What is part b, or as it’s also called, Medicare Advantage Plans, are medical insurance plans offered by private insurance companies to Medicare recipients. Medicare Part A (omedical Service) covers many medically necessary hospital services and provides a set level of benefits for most hospital stays, including in-patient stays, emergency care, nursing home care, and specialized therapeutic care. Medicare Part B (Medications) covers a different array of benefits for medical conditions, surgery, critical care, durable medical equipment, and treatment for drug abuse and alcoholism. Part A and B are jointly funded by the government and insurance companies. In order to get both Parts A and B, you must have both a Medicare Supplement Insurance Plan and an original Medicare Parts A and B policy.
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When enrolling in Medicare, you need two forms of coverage: a Medicare Part A premium and Medicare Part B premium. Medicare Part A is fully refundable and Medicare Part B has a guaranteed eligibility option based on financial ability to pay. The first six months after joining Medicare are the lowest risk period, since there are not anyexisting conditions and the eligible age is 65 or older. In these six months, you will get a notice from the Medicare provider informing you whether your Medicare Part A plan or Part B plan is currently available for you and your current Medicare status. If you’re currently eligible for Medicare but not Part A or Part B, you can enroll in Medicare Parts A and B immediately.
Medicare Part A and Part B both have different coinsurance percentages for various diseases and medical situations. Medicare Parts A and B start out with a zero percent deductible for both policies and have standard, fixed premiums. The deductibles increase gradually to three percent for all policies in Medicare Parts A and B, and six percent for the Medigap policies in Medicare Parts A and B. For any increase in your premium, your Medicare Part A or Part B deductible, plus any applicable increase of coinsurance, must be paid before the coinsurance kicks in. You should consult with a Medicare representative if you have specific medical concerns or if you have questions about your current Medicare policy.