What Does Medicare Cost

July 14, 2011 - PRLog -- One of the first questions that enter peoples’ minds when they enroll for Medicare is ‘what does Medicare cost’?  There is no consistent answer to this question as the cost of Medicare depends on several factors such as:

• Which parts of Medicare you receive
• Number of years that you worked
• The money you earned
• Whether you choose a government Medicare plan or one that is offered by a private insurance company approved by Medicare

Assessing the Costs

Medicare Part A

Medicare Part A (http://www.kyfreehealthquotes.com/what-is-medicare.htm) is hospital insurance that helps cover inpatient care in hospitals, skilled nursing facility, hospice, and home healthcare.

Part A is free for those who have worked 10 years in Medicare-covered employment and paid taxes. People who have worked for less than 10 years have to pay a monthly premium for Medicare Part A. Even if you have premium-free Part A, you would have to pay a deductible each time you are hospitalized. The cost would depend on the length of the hospital stay. These deductibles do not work the same way as in a private health insurance plan.

Medicare Part B

Medicare Part B (http://www.onesourcebenefits.com/ohio-medicare.htm) covers physician visits, outpatient procedures and some preventive services. You have to pay a monthly premium for Part B coverage, and the amount is more or less the same for most people. There would also be a small deductible for Part B services. To save money, you can choose to see doctors who ‘accept assignment’, which means that they accept the payment that Medicare makes for visitor services. If you choose a doctor who charges more than the amount Medicare offers, you would have to pay the difference. You can also choose to have Part B coverage through a Medicare Advantage plan.

Medicare Part C

A Medicare Advantage Plan (like an HMO or PPO) is another Medicare health plan option. They include HMOs and PPOs offered by private companies approved by Medicare. Medicare Part C covers Part A and Part B of Medicare. They also offer additional benefits such as vision, hearing, dental, and/or health and wellness programs, and usually offer Medicare prescription drug coverage (Part D) as well.

With a Medicare Advantage plan, you pay a premium for Part B and also a monthly premium for the services included. Out-of-pocket costs could also vary with each Medicare Advantage Plan.

Medicare Part D

Medicare Part D is prescription drug coverage. This is not available through the federal government and has to be purchased from a private insurance company. When it comes to buying Part D coverage, the best option is the study different plans, compare their costs and buy a plan based on the prescription drugs you need. You have to enroll in a Medicare drug plan when you first become eligible for Medicare, or else you could be subject to a premium penalty.  

Choosing an Affordable and Reliable Option

Thus, looking at the overall picture, it is clear that there are two basic components in Medicare costs:
• Set Medicare Costs
• Variable Medicare Costs  

Medicare Part A is premium-free, though there would be a deductible for hospital stays. You have to pay a monthly premium for Medicare Parts B and D.

It is advisable to have supplemental insurance to cover the services that are not covered by traditional Medicare. For instance, a good financial back-up plan would be needed to cover multiple hospital stays.

Research well or spend tome to talk to someone who is knowledgeable and experience to understand all about Medicare costs.
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Contact Information:

Tracy Mc Manamon
One Source Benefits
616 Belleview Blvd
Steubenville
OH 43952
Phone: (877) 549 1212

onesourcebenefitsoh@gmail.com
http://www.onesourcebenefits.com

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