What is Medicare?
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Medicare is the federal health insurance program for people age 65 and older, others with disabilities and people with End Stage Renal Disease.
Medicare Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care and some preventive services.
Medicare Part B covers certain doctors' services, outpatient care and medical supplies.
What is the premium for Medicare Parts A & B?
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You usually do not pay a premium for your Part A coverage if you or your spouse paid Medicare taxes while working. If you must pay a Part A premium, you will pay up to $471 per month.
You will pay a premium each month for Part B. The standard Part B premium amount is $148.50 (or higher depending on your income) for 2021. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you will pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
What is Part D?
Part D is prescription drug coverage. Part D adds prescription drug coverage to Original Medicare, some Private-Fee-For-Service plans and Medicare Savings Plans. These plans are offered by private insurance companies approved by Medicare.
What are Medicare Advantage Plans?
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Medicare Part C or Medicare Advantage Plans are plans offered by private insurance companies that combine Parts A and B and provide additional benefits. Most plans cover prescription drugs as well.