In addition, most cover prescription drugs and other benefits not included in Medicare Parts A and B, such as vision, dental, and hearing services. These plans include all the benefits covered under Parts A and B. What it covers: Also called a Medicare Advantage Plan, this is offered by Medicare-approved private companies. However, most preventive services are free. No cap is provided for annual out-of-pocket expenses. There is also a deductible ($2), after which you typically pay 20% of the Medicare-approved amount of the service. ![]() The Part B premium for 2023 is $164.90, although it might be higher depending on your income. If you don’t sign up for Part B when you’re first eligible but change your mind later, you may have to pay a late enrollment penalty for as long as you have Part B. However, you can drop the coverage if you don’t want it. The details and cost: Like Part A, you are automatically enrolled at age 65 if you’re getting benefits from Social Security or the RRB. What it covers: Medically necessary doctors’ services, outpatient care, durable medical equipment, mental health services, several preventive services, and home health services There is no cap on your annual out-of-pocket costs. For everyone with Part A coverage, you may have to pay deductibles, copayments, or coinsurance, which vary depending on the service. If you or your spouse paid Medicare taxes while working, you’re in luck – there’s usually no premium for you! Otherwise, you may have to pay up to $506 a month in 203. (However, you’ll get your Medicare card three months before your birthday.) If you’re not getting Social Security or RRB benefits, you have to sign up for Medicare. The details and cost: You are automatically enrolled in Part A when you turn 65 if you’re receiving benefits from Social Security or the Railroad Retirement Board (RRB). ![]() What it covers: Inpatient hospitalization, hospice care, inpatient care in a skilled nursing facility (not custodial or long-term care), home health care, and inpatient care in a religious nonmedical health care institution And the four most important parts follow the alphabet: A, B, C, and D. It’s a huge program with lots of moving parts. Medicare is the largest public health insurer in the country, covering more than 55 million Americans.
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