible will be $233 for all Part B enrollees. After meeting the deductible, you will typically cover 20% of the Medicare-approved amount as coinsurance for doctor services, durable medical equipment, and outpatient therapy.
Reach Out To Us Today To Learn More
At Innovative Senior Benefits, we care about providing you with the information and resources you need to make informed decisions about your Medicare coverage. To learn more about Part A and Part B and the costs you can expect to see in 2022, give us a call today!