Parts of Medicare
Part A - Hospitalization
As long as you have worked 10 years, or for 40 quarters, you receive this part for free. There is a deductible for most people, but PART A does not cost a person any money. The Deductible for this is $1364 in 2019.
Part B – Doctor’s
This part covers doctor visits, procedures, treatment, etc. For most people for the 2019 year, the cost is $135.50 per month. This is taken right out of your social security check. This is the 80
Part C – Medicare Advantage
This is called Medicare Advantage. We will talk about this later.
Part D – Drug Coverage
This is your drug coverage. Everyone is required to have this, or there is a penalty of 1% for each full month without credible coverage. This lasts the rest of your life.
What are your options once you get Medicare Parts A/B?
- Absolutely Nothing!
- Take out a stand alone drug plan and keep Medicare only. Remember, Medicare is an 80/20 plan, which means you are responsible for 20% of what Medicare covers, and there is no cap. (You are responsible for 100% of what Medicare does not cover)—If you do not take a drug plan out and you do later on, you will be penalized 1% of the national average drug cost per drug pla per month you do not have a drug plan for the rest of your life (About 35 cents every month).
- To take out a part C, called a Medicare Advantage, such as a Humana, BCBS, UHC. This becomes your primary insurance now, and sets co-pays, maximum out of pocket costs, helps control the 20% of Medicare you are responsible for paying.
- Take out a supplement and a drug plan. A Medicare Supplement will pay your portion of Medicare that you are responsible for paying.
- Keep your coverage from your workplace if it is available.