Medicare Details

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Medicare is a federal government health insurance program for people aged 65 or older. It offers healthcare coverage to qualifying seniors, retired workers, and people with certain medical conditions. 

Original Medicare consists of Part A (Hospital Insurance) and Part B (Medical Insurance). Part D (prescription drug coverage) is optional. You can also choose a Medigap policy to help cover out-of-pocket costs. Or, you can select a Medicare Advantage plan, also called Part C, to provide Part A and Part B healthcare coverage. Many Medicare Advantage plans also include dental and vision care, as well as Part D coverage. 

How Much Does Medicare Cost? 

Medicare coverage costs include a monthly premium plus a portion of the costs when you get a covered healthcare service. There are no limits on how much money you may spend out of pocket unless you choose to join a Medicare Advantage plan (Part C) or have optional supplemental coverage with a Medigap policy. 

If you choose not to sign up for Medicare coverage during your initial enrollment period when you turn 65, you may pay a penalty later on. 

How Much Does Part A Cost? 

Most people don’t pay a premium for Original Medicare Part A. If you must pay for Part A Medicare coverage, your premiums depend on how long you paid Medicare taxes.  

When you’re admitted to the hospital, you’ll pay a Part A deductible before Original Medicare benefits kick in. You’ll also pay copayments for inpatient stays. 

How Much Does Part B Cost? 

Most people must pay a monthly premium for Original Medicare Part B (medical insurance). The premium can change each year. 

If you receive covered services, you’ll pay a deductible before Medicare starts covering your healthcare costs. You’ll also pay 20% of the cost of each Medicare-covered service after you’ve paid the deductible. 

How Many Medicare Advantage Plans Are There? 

Medicare Advantage Plans (Part C) provide Part A and Part B benefits. There are thousands of Medicare Advantage plans available to Original Medicare recipients nationwide. Medicare-approved private companies offer these plans. In general, Medicare Advantage plans are organized by type: 

• Health Maintenance Organization (HMO) plan
• HMO Point-of-Service (HMOPOS) plan
• Medical Savings Account (MSA) plan
• Preferred Provider Organization (PPO) plan
• Private Fee-for-Service (PFFS) plan
• Special Needs Plan (SNP)

The exact Medicare Advantage plan you can access depends on the plan types offered locally. Working with an experienced agent in your area is crucial to learn about Medicare Advantage plans that may meet your healthcare needs. 

How Many Medicare Supplement Plans Are There? 

Insurance companies sell standardized Medicare supplement insurance, also called Medigap plans, labeled as plans A-D, F, G, and K-N. There are ten Medigap plans, but Plan F and Plan G are not available unless you were eligible to enroll in Original Medicare before January 1, 2020. 

How To Choose the Right Medicare Options 

When it’s time to enroll in Medicare, contact the agents at Vanmar Insurance in Yakima, Washington. We can help you evaluate your options and get the best possible coverage for the healthcare you need. 

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.

Medicare has neither reviewed nor endorsed this information.