Medicare is made up of four parts: Part A and B, which everyone with Medicare has, and Part C and D which can be purchased for additional coverage.
All parts have a deductible as well as a premium.
Additional coverage can provide seniors with things like vision and dental.
Related: Social Security & Medicare: How much comes out of my benefits to cover Medicare?
All of the parts of Medicare:
Part A: This pays for hospital stays as well as skilled nursing services and hospice.
Part B: Will cover the cost of outpatient services, doctors visits, and drugs that are administered by certified medical professionals.
Part C: This can be added to provide additional coverage like vision or dental.
Part D: This covers most prescription drugs.
These parts all have premiums, or monthly payments that allow for the coverage of healthcare or other types of insurance.
Part A normally doesn’t require a premium. 99% of recipients don’t pay one. Those that purchase Part A will pay $499 in 2022 if you paid taxes for Medicare for less that 30 quarters through your working years.
Related: Social Security: Lost income? Recipients can lower Medicare payments
Part B premiums are taken out of people’s social security checks and will be $171 in 2022. Higher incomes will mean higher premiums.
Deductibles are a dollar amount that a person needs to pay before their benefits become available.
Deductibles for Part A
For an inpatient hospital stay as well as a mental health inpatient stay, the deductible is $1,556 for 2022. It was $1,484 for 2021.
Deductibles for Part B
The deductible for Part B will go from $203 in 2021 to $233 in 2022.
Once that deductible is met, patients will pay around 20% for services like therapy or medical equipment.
Deductibles for Parts C and D
Seniors purchase Part C for coverage for dental, hearing, and vision. Part D is for members to lower the cost of prescription drugs. The costs for these parts depends on which plan is selected.
Related: Here are 5 major things you need to know if signing up for Medicare for the first time
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