Medicare is a popular health care program initiated by the federal government. The federal agency that runs this program is the Centers for Medicare & Medicaid Services (CMS). The main intent of this program is to provide health care coverage. However, unlike health insurance, the eligibility criteria for Medicare is quite different. If you are searching for Medicare in Denver, then in this blog, you will get all the relevant details about Medicare parts and their cost in 2022.
Who are eligible for Medicare?
People who are eligible for Medicare enrollment include:
- People who are 65+
- People under 65 with Social Security Disability Insurance (SSDI) or Railroad Retirement Board (RRB) disability benefits for at least 24 months.
- People with Amyotrophic Lateral Sclerosis (ALS) (no waiting period is required for Medicare)
- People with End-Stage Renal Disease (ESRD)
It is important to note that the Medicare program is funded in part:
- Through payroll taxes, revenues, and premiums paid by beneficiaries
- From other sources like taxes on Social Security benefits, payments from states, and interest
- By the federal budget
Types of Medicare
Different parts of Medicare can be described as:
- Part A (hospital insurance)
- Part B (medical insurance)
- Part C (Medicare Advantage)
- Part D (prescription drugs)
- Medigap
Let’s know more about the Medicare Plans. Medicare Part A and B are the original Medicare plans managed by the federal government. Other plans are associated with Medicare.
Part A: As mentioned above, Medicare Part A is associated with hospital insurance. It covers patients’ hospital stays while under treatment, hospital care, special care under the skilled nursing facility, and even a few home health care.
Part B: Medicare Part B include medical insurance which covers outpatient care, doctor’s consultation and other services, medical supplies, as well as preventive services.
Part C: Medicare Part C is a Medicare Advantage Plan that covers inpatient care which is usually covered under Part A, and the outpatient services covered under Part B. It is important to note that Medicare Advantage plans are only offered by insurance companies that have been approved by Medicare.
Part D: Medicare Part D covers the cost of prescription drugs including several recommended shots or vaccines.
Medigap: A Medigap is also a health insurance policy that is provided by private insurance companies to fill the gaps in Original Medicare Plan coverage.
Costs associated with the different parts of Medicare
If we talk about the cost and deductibles associated with the different parts of Medicare, these may change every year. the Centers for Medicare & Medicaid Services (CMS) discloses the updates about the costs for Medicare Parts A and B.
Medicare ‘Part A’ Cost in 2022
If a person or his/her spouse has worked and paid Medicare taxes for 10 years, they don’t have to pay a premium for Medicare Part A. However, if you are required to pay a premium, you will have to pay up to $499 per month in 2022, based on the period you or your spouse worked and paid Medicare taxes. Part A also includes a deductible amount that you must pay before the start of the insurance share. This amount is $1,556 for each benefit period.
Medicare ‘Part B’ Cost in 2022
The standard monthly premium for Medicare Part B in 2022 is $170.10 and most people have to pay this premium amount. They may even have to pay more based on their income. In 2020, Medicare beneficiaries with reported income above $91,000 (filing individually) or $182,000 (filing jointly) will have to pay a premium amount ranging from $238.10 to $578.30 a month for Part B.
Conclusion:
It is important to choose the right plan based on your eligibility, budget, and needs. If you are not able to find the right plan for you, then you can take the help of a professional Medicare agent who can help you find the best suitable Medicare in Denver that perfectly meets your budget and requirements.
