Medicare Part A: What Does Part A Cover?
Medicare Part A is considered your hospital or inpatient insurance, but what exactly does Medicare Part A cover? In this video, I review what Medicare Part A covers, the cost of Medicare Part A, and how to enroll in Medicare Part A.
0:00 Medicare Part A Covers
1:05 Medicare Part A Premium
3:16 Medicare Part A Hospital Costs
6:20 Medicare Part A Skilled Nursing Facility Costs
8:00 Medicare Part A Hospital Coverage
9:40 Medicare Part A Post Acute Coverage
10:00 Medicare Part A Enrollment
12:17 Medicare Part A Coverage
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When it comes to Medicare Part A, most of us know this as our hospital insurance. We assumed that whatever happens in the hospital will be covered under Part A. This, however, isn't the whole case. While Medicare Part A is our inpatient insurance, it is really our "room and board" insurance when it comes to the hospital. This room and board insurance includes things such as a semi-private room, meals, general nursing care, and inpatient medications. Some services in the hospital will actually fall under Medicare Part B coverage.
It is important to understand not only the coverage, but also the cost of Medicare Part A. In order to qualify for premium-free Part A, you must have worked at least 40 quarters, or 10 years. If you worked less than the 40 quarters, you will pay for your Medicare Part A. What you pay for monthly premium will depend on the quarters you worked. In 2021, if you worked 30-39 quarters, you will pay a monthly premium of $259. If you worked less than 30 quarters, you will pay a monthly premium of $471.
The monthly premium is also not the only cost for Medicare Part A, there are deductibles and coinsurances. In 2021, the Medicare Part A deductible is $1,484 per benefit period. If you remain hospitalized past 60 days, you will have a daily coinsurance of $371 for days 61-90, and $742 for days 91-150. If you are discharged from the hospital to a skilled nursing facility, you will have no coinsurance days 1-20, but a coinsurance of $185.50 beginning on day 21 through day 100.
Things such as Medicare Supplement plans, also known as Medigap plans, are designed to cover these deductibles and coinsurances to prevent Medicare beneficiaries from having extreme out-of-pocket costs. Give me a call at 833-65JAMIE (52643), and I will walk you through the Medicare Supplement plan options available to you!
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Medicare Part A is considered your hospital or inpatient insurance, but what exactly does Medicare Part A cover? In this video, I review what Medicare Part A covers, the cost of Medicare Part A, and how to enroll in Medicare Part A.