Medicare

Medicare is a health insurance program for people aged 65 or older, younger people with certain disabilities, and people with End-Stage Renal Disease (ESRD).

Medicare Part A covers hospital care, skilled nursing facility care, hospice care, and home health care. Medicare Part B covers medical services, such as doctor visits, outpatient hospital care, and durable medical equipment. Medicare Part C is a Medicare Advantage plan, which is a private health insurance plan that provides Medicare benefits. Medicare Part D covers prescription drug coverage.

Medicare Part A is premium-free for most people. However, people who have not worked long enough to qualify for premium-free Part A may have to pay a premium.

The standard Medicare Part B premium is $100 per month in 2023. However, people with higher incomes may have to pay a higher premium.

Medicare Part A has no deductible.

The Medicare Part B deductible is $200 per year.

The Medicare Part A coinsurance is 20% of the Medicare-approved amount for covered services.

The Medicare Part B coinsurance is 20% of the Medicare-approved amount for covered services.

The maximum out-of-pocket cost for Medicare Part A is $1,000 per year.

The maximum out-of-pocket cost for Medicare Part B is $2,000 per year.

The Medicare donut hole is the gap in coverage between Medicare Part D and Part A. In the donut hole, people have to pay the full cost of their prescription drugs.

The Medicare Extra Help program is a program that helps people with low incomes pay for Medicare Part D premiums. The program also helps people pay for prescription drug costs.

The Medicare Savings Program is a program that helps people with low incomes pay for Medicare Part A premiums. The program also helps people pay for Medicare Part B premiums if they have not worked long enough to qualify for premium-free Part A.

The Medicare Low-Income Subsidy (LIS) program is a program that helps people with low incomes pay for Medicare Part B premiums. The program also helps people pay for Medicare Part A premiums if they have not worked long enough to qualify for premium-free Part A.

The Medicare Part D income-related monthly adjustment amount (IRMAA) is a surcharge that is added to the Medicare Part D premium for people with high incomes. The IRMAA is calculated based on the person's income and filing status.