Monday, January 28, 2013

Know Your 2013 Out of Pocket Medicare Costs

Under the Obama Administration, the changes in 2013 Medicare Out of Pocket Medicare Costs increased and include:

Medicare Part A Premium: Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. Only about 1 percent of people with Medicare pay a premium for Part A services—you need to have paid Medicare payroll taxes for 40 quarters of employment or be married to someone who did. If you are one of those affected, you will pay up to $441 in 2013 Part A premium.

Medicare Part A Deductible: This deductible is the cost to people with Medicare for up to 60 days of Medicare-covered inpatient services in the hospitals for each benefit period (a benefit period starts the day a patient is admitted and ends when the patient has been out of the hospital for 60 days in a row.) This will increase to $1,184 in 2013, up from $1156 this year (an increase of 2.4%).

Medicare Part B (which covers certain doctors' services, outpatient care, medical supplies, and preventive services) rose to $104.90 a month. The Medicare Part B  deductible will increase to $147 in 2013, from $140. 

Income-related Adjustments: People with Medicare who report 2011 income above $85,000 a year ($170,000 filing jointly) are legally responsible to cover a larger portion of  the cost of their coverage. These premium adjustments range from $42.00 to $230.80 a month for Medicare Part B.

If you are too young for Medicare, click on the link in the right hand corner of this site for a free quote on a full health care benefit plan.

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