Medicare Part A

Medicare Part A

Original Medicare comprises of two main parts: Medicare Part A or hospital insurance as well as Medicare Part B or medical insurance. Medicare Part A covers Medicare inpatient care, which includes care received when staying in a nursing house, a hospital and in rare circumstances, at home. In addition to that, it also covers blood transfusions and hospice services. It does NOT, however, cover long-term care, like extended stays in a nursing home. Individuals can think about buying long-term care insurance if this is something they wish to plan for.

A majority of people become eligible for Medicare Part A automatically when they reach the age of 65 if they are already collecting retirement benefits from the Social Security Administration. You may also qualify for Part A before 65 in case you have a disability, ALS, or an end-stage renal disease. You must either be an American citizen or a legal permanent US citizen for a minimum of 5 consecutive years.

Cost of Medicare Part A

A majority of beneficiaries will pay nothing for Medicare Part A. However, Medicare Part A receivers pay taxes during their working years that are particularly for their future Medicare hospital coverage during retirement. These taxes go to compensate for the cost of Part A in the long run

As a beneficiary of Medicare A, you will receive coverage for hospital costs that are important to your inpatient care, like meals, a semi-private room, medications, nursing services that are part of your treatment, and other supplies and services from the services. This includes care that was received through:

• Critical access hospitals
• Mental healthcare
• Long-term care facilities
• Acute care medical facilities
• Participation in a qualifying clinical research study
• Inpatient rehab facilities

The cost for a private room (unless medically required), personal care stuff such as razors, shampoo, private-duty nursing, or other extraneous charges such as TV and telephone.

Part A Premiums

If you purchase Part A Medicare, you will pay around $506 every month in 2023. If you paid taxes related to Medicare for less than thirty quarters, the normal Part A premium is $506. On the other hand, if you paid those taxes for 30 to 39 quarters, the normal premium for Part A will be $278. If you have contributed for 40 or more quarters during your life, then there is no cost to Medicare Part A.

In a majority of cases, if you decide to buy Part A Medicare, you are required to have Medicare Part B or medical insurance.