What does Original Medicare pay for your hospital stay?

Going to the hospital, whether for an emergency or planned trip, can be scary. Opening the bill afterwards, can be downright frightening. Read on to learn how Original Medicare, Part A & B, helps reduce the scare factor.

In an emergency, when you or a loved one goes into the hospital, the bill that comes later is not the first thing on your mind. However, in 2022, a poll by Gallup reported that 38% of Americans are putting off medical care they need due to the concern about rising medical costs. Thankfully, with most adults age 65+ qualifying for Medicare, you don't have to be a statistic. Medicare Part A & B work together to provide medical coverage for qualifying adults over the age of 65. Here's how it works.

When a person on Medicare is admitted to the hospital, whether for an emergency or scheduled procedure, Parts A & B of Original Medicare help mitigate the cost of their hospital room and doctor's care. A bill that could cost anywhere from a few thousand dollars to hundreds of thousands of dollars without insurance, can be covered by Medicare with only $1,600 out of pocket for the first 60 days in the hospital, plus 20% patient responsibility of all doctor services, including testing and diagnostics. This is similar to the group insurance plans most people are accustomed to during their working years.

However, unlike group plans you had before retirement, Medicare does not have a set annual max out of pocket. That means, if you end up with multiple large doctor bills, you are responsible for 20% of each of those bills, indefinitely. Additionally, every 60 days your $1,600 hospital deductible resets. One way to stop your costs from breaking the bank is to get a Medicare Supplement, or Medigap, policy to cover all those out of pocket expenses. A Medicare Supplement, or Medigap, works with your Original Medicare to cover your patient responsibilities and sets your annual out of pocket maximum as low as $226. This means, with the right Medicare Supplement, or Medigap, policy your hospital stay would only cost $226 max.

For more information about Medicare and how it works, sign up for a free online or in-person seminar with Insurance Lady Amanda, explaining the A, B, C and D's of Medicare.