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Health

MEDICARE ADVANTAGE COSTS

Medicare Advantage comes with great deals so you just might be wondering if how much does it need to enjoy those benefits. You must be thinking that because it has more benefits than the Original Medicare then it also is associated with high cost. Well, technically it might sound like that but the fact is, it actually has lesser cost compared to the Original Medicare. The reason for that is because of Medicare Advantage Plans feature being an all-in-one alternative for all the coverage of Medicare Program. It is a bundled plan of Part A (Hospital Insurance), Part B (Medical Insurance), Part D (Drug Prescription Coverage) and many more health services. Hence more discounts and savings will result to minimal costs.

Although these plans offer less costs, it still is important to know how much premiums you should pay in every coverage and its inclusions.

Part A Cost

Part A or Hospital Insurance services include inpatient care in hospitals (including hospital supplies), shots or intravenous injections, hospice care, skilled nursing facility care (like physical therapy), and home health care. These services’ monthly premiums are usually free for people who:

  • Paid Medicare taxes while working. It can either be you or your spouse.
  • Already have retirement services from Social Security or Railroad Retirement Board or even if you haven’t filed them yet but you’re eligible for such benefits.
  • People under 65 years old who have disability benefits for at least 24 months from Social Security or Railroad Retirement Board and;
  • People with End-Stage Renal Disease (ESRD) and meet the qualifications set.

However, if you don’t have any of the requirements mentioned above for premium-free Part A then you can just buy one. You will be paying a premium of either $252 to $458 each month (monthly premiums differ every year) depending on the period of your work and your paid Medicare taxes.

Part B Cost

Part B or Medical Insurance ensures the security of the health wellness of its members that they must get the services they deserve from their doctors and health care providers, outpatient care, home health care, medical equipment, and preventive services. Some people get medical insurance automatically but some people still need to enroll. Premium each month will be deducted from the benefit payment of Social Security, Railroad Retirement Board, and Office of Personnel Management.

If you don’t receive such benefits then you will get billed. Most people pay a standard premium amount of about $144.60 (premiums vary every year) each month. This however depends on which bracket does your income belong because each income bracket consists of different premium amount for monthly payments.

You will pay a $198 monthly premium for your Part B deductible and once you meet all your deductibles for that specific year then you will pay a 20% of the Medicare-approved amount for the doctor services especially if you’re an inpatient in the hospital, or having an outpatient therapy or home health care, and durable medical equipment like wheelchairs and hospital beds needed for the treatment of the member.

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