Are You 65 or Older and Need Health Coverage?
The A, B, C, & Ds of Medicare
Part A (Hospital Insurance): Helps cover such expenses as inpatient care in hospitals, skilled nursing facility care, hospice care, and home health care. There are various costs with Part A in the form of deductibles and co-pays. If an individual works a minimum of 10 years and pays Medicare taxes, Part A is generally no cost. For individuals that do not qualify for no cost Part A, there may be an option to purchase Part A.
Part B (Medical Insurance): Helps cover such expenses as services from doctors and other health care providers, outpatient care, durable medical equipment and preventive services. Part B has an annual deductible and also has a monthly cost. In 2023, the standard monthly cost is $164.90. Note - Medicare can impose IRMAA (Income Related Monthly Adjustment Amount) which is a higher monthly cost based on income guidelines.
Part D (Drug coverage): Helps cover expenses associated with the cost of prescription drugs. Plans that offer Medicare drug coverage are run by private insurance companies. Monthly costs vary based on the plan and insurance company chosen. Note - Medicare can impose IRMAA (Income Related Monthly Adjustment Amount) which is a higher monthly cost based on income guidelines.