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Hi I’m Nathan Garcia and in this video, I want to help you get better understanding of Medicare Parts A and B by going through what it covers and explaining how they are similar and how they are different, so this video is just for educational purposes only and its only meant resource for you, so please don’t take any action based on information that you see here. This isn’t a financial advice for you and you should speak with a licenced professional before making a decision based on what you see here.
So, Medicare Part A covers In-Patient care. This is going to cover things like any surgeries and anytime that you are in the hospital itself, Medicare Part A is going to pick up the cost of that. Now Medicare Part A is pay for impart with your premiums, you did pay a premiums through your pay check from Medicare part A. So most people do not have to pay an out of pocket cost for Medicare Part A, now Medicare part A is going to cover your in-patient care and it can also cover some skilled care based on a very narrow window of 100 day that you can qualify but it can cover your in-patient care and some skilled care along with some other types of care including hospice care.
So it can be very valuable for you not only because you don’t have to worry about the premiums but also because of the services offered. Medicare Part A does have an annual deductible and it has a co-insurance which means just because you won’t have a monthly premium, it doesn’t mean that you are not going to have expenses associated with Medicare Part A, so you really want to be aware what does cost could be so that you can plan around that.
Now Medicare B is going to cover out-patient services and these are services like just going to the doctor for a check-up or routine visits. Medicare Part B is funded 75% by the government and 25% funded by premiums that you pay on the monthly basis, now those premiums are going to vary based on your income and 2 years prior to your filling decision but it’s smart to look at it, how much is your monthly premiums are and looking at your annual deductible and your co-insurance.
Again, Medicare part B is going to have out of pocket expenses that go beyond just your monthly premiums, so if you are not aware of this, you might find a little bit of the sticker shock at first time that you made a claim because there will be a co-insurance in an annual deductible that will apply.
Now, if you look at these expenses and you find that there’s too much or you don’t know how to cover them then you are going to consider a supplemental plan that might be in a form of a medical gap plan or Medicare advantage plan.
I have a video that explains what a medical gap plan is and what is Medicare management plan is and how they are different but those might be options or you if you are concerned about covering those expenses, so Medicare Part A and Medicare Part B are designed to cover the in-patient and in-outpatient services from a hospital and the idea behind that is you can get care from a medical facility for anything varying from a complex surgery or something that would require you to be admitted to a hospital for an extended stay or something as simple as a routine check-up.
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