Medicare's 2013 costs are rising. The Medicare Part B Premium, Part B Deductible, Part A Deductible, as well as the Part A Premiums are rising this new year. With Medicare's increases in COLA (cost of living adjustment) only being 1.7% for 2013 over the 2012 figure, these Medicare cost increases are not welcomed, although they are relatively modest compared to earlier predictions.
Below we will summarize the increased costs for Medicare coverage in 2013.
Medicare Part A Premium:
Medicare Part A is the basic hospital coverage for people on Medicare. Medicare Part A coverage comes free to most individuals on Medicare so most don't need to worry about the cost of Part A. However for those who do have to pay the Part A charge, the new 2013 rate will be decreasing down to $441 per month. Last year individuals were paying $451 in 2012.
Medicare Part A Deductible:
If you are hospitalized as an inpatient under Medicare Part A, you would be required to meet the Medicare Part A deductible out-of-pocket (unless you have additional Medicare Supplemental Insurance). The new 2013 Medicare Part A deductible is $1,184 per benefit period. This is an increase from the 2012 rate of $1,156.
Medicare Part B Premium:
Medicare Part B is the basic medical coverage under Medicare. All individuals enrolled into Medicare Part B must pay the premium cost to purchase this additional Medicare add-on for medical coverage. If you make higher than $85,000 you may pay more than the figures listed here. The new standard Medicare Part B charge for 2013 will be $104.90 per month. This is an increase from the 2012 charge which was $99.90 per month.
Medicare Part B Deductible:
Before Medicare Part B coverage kicks in and covers the 80%, individuals must first pay an out-of-pocket deductible (once per year). The Part B deductible for 2013 will be increasing from the current 2012 rate of $140 per year to a higher $147 per year for 2013. Individuals who have a Medicare Supplement Plan will benefit from having coverage on this deductible in most cases.
After an overall look at the increases in Medicare charges for 2013, yes the prices have indeed gone up. However, these rate increases are not too bad comparing to previous 2013 cost predictions made by Medicare. The best way to protect yourself from these rising costs in Medicare coverage is to purchase a Medicare Supplemental Insurance plan. Medicare Supplement Plan F pays for 100% of the gaps left by Medicare, including the Medicare Part A & B deductibles as well as the 20% that Medicare Part B does not cover.
To compare Medicare Supplement Plans, you can compare plans & quotes online, or call in and speak with one of our expert Medicare specialists who will walk you through all of the available plans and companies in your area. Call toll free today (855) 419-3826.
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