Before enrolling, it’s important to understand what healthcare costs are covered under the different Medicare plans so you can make the best decision about which coverage options are right for you. In this blog from our team at Echo Financial Services, we’ll outline the basics of Medicare and explain which healthcare costs are covered. Learn more below and contact us today to speak with our Medicare experts!
Hospital Stays
Medicare Part A (hospital insurance) covers inpatient hospital stays, including the semi-private room, food, and tests. You will have to pay a deductible for each benefit period, as well as a copay for each day you’re in the hospital after 60 days. Medicare will also cover some home health services and skilled nursing facility care if it’s medically necessary and ordered by a doctor.
Doctor’s Visit Copays and Coinsurance
One of the most common questions we get is about doctor’s visit copays and coinsurance. Medicare Part B (medical insurance) covers doctor’s visits, but there is a deductible that must be met before coverage kicks in. After you’ve met your deductible, you’ll still be responsible for a copay or coinsurance for each doctor’s visit. The amount you’ll pay will depend on the type of provider you see and whether they accept Medicare assignments.
Outpatient Services
Medicare Part B also covers outpatient services, including preventive services, doctor’s visits, lab tests, x-rays, and physical therapy. You will have to pay a deductible for each benefit period as well as a copay or coinsurance for each service. Some services, such as yearly wellness visits and flu shots, are 100% covered.
Prescription Drug Coverage
Medicare Part D is the prescription drug coverage part of Medicare. You can enroll in a stand-alone Part D plan or a Medicare Advantage Plan that includes Part D coverage. There is a monthly premium for Part D plans, as well as a deductible and copays or coinsurance for each prescription.
As you can see, Medicare insurance plans cover a wide range of healthcare costs. However, there are still some out-of-pocket costs that you will be responsible for. Our team at Echo Financial Services can help you understand your Medicare options and find a plan that fits your needs and budget. Contact us today to get started!
