Medicare Part A and Medicare Part B Policies

Benefits of Medicare Part A and B

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Medicare Part A and Part B are plans that almost all retirees can and should participate in. Your ability to purchase and/or qualify for most additional or medicare supplemental insurance is dependent on your enrollment in Medicare part A and part B.

Medicare Part A -- Medicare Eligibility Part A is Automatic at age 65

At age 65 you automatically qualify for Medicare Part A if you or your spouse paid Medicare taxes while you were working.

Medicare Part A is insurance that covers hospitalization. There is an $812 deductible for each annual benefit period -- but no monthly premiums.

Medicare Part B

Medicare Part B covers all or a percentage of the costs of: doctors' services (some preventative screenings but not routine physical exams), outpatient hospital care, some mental-health services, laboratory fees and some other medical services like physical and occupational therapy and some home health care.

Medicare Part B has a monthly premium of under $100. And, you must pay a co-payment for most services. Medicare Part B will cover 80 percent of the Medicare approved amount for your medical services -- so you will pay at least 20 percent of the charge of the service as well as anything charged above the Medicare approved amount.

What Medicare Part A and Part B Don't Cover

Medicare Parts A and B do not cover drugs, dental care, routine physical exams, hearing aids, and more.

Unlike private insurance, there is no limit on your out-of-pocket health care spending. Some studies indicate that Medicare only covers about 45 -- 50 percent of your total medical costs.

To learn more about Medicare supplements, please read: Medigap Insurance and Medicare Advantage.

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