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What is Medicare?

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Introduction to Medicare

Medicare is health insurance for people 65 or older, people under 65 with certain disabilities, and people of any age with end-stage renal disease (ESRD) (permanent kidney failure requiring dialysis or a kidney transplant). There are multiple parts of Medicare and different costs associated with each part.

Below are some informational slide-downs that provide you with some basics. Click through each header to see the information.

What Are the Different Parts of Medicare?

Medicare Part A Helps Cover:

  • Inpatient care in hospitals
  • Skilled nursing facility care
  • Hospice care
  • Home health care

You usually don’t pay a monthly premium for Part A coverage if you or your spouse paid Medicare taxes while working. People who have to buy Part A will pay up to $471 each month in 2021.

Medicare Part A has a $1,484.00 deductible (per 60-day benefit period) for 2021. This deductible amount usually changes each year and is determined by Medicare. Many Medicare Supplement plans cover this deductible.

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Medicare Part B Helps Cover:

  • Services from doctors and other health care providers
  • Outpatient care
  • Home health care
  • Durable medical equipment
  • Some preventive services

You usually pay a monthly premium of $148.50 in 2021 (you will pay more if your 2019 tax income is more than $88,000 individually or $176,000 jointly).
Medicare Part B has an annual deductible of $203.00 for 2021. This deductible amount usually changes each year and is determined by Medicare. Some Medicare Supplement plans cover this deductible.

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  • Includes all benefits and services covered under Part A and Part B
  • Usually includes Medicare prescription drug coverage (Part D) as part of the plan
  • Run by Medicare-approved private insurance companies
  • May include extra benefits and services for an extra cost

You may only join or leave a Medicare Advantage plan at certain times during the year unless you have a special enrollment period (i.e. moving out of coverage area or involuntarily losing current insurance coverage).

  • Helps cover the cost of prescription drugs
  • Run by Medicare-approved private insurance companies
  • May help lower your prescription drug costs and help protect against higher costs in the future

Note:

  • 1 If you have a higher income, you might pay more for your Part D coverage.
  • 2 You may owe a late enrollment penalty if, at any time after your initial enrollment period is over, there’s a period of 63 or more days in a row when you don’t have Part D or other creditable prescription drug coverage.
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What Does Medicare Cost?

Medicare Part A Premium for 2021
Medicare Part A usually is free if you or your spouse paid Medicare taxes while working. People who have to buy part A will pay up to $471 each month in 2021.

Medicare Part A has a $1,484.00 deductible (per 60 day benefit period) for 2021. This deductible amount usually changes each year and is determined by Medicare. Many Medicare Supplement plans cover this deductible.

Medicare Part B Monthly Premium for 2021
If Your Yearly Income in 2019 Was:
Filed individual return:                 Premium
$88,000 or less                           $148.50
$88,000 to $111,00                     $207.90
$111,000 to $138,000                  $297.00
$138,000 to $165,000                  $386.10
$165,000 to $500,000                 $475.20
$500,000 and Above                    $504.90

Filed Joint Return                        Premium
$176,00 or Less                           $148.50
$176,000 to $222,00                    $207.90
$222,000 to $276,000                  $297.00
$276,000 to $330,000                  $386.10
$330,000 to $750,000                  $475.20
$750,000 and Above                    $504.90

Medicare Part B has an annual deductible of $203.00 for 2021. This deductible amount usually changes each year and is determined by Medicare. Some Medicare Supplement plans cover this deductible.