Monday, December 7, 2020

Here's What You Need to Know About Medicare 2021

Know About Medicare 2021. Get All Your Benefits

Medicare has Four Parts
Part A is hospital insurance, covering inpatient hospitalization, skilled nursing facility stays, home health care, and hospice care 

Part B is medical insurance, covering doctors' services, diagnostic tests, durable medical equipment, and outpatient hospital services 

Part C covers Medicare Advantage plans, and Part D covers prescription drug plans. All deductibles, premium, and co-insurance amounts below are for plans effective January 1, 2021. 

Part A, which is free for most Americans, and Part B, which will charge a monthly premium of $148.50 for most people, provides the foundation of health insurance for Americans 65 and over.

But you'll want more. Medicare Part A has large deductibles (for example, $1,484 for a hospital stay of 60 days or less). Medicare Part B has no cap on out-of-pocket costs after Medicare pays 80 percent of approved expenses. 

Once the annual of $203 Part B deductible is met, as an example, Medicare will pay 80 percent of a $500 bill or 80 percent of a $500,000 bill, and you owe the rest. The $203 is the 2021 deductible up from 2020.

Medicare Additional Coverage
Limitations of Parts A and B prompts an estimated 89 percent of people on Medicare to buy additional insurance, such as a  Medicare Advantage Plan or a Medicare Supplement plan (also known as Medigap) and a Part D prescription drug plan.

Medicare Advantage plans are offered by private companies approved by Medicare . Besides services included in Medicare Parts A and B, they usually offer additional coverage, including vision and dental, and both prescription drugs and transportation. 

Each plan is free to set premiums, out-of-pocket costs and rules for how you get services, such as needing a referral for specialists or having to use in-network doctors and hospitals.
Based on the features and costs of the plans available where you live, you may opt for a Medicare Supplement Plan rather than a Medicare Advantage Plan that may limit your choice of doctors to those in their network. These plans have a monthly premium that many Medicare Advantage Plans don't have.

Medicare Supplement plans which you also buy from private insurance companies, include Plans A, B, C, D, F, G, K, L, M and N. While coverage is standardized for each type of plan associated costs can vary significantly among insurance companies. The popular Plans for 2021 will be plan G, plan N, and then plan F.  Plan F, however, is was no longer being offered after January1, 2020. If you already had it, you can keep it. Plan G  is expected to be the most popular for 2021. 

If you have additional questions call (773) 614-3201 or email me at