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The exposure for an individual with only Medicare Parts A and B, in the event of a hospitalization, the copayment for this year 2022, is $1,556.
There are people who receive Social Security benefits and automatically get the card, but do not take the time to check what they will be covered medically, see what costs they will have with Medicare Part A and B, or if they will receive medical or hospital services. But remember, for those people who get the Medicare card and just hold on to it because they don't know what to do, in the event of a hospitalization with Medicare (Part A and B), you would only have the co-payment for going into the hospital.
In addition to the copayment for hospitalization, you should also find out and consider other costs that are there when you receive the Medicare card.
Another thing that people ignore when receiving such a card is that you are automatically getting Medicare Part A at no cost, but Medicare Part B does have a cost, and for this year, unfortunately, for the first time in the history of Medicare, it has such a high increase of $21.60, and the monthly premium is $170.10.
For those people who are entering Medicare and receive this card, they should watch the mail because they may also receive a form from Social Security called "Extra Help," which is when Social Security knows that the person (most likely) needs this state help and they send it directly to their home.
If you receive this form, do not ignore it. You should fill it out, complete it, and return it to the Social Security office. There is an "Apply for Medicare Savings Programs" section on the form. If you qualify for this program, the State can help you pay this monthly Medicare Part B premium. So keep that in mind.
When our clients receive this form, we help them to send this same request, but online, which is much easier. It is a service that we provide with all the willingness.
If you are wondering how to avoid paying the $1,556 copayment if you are hospitalized, there are options that can help you control these costs, especially the 20% that Medicare does not cover. These options can be an Advantage Plan or a Supplemental Plan. They are two totally different options and you should know the differences, how they work, what they cover, what they cost, so you can make an educated decision about which option is best for you. This depends on your needs, your preferences and your budget.
It is extremely important to make a review of all the plans available in your area, so it is recommended to contact an agency or an independent agent who will help you compare the different companies available in your area and help you choose the ideal plan.
If Medicare Advantage or Supplemental plans are too confusing for you, you can contact us at 855-462-8452 and with pleasure, our specialized agent, Grace, can help you study and analyze the best options for you.