Medicare is the government-run health insurance program in the United States that provides coverage to eligible individuals who are 65 years or older, individuals with certain disabilities, and individuals with End-Stage Renal Disease (ESRD).
Medicare is comprised of four parts: A, B, C, and D. In this blog, we will compare Medicare Part A and Medicare Part B.
Medicare Part A
Medicare Part A, also known as hospital insurance, covers hospitalization, skilled nursing care, hospice care, and some home health care. Part A is premium-free for most beneficiaries who have worked and paid Medicare taxes for at least 10 years.
Part A covers:
- Inpatient hospital stays, including semi-private rooms, meals, and other hospital services and supplies
- Skilled nursing care (up to 100 days)
- Hospice care
- Home health care (limited)
Medicare Part B
Medicare Part B, also known as medical insurance, covers medical and health services, including doctor visits, laboratory tests, medical equipment, and other outpatient services. Part B is not premium-free and beneficiaries must pay a monthly premium. In 2024, the Part B premium is $174.70 per month.
Part B covers:
- Doctor visits, including specialists
- Outpatient hospital services
- Diagnostic tests and laboratory services
- Durable medical equipment (e.g., wheelchairs, hospital beds, and oxygen equipment)
- Mental health services
- Some preventive services, such as yearly wellness visits and certain cancer screenings
Differences between Part A and Part B
Coverage: Part A covers hospitalization, skilled nursing care, hospice care, and some home health care, while Part B covers medical and health services, including doctor visits and laboratory tests.
Cost: Part A is premium-free for most beneficiaries who have worked and paid Medicare taxes for at least 10 years, while Part B requires beneficiaries to pay a monthly premium.
Deductibles and coinsurance: Part A has a deductible for hospital stays and skilled nursing care, while Part B has an annual deductible and coinsurance.
In conclusion, Medicare Part A and Part B have different coverage, costs, and deductibles. Understanding the differences between the two can help beneficiaries make informed decisions about their healthcare coverage. It is important to review your options and choose the coverage that best fits your needs.