Medicare is a social security coverage program administered by the U.S. government, which provides medical care to citizens over 65 years of age, people who are considered disabled due to health problems such as cancer, and people with kidney failure in need of dialysis.
In today’s article, we will tell you about the Medicare costs for 2021.
Part A generally does not charge a premium. This part includes hospitalization, skilled nursing facilities, home health care, and hospice care.
The first $1,484 is due for each benefit period in 2021. The benefit period begins when you are admitted to the hospital and ends when you have not received any inpatient hospital services for 60 consecutive days. If you decide to re-admit to the hospital, for example, one day after your benefit period ends, you will have to pay the first $1,484 of charges again.
Part A also includes coinsurance if your hospital stay becomes longer than 60 days. For 2021, from day 61 through day 90 of your hospital stay, $371 per day is due; days 91 through the remainder of your lifetime reserve days, you pay $742 per day.
Part B is medical insurance. It covers medical treatments and has a monthly premium of $148.50 for this year 2021. That also includes a deductible of $203 per year in 2021. Once you pay the $203, Medicare pays 80% of the Medicare-approved amount.
Parts A and B are called Original Medicare, which is part of what you paid into Medicare over your working years.
Part C, called Medicare Advantage, offers you more choices. It includes plans available for purchase in the private insurance market that expand the coverage.
According to the Centers for Medicare and Medicaid Services, average Part C plan premiums will be about $21 a month in 2021. Coinsurance, copayments, premiums, and deductibles will vary depending on the plan.
Part D is usually the choice for those who are reaching retirement age and need prescription drugs regularly. This part offers coverage for prescriptions. Those with a reported income of more than $88,000 will pay an additional amount.