What does medicare plan a and b cover?

Are you aging faster than a banana left on the counter for two weeks? Are you about to hit retirement age and wondering what Medicare covers? Well, my friend, you’ve come to the right place. In this article, we’ll break down exactly what Medicare Plan A and B cover so you can rest easy knowing that your healthcare is in good hands.

What is Medicare?

Before we dive into the specifics of what each plan covers, let’s start with the basics. Medicare, established by the US government in 1965 as part of President Lyndon Johnson’s Great Society program, is a federal health insurance program available to people aged 65 or older (or those under 65 with certain disabilities or chronic conditions). Essentially, it helps ensure that seniors have access to healthcare even after they retire.

There are several different parts of Medicare: Part A (hospital coverage), Part B (medical coverage), Part C (Medicare Advantage plans), and Part D (prescription drug coverage).

What Does Medicare Plan A Cover?

Now let’s get into more detail about what each plan specifically covers. First up: Medicare Plan A. This plan provides hospital insurance coverage for things like:

Inpatient hospital care
Skilled nursing facility care
Hospice care
Home health care

So basically if you need medical attention while staying at a hospital or skilled nursing facility, or require hospice or home health services due to an illness/injury/surgery/etc., then this will be covered by your Medicare Plan A policy.

However,beware: there are some limitations on how long these benefits last depending on your specific situation; check with your provider for full details.

What Does Medicare Plan B Cover?

Moving onto our next topic: Medicare Plan B! Where do I begin…this guy has got it all, folks. Plan B provides medical insurance coverage for things like:

Doctor’s visits
Preventive services (like cancer screenings and flu shots)
Outpatient care (including outpatient surgeries)
Medical equipment/supplies

Essentially, if you need any kind of medical attention or supplies that aren’t covered under your Plan A policy, then they will be covered by your Medicare Plan B policy.

What Are the Deductibles and Coinsurance?

Now before I make this article sound like a commercial, let’s talk about some of the financial caveats associated with these policies. First up: deductibles! This is simply the amount you have to pay out-of-pocket before Medicare kicks in to cover costs.

For Plan A there is a deductible of $1,484 per benefit period as of 2021. For plan B it is $203 per year as of 2021.

But wait – there’s more! After you’ve met your deductible for each part (A and B), you’ll still likely have to pay coinsurance – which is basically just a percentage of the remaining cost after Medicare covers its portion. So keep in mind that while these policies cover most major expenses,you may still end up shelling out some dough depending on how extensive your health needs are.

Additional Coverage Options

If all this talk about deductibles and coinsurance has got you feeling feisty or maybe even skeptical…there are other options available too! Some people choose to enroll in Medicare Advantage plans, which provide additional benefits beyond what Original Medicare Parts A & B offer (sometimes at a lower monthly premium).

Another option could be supplementing with Medigap insurance, which helps fill gaps in both Part A And Part b coverage such as copays/deductibles/coinsurances etc depending on selected plan type.

Conclusion

So there you have it – a brief introduction to Medicare Plan A and B. While it may seem daunting at first (and let’s be real, anything involving healthcare usually is), these policies ensure that seniors have access to medical care as they age.

Just remember: there are different options available depending on your needs, so don’t hesitate to shop around or seek guidance from a licensed insurance agent if you’re feeling lost in the sea of information. Stay informed, my friends!

Dane Raynor

Hey there, I’m Dane Raynor, and I’m all about sharing fascinating knowledge, news, and hot topics. I’m passionate about learning and have a knack for simplifying complex ideas. Let’s explore together!