fbpx

Original Medicare

Original Medicare

Medicare is a federal health insurance program, started in 1966, for United States citizens age 65+ and for people with certain disabilities or end-stage kidney failure. We all pay into this program through our payroll taxes, which makes this a federal benefit that you are entitled to as long as you’ve worked for at least 10 years within the United States. Original Medicare consists of two parts: Part A and Part B.

 

Part A – Inpatient Hospital Insurance
Medicare Part A covers you when you are admitted into the hospital as an inpatient. Most people will pay $0 for Part A, since they’ve been paying for it through taxes. Part A has a $1484 deductible (Updated for 2021) that can be paid several times a year if you’re really unlucky. After the deductible there are significant out-of-pocket costs if you happen to be in the hospital for longer than 60 days.¬†

Part B РOutpatient Medical Insurance 

Medicare Part B covers you for basically everything outside of the hospital, like doctor visits, X-Rays, MRI’s, etc. except for your prescription drugs. Most people will pay the minimum Part B amount of $148.50/mo (Updated for 2021). However, if your income is above a certain limit, the government will add on a “surcharge” that can bring the Part B monthly payment up to as high as $500/month. Coverage wise, Part B has a small yearly deductible of $203 until it kicks in and then Medicare will cover 80% of approved charges, leaving you the remaining 20%. It is important to note that there is no limit on your out of pocket expenses if you stick with just Original Medicare, and that is a lot of risk considering that medical bills can frequently exceed $500,000.

You can think of Original Medicare as being effectively 80/20 coverage. Most people will add on a Medicare Supplement (Medigap) Plan or a Medicare Advantage Plan to help cover the 20% that Original Medicare does not.

Prescription medications are not covered by Original Medicare, so you’ll need to add that coverage with a Part D – Drug plan.

 

 

 

Get Your Medicare Supplement Quote

Quote Widget

Testimonials

I have referred The Medicare Family to friends, family, colleagues and acquaintances for insurance needs for years. Their staff is friendly, knowledgeable and great to work with no matter the insurance you are seeking.