BASICS of MEDICARE

Medicare was enacted in July of 1967 under Title XVIII of the Social Security Act

Medicare only covers PART A (Inpatient) and PART B (Outpatient)

PART B beneficiaries must pay the first $240 of covered PART B services out of their own pocket before their PART B coverage kicks in, in 2024.

Once a beneficiary meets the PART B deductible, beneficiaries are typically responsible for paying 20% of the Medicare approved amount for the service or device (DME).

2024 Medicare PART B Premium has increased to $174.70.

In 2023, there are currently 65.64 M Americans enrolled into Medicare.