Medicare Part A is Hospital Insurance
Medicare Part A helps cover inpatient hospital care, some skilled nursing facility care, hospice care, and some home health care.
Most people qualify for Premium-free Part A. However, Part A services may be subject to out-of-pocket costs copays, coinsurance, or deductibles.
Luckily some people will qualify for Part A cost assistance based on income via state-based Medicare Savings Programs.
For those that have to pay, however, it is worth noting that Part A is subject to a late enrollment penalty. This means if you don’t enroll when you are first eligible your premium may go up by 10% for twice the number of years you didn’t sign up!
Citations:
What Part A Covers. Medicare.Gov.
Part A late enrollment penalty. Medicare.Gov.
Thomas DeMichele
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More Facts on Medicare
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Since January 1, 2023, Part D plans can’t charge you more than $35 for a one-month supply of Part D-covered insulin. You also don’t have to pay a deductible for your insulin.
Some People Get Medicare Part A/B Automatically, but Many People Have to Sign Up
Most people are not automatically enrolled in Medicare Part A and Part B and have to sign up during their Initial Enrollment Period. The following are exceptions: If you’re already getting benefits from Social Security or the Railroad Retirement Board (RRB). If you’re under 65 and have a disability. If you have ALS (amyotrophic lateral sclerosis, also called Lou Gehrig’s disease). Meanwhile, Puerto Rico, has special rules for Medicare Enrollment.
Medicare Late Enrollment Penalties
Medicare Part A, Part B, and Part D all have late enrollment penalties for not signing up when you first become eligible. However, with Part A, penalties only apply to those who must pay a Part A premium. Please note each late enrollment penalty has its own rules.
Some Medicare Advantage Plans may include the Medicare Give Back Benefit.
Medicare Advantage plans in certain states and counties may include the Medicare Give Back Benefit. When you enroll in a Medicare Advantage plan that offers the Part B Give Back Benefit, the plan’s carrier will reimburse you for a portion of your monthly Part B premium via your Social Security check.