Medicare is a government-administered program that provides medical benefits to people who are 65 or older in the United States. It also offers coverage for those younger than age 65 who have disabilities, certain conditions like End-Stage Renal Disease.
There are 4 parts of Medicare: Parts A, B, C, and D.
What is Medicare Part A?
When you need a care facility, it’s nice to know that the cost will not be on your shoulders. Medicare Part A has coverage for inpatient stays at hospitals and skilled nursing facilities and hospice services, and some home health care.
The best part? Part A is usually free.
What is Medicare Part B?
Medicare Part B offers outpatient coverage. This applies to medically necessary services, including surgeries, lab tests, and preventive services.
Part B does have a monthly premium.
What is Medicare Part C?
Medicare Part C is also referred to as Medicare Advantage (MA). It combines the coverage of Parts A and B and may add in extra benefits like dental, vision, hearing coverage, and prescription drug coverage.
Private insurance companies offer MA plans.
What is Medicare Part D?
Medicare Part D is the part of Medicare that covers prescription drugs. It can be purchased as a separate policy (called a PDP plan) or bundled into a Medicare Advantage plan.
What are Medicare Supplements?
Medicare Supplements offer additional coverage to address the gaps in Original Medicare. (Original Medicare only covers 80% of expenses.) Medigap plans also cover the deductibles associated with Medicare Parts A and B and offer emergency coverage during foreign travel.
Medigap plans are offered by private insurance companies and are standardized plans, meaning they offer the same coverage, no matter which carrier you choose to purchase one through.
Medigap plans do not offer prescription drug coverage, so Medigap members will need to enroll in a separate Part D plan.
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