If you are new to Medicare and wanting to know what you should expect out of your 2013 Medicare Health Insurance, this article will help you understand. Before we get into the current details you need to understand that the healthcare industry (insurance, medical field, prescription drug companies, providers) is in a major change. Since the passing of the Affordable Care Act and the Supreme Court's decision to allow it to stand as a tax, we know that this will be the law of the land and that "business as usual" will see some adjustments in the coming year.
2013 Medicare OverviewMedicare is the nation's largest health insurance program. It consists of 4 parts:
- Part A - Hospital Insurance
- Part B - Medical Insurance
- Part C - Medicare Advantage Plans (sponsored by private insurance companies)
- Part D - Prescription Drug Plans (sponsored by private insurance companies)
These 4 parts make up what you know as Medicare, but "Original Medicare" is known as just Medicare Part A and B. Odds are that these will continue to be the only parts of Medicare going forward; however, deductibles, co-pays and coinsurance are likely to see increases as the "Medicare Debt" grows.
2013 Medicare Supplements
Medicare Supplements (Medigap Plans) are standardized products that fill in the gaps of Original Medicare. If you are looking for coverage that takes away fluctuating costs that are hard to budget for, then you should consider this plan. For more information on Medicare Supplement Plans click here.
2013 Medicare Costs
Below is a breakdown of the costs for Medicare Insurance in 2013: Part A has changed very slightly.
- Days 1-60 in the hospital will have a $1,184 deductible for each benefit period ($1,156 in 2012)
- Days 61-90 in the hospital will have a $296 copay per day ($289 in 2012)
- Day 91 and beyond: $592 coinsurance per each “lifetime reserve day” after day 90 for each benefit period in 2013 ($578 in 2012)
- Premiums are usually free but for those paying the premiums dropped $10 per month to $441 per month.
- In 2013, the base premium for Medicare Part B will be $104.90. In 2012, the premium was $99.90.
- The 2013 Part B Deductible will be $147 ($140 in 2012).
- High Income Earners – can click on the link to learn more about the increase in premium on high income earners. This pertains to an additional tax they receive on the Part B Monthly Premium.