Medicare Part A
In most instances, there is no premium for Medicare Part A, although exceptions do exist.
Medicare is a government health insurance program for those 65 years of age and over, disabled younger individuals and those with end-stage renal disease. It offers benefits for skilled nursing care, hospice, home health care and inpatient hospital care. The amount you pay for Medicare is dependent on the amount you earn every year and the cost of your care. Each Part of Medicare is billed separately.
If you or your spouse worked for at least a decade and paid Medicare taxes before reaching 65, you will not pay a monthly fee for Medicare Part A. If you did not work for ten years, there is a monthly fee that varies from year to year. In 2013, the cost was as high as $441/month for some participants.
There are also deductible costs associated with Medicare Part A. For example, for a night in hospital or for using any of the other Part A services, you are billed a deductible — the amount paid out by you before Medicare pays the full remainder. There are also co-pay expenses for Part A — a set amount paid for specific care, like a hospital stay lasting longer than 60 days.