How do Medicare deductibles work?
How much is the deductible for Medicare services, and how often do I need to meet it?
Medicare services come with different deductibles depending on whether you're using Medicare Part A (hospital insurance) or Medicare Part B (medical insurance). Here’s a breakdown of the deductibles for each part and how often you need to meet them:
1. Medicare Part A (Hospital Insurance) Deductible:
2024 Part A Deductible: The deductible for Medicare Part A is $1,632 per benefit period.
How Often Do You Need to Meet It?: Part A uses benefit periods instead of a yearly deductible. A benefit period begins when you're admitted to the hospital or a skilled nursing facility and ends after you've been out of the hospital or skilled nursing facility for 60 consecutive days. If you are readmitted after 60 days, a new benefit period begins, and you must meet the deductible again.
What It Covers: This deductible covers inpatient hospital stays, skilled nursing facility care, and hospice services.
2. Medicare Part B (Medical Insurance) Deductible:
2024 Part B Deductible: The annual deductible for Medicare Part B is $240.
How Often Do You Need to Meet It?: The Part B deductible is annual, meaning you must meet it once per calendar year. After meeting the deductible, Medicare Part B covers 80% of the Medicare-approved costs for outpatient services, doctor visits, preventive services, and durable medical equipment, while you are responsible for the remaining 20% in coinsurance.
What It Covers: The Part B deductible applies to medical services such as doctor visits, outpatient services, lab tests, physical therapy, and certain preventive services.
Key Points to Remember:
Medicare Part A: Deductible is $1,632 per benefit period, and you may need to meet it more than once in a year if you have multiple hospitalizations.
Medicare Part B: Deductible is $240 annually, and you meet it once per calendar year.
If you need help understanding how Medicare deductibles work or want to explore options like Medicare Supplement (Medigap) plans to help cover these costs, schedule an appointment with a Tsunami Advisor here: Schedule an Appointment.
