The long-awaited Medicare cost figures for 2016 have finally been released and, as expected, seniors will be facing increased costs in the new year. Medicare Part A covers the cost of hospital stays and other inpatient facilities and while most Medicare recipients will not pay a monthly premium for their plan, the rates for deductibles and copayments will be rising, Learn all you need to know about the upcoming changes in today’s blog.
Medicare 2016 Part A Costs Just Released: How Much Will You Pay?
What is Medicare Part A?
Medicare Part A specifically covers inpatient services. This may include nursing care, drugs received during treatment, as well as room and board during hospital and other inpatient facility stays. As soon as a doctor orders you to stay in a hospital overnight for two consecutive nights, Part A coverage immediately kicks in. Long-term hospital stays are also covered in the case of serious conditions.
How much will Medicare Part A cost?
Before inpatient coverage is activated, Medicare Part A requires patients to cover a deductible. In 2016, that deductible will cost $1,288, an increase of nearly $30 from this year.
Once the deductible has been met, Medicare will cover all allowed costs of your care in the first 60 days that you are in the hospital. If you have to be hospitalized for 61-90 days then Medicare will cover the majority of your expenses but you will be responsible for a daily coinsurance of $322.
Your Medicare Part A only covers hospital stays of up to three months so if you need to remain hospitalized for more than 90 days, you will be responsible for the cost of your care. If you face a dire emergency, however, Medicare allows 60 days of additional care that they consider a lifetime reserve. Once you have used these days, you will not have any additional recourse. These days require a daily coinsurance of $322.
About Global Premier Benefits
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