Do You Need To Know About All 4 Medicare Parts?
Medicare is a health insurance package provided by the U.S. government to subsidise healthcare services to specific people. The health plan covers people aged 65 years and over, people below 65 with disabilities, and those with certain chronic diseases such as renal disease. This health insurance program is divided into four parts that cover a range of healthcare conditions, where the insured person may pay for some.
To help you understand if you need all 4 medicare parts, let us look at what each part entails.
Medicare Part A
This is also known as hospital insurance. In all 4 medicare parts Medicare Part A is a basic insurance plan that caters to medical services associated with skilled nursing care and inpatient hospitalisation. It is provided at no or low cost to citizens aged 65 years who have contributed towards Social Security and other people who meet the eligibility criteria.
Medicare Part A covers:
• Home health care
• Hospice care
• Inpatient care in an expert nursing facility
• Professional nursing facility care
• Hospital inpatient care
The Cost of Medicare Part A
People who have worked for at least 40 calendar quarters or their spouses and paid Social Security taxes pay zero premiums for Medicare Part A. Those who do not qualify for zero premiums but are aged 65 or older either pay a monthly fee of $274 or $499, depending on how long they worked and submitted their Medicare taxes.
You qualify to enroll in Medicare Part A in your Initial Enrollment Period (IEP), usually during the seventh month around your 65th birthday. The IEP commences three months before your 65th birthday. It includes your birth month and extends to three months after your birth month. You automatically get enrolled in Medicare Part A when you apply for your Social Security benefits.
Medicare Part B
This is also known as medical insurance, an insurance plan covering medical services associated with doctor and outpatient care. It covers medically essential treatment and care, including:
• Essential medical supplies and services
• Clinical research
• Preventive services
• Long-lasting medical equipment
• Ambulance services
• Limited outpatient drugs
• Mental health services
The Cost of Medicare Part B
The average costs for this health plan are:
• 20% coinsurance
• $233 deductibles
• $170.10 premium per month or more depending on your income
You qualify for Medicare Part B enrollment in the seventh-month period during your 65th birthday. Your IEP begins three months before your 65th birthday, birth month includes the birth month, and extends to three months after your birth month. Part B enrollment is automatic for those receiving Railroad Retirement Board or Social Security Benefits.
Medicare Part C
This is also known as Medicare Advantage, and it includes the benefits covered by Medicare Parts A and B. But, Medicare Part C has other benefits, such as prescription drug benefits and extra coverage, like dental and vision Surgeries
Medicare Part C covers:
• Hospital insurance (Medicare Part A)
• Medical insurance (Medicare Part B)
• Prescription drugs (Medicare Part D)
• Wellness and health programs
The Cost of Medicare Part C
The approximate average cost for Medicare Part C is $19 monthly premiums. Many people who benefit from Medicare Part C pay zero premiums for the plan, except the Medicare Part B premiums.
Does Medicare Cover MRI scans
MRI scans are covered by Medicare insurance. Medicare plans usually cover 80% of MRI costs, but beneficiaries expected to pay the remaining 20% unless they have met their yearly deductible.
You can enroll in Medicare Part C during your IEP, which begins three months before your 65th birthday birth month, includes the birth month, and extends to three months after your birth month. Enrollment is not automatic but optional, and you must first be enrolled in Parts A and B to sign up for Part C, usually with a private insurance company. You’ll remit payments directly to the insurance provider with Medicare Part C.
Medicare Part D
This health insurance plan provides coverage for prescription drugs. The coverage depends on your plan choice, and they are available in your plan’s drug production formulary.
The Cost of Medicare Part D
The average premium for this plan is $33 per month, with deductibles ranging from $0 to $480.
You qualify to enroll in Medicare Part D during your IEP, which begins three months before your 65th birthday birth month, includes the birth month, and extends to three months after your birth month. Enrollment is through an insurance company.
Do You Need All Four Medicare Parts?
If you are aged at least 65 years and have a medical condition that requires all four Parts of Medicare, you can enroll in Medicare Part C. However, you should know that Medicare Part C or Medicare Advantage is a private health insurance plan. You will be paying the premiums directly to the insurance company to receive coverage for prescription drugs and hearing, dental, and vision benefits. If you already have Medicare Part A and Part B and have coverage of the conventional Medicare program, there is no need to sign up for Medicare Advantage Plan. But, you can enroll if you can afford to pay for private insurance and you need the benefits provided by Medicare Part C.
You have to be enrolled in Medicare Part A and B to qualify for enrolment in Part C. This will provide the benefits in Medicare Part A, Medicare Part B, Medicare Part D, and other benefits, including hearing, dental, and vision. If you have traditional Medicare coverage and want prescription drug coverage, you may enroll in a separate drug plan when the Medicare Open Enrollment period opens.
If you did not enroll for Medicare Part D when getting coverage for Part A and B and have no other cover for prescription drugs, you may incur a penalty for late enrollment. After enrolling for Part d, you can move your drug plan during the Medicare Open Enrollment period.