by Kristin P. Sinclair May 2, 2020
We know that Medicare has several different parts. Today We will focus on some basics.
Medicare Part A and Medicare Part B. In another article We will look at things in more depth. For today the basics.
In the Original Medicare Part A there is a deductible and cost sharing for covered services. The hospital deductible is $1408.00 for 2020 per benefit period. The benefit period in a continuous or unbroken number of days within a calendar year. So a person in the hospital on different occasions during the annual period could actually have multiple deductibles. And multiple cost sharing co-pays. Medicare does not cover all costs so it is important to have coverage above and beyond Medicare Part A. Whether a Nursing Home visit is in order after a hospital visit or you head home to recover, health care has costs associated with utilization of health care. More on that later.
Medicare Part B is the outpatient portion of your Medicare coverage, and it too has cost sharing in the form of a deductible in 2020. That deductible is $198.60 for the annual period for health care sought and received, and then cost sharing in the form of co-insurance of 20% of the Medicare approved amount. With that being said, coverage above the original Medicare part B is also important. When durable medical equipment is in order with your doctor’s written order that too is a Medicare part B covered event with cost sharing. More on that later.
Medicare has no annual cap on your financial responsibility for cost sharing. Once again additional coverage is needed to limit the potential financial obligations that could be faced by a person who utilizes their Medicare Part A and Their Medicare Part B benefits.
In an article to follow, We will review things in more detail and We will look at the various options that you can take to help keep financial obligations manageable. You worked hard to earn Your Medicare and now some thoughtful research to utilize Your Medicare benefits efficiently.
Updated in Rock Hill SC and Charlotte NC
by Kristin P Sinclair A Accu Tax (803)329-0615
May 2, 2020