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So lets first start with the 4 parts of medicare which are
Medicare part A & B
Medicare Part C (otherwise known as Medicare Advantage)
and Medicare Part D (as in prescription Drug coverage)
Medicare Part A is mainly for expenses you may incur while you are being treated in a hospital. It has already been paid for if you have worked 10 years or 40 quarters.
Medicare Part B covers the expenses you receive outside of the hospital (Doctors visits, outpatient care, preventitive services, etc.) there is a cost for part B which usually comes right off the top of your social security benefits.
Medicare Part C we'll cover in a different video but essentially Medicare Advantage is an alternative to Medicare which provides benefits Equivalent to Original Medicare but inside of a Managed care plan (typically HMO or PPO). It also typically includes Part D benefits
and Medicare Part D is for prescription drugs and we'll also cover how to choose a Part D plan in a different video.
So the question with folks that Only have original medicare part A original medicare and B is how much out of pocket will it cost?
Well lets take a look at the benefits of a Medicare Supplement plan to see how they pick up after medicare pays its part.
The first thing you should know first and foremost is that ALL MEDICARE SUPPLEMENT PLANS WORK EXACTLY THE SAME WAY.
YOU CAN SEE ON PAGE 100 of the medicare and you guidebook that Medicare standardizes the benefits inside medicare supplement plans so when you are comparing plans from company to company (or letting us compare) you are comparing exactly apples to apples
So back to the numbers. This is a coverage outline for a medicare supplement plan and i want to draw your attention to the column here that says WHAT MEDICARE PAYS
If you only have original medicare A and B with no supplement or secondary coverage you will pay
– $1288 deductible for a hospital visit for the first 60 days
– for days 61-90 you would owe $322 per day
– and for days 90 through 365 you would owe $644 per day with NO CAP
– thats where a medicare supplement plan comes in and we'll talk about that in just a second
– for Medicare Part B you would owe $166 which is the deductible (which can change from year to year) and then 20% with NO CAP
Again part B is for physican services, outpatient services, labs, etc.
So know that we know what medicare pays and what medicare doesn't pay the next video will cover how a Medicare Supplement or Medigap plan or Medicare Advantage plan will help limit those costs. because the biggest concern I hear from most seniors is that they don't want to be stuck with some 10 or 20k bill if they get sick or end up in a hospital .
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Parts of Medicare