What are the Medicare premiums and coinsurance rates for 2008?Answer:The following is a listing of the Medicare premium, deductible, and coinsurance rates that are in effect in 2008: Medicare Premiums for 2008: Part A: (Hospital Insurance) Premium Most people do not pay a monthly Part A premium because they or a spouse has 40 or more quarters of Medicare-covered employment. The Part A premium is $233.00 for people having 30-39 quarters of Medicare-covered employment. The Part A premium is $423.00 per month for people who are not otherwise eligible for premium-free hospital insurance and have less than 30 quarters of Medicare-covered employment.
Part B: (Medical Insurance) Premium The Part B premium is $96.40 per month* for individuals with income under $82,000. Medicare Deductible and Coinsurance Amounts for 2008: Part A: (pays for inpatient hospital, skilled nursing facility, and some home health care) For each benefit period Medicare pays all covered costs except the Medicare Part A deductible (2008 = $1,024) during the first 60 days and coinsurance amounts for hospital stays that last beyond 60 days and no more than 150 days. For each benefit period you pay: A total of $1,024 for a hospital stay of 1-60 days. $256 per day for days 61-90 of a hospital stay. $512 per day for days 91-150 of a hospital stay (Lifetime Reserve Days). All costs for each day beyond 150 days
Skilled Nursing Facility Coinsurance Part B: (covers Medicare eligible physician services, outpatient hospital services, certain home health services, durable medical equipment) *Note: If your income is above $82,000 (single) or $164,000 (married couple), then your Medicare Part B premium may be higher than $96.40 per month. For additional details, see our FAQ titled: "Medicare Part B Monthly Premiums in 2008"
Last Updated: 5/8/2008
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