Part A is an Original Medicare plan available to those who qualify at a low cost. It provides hospital coverage and is often coupled with Part B for an overall beneficial plan.
Medicare Part A is a government health insurance plan that covers many basic necessities. Generally speaking, it covers hospital care, stays, and services. More specifically, this includes:
Part A is one of the most popular and widely used insurance plans for seniors, those with disability, or those with ESRD or ALS. According to CNBC:
If you’re a part of the 70%, one of the best ways to start understanding your Medicare coverage better is to understand your eligibility and enrollment. Otherwise, you may miss prime opportunities to improve your health insurance. Medicare lists 3 main factors of eligibility for Part A:
If you are not yet 65, the best time to enroll is the Initial Enrollment Period (IEP). This begins 3 months before your birthday, the month of, and 3 months after. During the IEP, you can not only enroll in Part A and Part B (Original Medicare), but other coverage as well, including Medicare Advantage (Part C) and/or Part D.
If you are over 65 and missed your IEP, you can still enroll during the General Enrollment Period (GEP) which takes place annually from January 1st through March 31st. You may experience late enrollment fees if you enroll during this period. You may also delay your enrollment if you are eligible for a Special Enrollment Period (SEP).
According to Medicare’s website, “most people get premium-free Part A.” When you sign up for a Medicare plan, you will have to make monthly payments called a premium. However, you can skip this fee entirely and get premium-free Part A at 65 if:
You will, however, have to pay a deductible—in 2023, the Part A deductible is $1,600 per benefit period.
Whether you’re planning your Medicare ahead of your enrollment or are late to the game and just getting started, Schwenker Senior Insurance can help. To get the most out of your Medicare coverage, give us a call at 563-579-6116, or email us at firstname.lastname@example.org.
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