Hospital Insurance (Part A)
Medicare Part A is also known as hospital insurance because it primarily covers hospital care and other critical needs. In general, Medicare Part A covers:
- Inpatient care in a hospital
- Skilled nursing facility
- Nursing home care (inpatient care in a skilled nursing facility that’s not custodial or long-term care)
- Hospice care
- Home health care
Eligibility
You are eligible for Part A if you or your spouse paid into Social Security for at least 10 years through your employment and if you are a citizen or permanent resident of the United States.
Cost
Most people can get Part A premium-free ($0) because they or their spouse paid Medicare taxes while working. However, it’s important to keep in mind that Part A services can carry a substantial deductible, copayments, or coinsurance, which can drive up your out-of-pocket costs.
In 2024, the deductible for Part A is $1,632 per benefit period. The benefit period begins the day you enter the hospital or facility and ends after you have not needed inpatient care for 60 days in a row.
Medical Insurance Coverage (Part B)
Medicare Part B is also known as medical insurance because it covers ongoing medical needs including doctor appointments, laboratory tests, and X-rays. Medicare Part B covers:
- Doctors’ and other health care providers’ services
- Outpatient care
- Ambulance services
- Durable medical equipment
- Some preventive services
- Home health care
- Certain prescription drugs
Eligibility
You are eligible for Part B if you reside in the United States (except residents of Puerto Rico) and are eligible for Part A.
Cost
In 2024, the standard Part B premium is $174.70/month. Most people will pay this amount, but if the modified adjusted gross income reported on your IRS tax return two years before enrollment is above a certain amount, you may pay an additional charge. Part B also has an annual deductible ($240 in 2024) and other copayments and coinsurance (typically 20%) that may apply.
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