What is Medicare?
Medicare is a single payer medical insurance program for people aged 65 years or older permanently residing in the United States of America for five or more years. It is a program administered by the federal government of the United States. There are four parts of this medical insurance program:
- Part A: Hospital Insurance: This part covers services like; semi-private rooms, tests and foods. It is the part that covers the in-hospital stay services.
- Part B: Medical Insurance: this part covers the portion that is not covered in part A. if the patient or his/her spouse is working, this part becomes optional.
- Part C: Medicare Advantage Plans: these plans are required to offer coverage that meets or exceeds the standards set by Original Medicare but they do not have to cover every benefit in the same way.
- Part D: Prescription Drug Plans: A patient with Part A and Part B is eligible for Part D.
Medicare Cost 2018
The Medicare cost for 2018 in the USA is as follows:
There is fixed benefit period for which the beneficiary must pay an adjusted amount annually.
Hospital Stay of 60 or Less Days:
In 2016 a deductible of about $1,288 was fixed which has been raised to $1,316 in the year 2018.
Hospital Stay for 61-90 Days:
A $322 each day co-pay in 2016 has now been raised to $329 co-pay in year 2018.
Hospital Stay for 91-150 Days:
In 2017 the co-pay has been raised to the bar of $658 per day from a$644 per day co-pay in 2016 as part of their limited Lifetime Reserve Days.
Hospital Stay for More than 150 Days:
In 2016, skilled nursing charge was $161 per day and it has been raised to $164.50 in 2017 for days 21 through 100 for every benefit period. There is no co-pay for the first 20 days.
Mental Health Inpatient Stay:
There is fixed deductible amount of $1,316 that has to be paid for every benefit period. For the first 60 days, there is no cost imposed on the beneficiary.
For 61-90 Days:
A co-insurance of $329 per day of each benefit period has to be paid.
For 91 or More Days:
For each lifetime reserve day $658 co-insurance has to be paid, after day 90 for every benefit period.
Home Health Care:
There are no costs for home health care but 20% of the Medicare accepted sum for durable medical equipment.
In case of late enrolment, there is certain penalty imposed. If you are not eligible for premium-free part A and do not buy the premium-based than it might get raised up 10% of premium. The years that you did not buy the premium-based part A, you must pay the 10% higher premium as the Medicare cost for twice the number of years you could have had Part A. For example, if you were eligible for Part A for 3 years but didn’t sign-up, you must pay the higher premium for 6 years.
The beneficiaries must meet the deductible of $183 for the year 2018. After this, a 20% co-insurance has to be paid by the beneficiary of the Medicare-approved cost for all the services covered by Part B. The lab services in this part are covered at 100%. The mental health is covered by 55% and 45% copay. A 15% of excess charge is also required to be paid for services taken from a physician who did not accept the task.
For the doctor services, outpatient therapy and durable medical equipment, there is an annual deduction of $183. After the deductible has been met, the beneficiary has to pay 20% of the Medicare-approved amount as the Medicare cost.
A late enrolment penalty is imposed on people who do not sign up for Part B when they are eligible. The imposed penalty will have to be paid by the beneficiary for as long as you have Part B. For each year you did not sign up for Part B even when you were eligible, your Part B premium may go up 10%.
The monthly premium for this part C is not fixed and varies with the type of plan chosen. So there exist a great number of deals from different insurers with different package limits and services.
The monthly premium varies with the type of plan chosen. It also depends upon the income of the beneficiary. The beneficiary has to the plan premium only if the File individual tax returnis $85,000 or less, the File joint tax return is $170,000 or less and the File married & separate tax return is $85,000 or less. Otherwise the additional costs will be added into the monthly premium.
A late enrolment penalty is imposed on the beneficiary if for continuous 63 days or more after your Initial Enrollment Period is over, you go without a Medicare Prescription Drug Plan (Part D), Medicare Advantage Plan (Part C) or any additional Medicare health plan offering Medicare or creditable prescription drug coverage.
Other Medicare Plans:
A few types of Medicare healthcare plans that give medicinal services scope aren’t Medicare Advantage Plans, yet are still the part of Medicare. Some of these plans give Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) scope, while most others give just Part B scope. Some additionally give Medicare physician endorsed sedate scope (Part D).
These plans have a portion of indistinguishable guidelines from Medicare Advantage Plans. Be that as it may, each sort of plan has unique standards and special cases, so contact any plans you’re occupied with to get more points of interest.
Medicare is a health care coverage program for individuals aged 65 and more. Individuals more youthful than 65 who are handicapped or who have end-arrange kidney illness or ALS can likewise get medicinal services through Medicare.
The Medicare Cost in 2018 relies upon the amount you win every year and how much care you require. You pay a different sum for each piece of Medicare.