Original Medicare

When you first become eligible for Medicare, you will most likely enroll in Original Medicare first. Original Medicare consists of two parts of Medicare: Part A and Part B.

It’s important that you understand the coverage involved with both of these parts and when you’ll be able to enroll, so let’s get started.

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Enrollment

Most people will be automatically enrolled in Original Medicare if they are receiving benefits from Social Security or the Railroad Retirement Board. If you are not, you will want to enroll during your Initial Enrollment Period. This period will begin three months before your 65th birthday and will end three months after. Delaying your enrollment past this period is not recommended as you will have to pay late enrollment penalties if you do so.

What Does Part B Cover and Cost?

Part B³ is responsible for covering costs for outpatient care. This includes:

Doctor visits
Durable medicare equipment
Medically necessary services
Home health services
Preventive services
Lab tests
X-rays

While Part A may not have a monthly premium, Part B will. What you pay as a premium for Part B will depend on your overall income, but as of 2022, the standard Part B premium is $170.10⁴. Keep in mind that if your modified adjusted gross income is higher than a specific amount, you will pay more in premiums.

What Does Part A Cover and Cost?

Part A is responsible for covering costs related to inpatient care. This includes:

Hospital care
Skilled nursing facility care
Hospice care
Home health care

Part A¹ typically has no monthly premium if you or your spouse worked and paid taxes for up to 40 quarters (ten years). If this does not apply to you, you will most likely have to pay a monthly premium. In 2022, this premium can range from $274 to $499².

Disclosure: Our firm is not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency.

1 https://www.medicare.gov/what-medicare-covers/what-part-a-covers

2 https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance

3 https://www.medicare.gov/what-medicare-covers/what-part-b-covers

4 https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance

Want to Learn More? Give Us a Call

We are here to help you understand your costs and coverage with Medicare. If you have other questions about Original Medicare, reach out to us today and we will provide you with the answers you need!

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