2023 Medicare Part A (Hospital Insurance) Costs
If you’re looking for information on Medicare Part A costs, you’ve come to the right place. In this article, we’ll cover everything you need to know about the premiums and expenses associated with Medicare Part A.
Understanding Part A Monthly Premium
First, let’s talk about the Part A monthly premium. In general, most people do not need to pay a monthly premium for Part A because they have already paid Medicare taxes while working. However, if you are not eligible for premium-free Part A, you may need to pay up to $506 per month. It’s important to note that if you do not sign up for Part A when you first become eligible for Medicare at age 65, you may be subject to a penalty.
Hospital Stay Costs under Medicare Part A
If you are admitted to a hospital, Medicare Part A will cover some of the expenses. Here are the costs for 2023:
- $1,600 Deductible per Benefit Period– A benefit period begins when you are admitted to the hospital and ends when you have been discharged for 60 consecutive days. For each benefit period, you will need to pay a deductible of $1,600 before Medicare Part A starts covering your expenses.
- $0 for the First 60 Days of Each Benefit Period– For the first 60 days of each benefit period, you won’t need to pay anything for your hospital stay. Medicare Part A will cover the full cost.
- $400 per Day for Days 61-90 of Each Benefit Period– If you stay in the hospital for more than 60 days in a benefit period, you will need to pay $400 per day for days 61-90.
- $800 per “Lifetime Reserve Day” after Day 90 of Each Benefit Period- After you’ve been in the hospital for 90 days in a benefit period, you will start using your “lifetime reserve days.” These are an additional 60 days that you can use throughout your lifetime. However, you will need to pay $800 per day for each lifetime reserve day used.
Skilled Nursing Facility Stay Costs under Medicare Part A
If you need to stay in a skilled nursing facility, Medicare Part A can help cover some of the costs. Here are the expenses for 2023:
- $0 for the First 20 Days of Each Benefit Period- For the first 20 days of each benefit period, you won’t need to pay anything for your stay in a skilled nursing facility.
- $200 per Day for Days 21-100 of Each Benefit Period– If you stay in a skilled nursing facility for more than 20 days, you will need to pay $200 per day for days 21-100.
- All Costs for Each Day After Day 100 of the Benefit Period– After you’ve been in a skilled nursing facility for 100 days in a benefit period, you will be responsible for paying all costs for each day you stay there.
Medicare Part A can be a valuable resource for covering hospital and skilled nursing facility costs. Understanding the expenses associated with Part A can help you plan for the future and avoid penalties. Keep this information in mind as you navigate the complex world of Medicare and as always, reach out to the trusted advisors at Plan Medicare to assist you with all of your Medicare planning needs- 516-900-7877.