Part A - Hospital

Part A covers a stay in the hospital, skilled nursing care, rehab, hospice and home healthcare. As long as you have worked 40 quarters and paid into social security, when you turn 65 part A of Medicare is paid for. There are deductibles and coinsurance for services provided under part A of Medicare.

Part B - Medical

Part B covers services provided by you primary care Doctor, Specialists and other health care providers. It covers Outpatient services, Durable medical equipment, clinical lab, diagnostic test, X-rays, MRIs, CT scans, home health care, certain Medications and supplies, Ambulance, chiropractic, diabetic supplies, telehealth and preventive services. If you don't start your part B when eligible you may incur a penalty.

Part C - Medicare Advantage

Part C is also known as Medicare Advantage and is a Medicare-approved plan form a private company that offers an alternative to Original Medicare for your health and drug coverage. Plans include Part A, Part B and usually Part D. With most plans you will need to see network doctors. Plans may have lower out-of-pocket cost than Original Medicare and plans may offer some extra benefits that Original Medicare does not cover, like dental, vision and hearing.

Part D - Prescription Drug Coverage Rx

Part D help cover the cost of prescription drugs, shots and vaccines. Part D plans are provided by Medicare-approved private company. You are eligible for a plan when you have part A and or part B of Medicare. If you do not take a plan in time you could incur a penalty in the future.

Medicare Supplements - Medigap Plans

Medicare supplements are plans provided by private insurance companies to help pay your share of the costs left by Original Medicare (A&B). Policies are standardized and in most states named by letters A-N. The benefits in each letter plan are the same no matter which company sells the plan. The only difference can be the price.

Medicare Advantage Plans

Medicare Advantage Plans are an "all in one" alternative to Original Medicare. These plans include part A(Hospital), part B(Medical) and usually part D(Rx). The plan types are HMO, PPO, PFFS, and in most cases, you will need to use doctors who are in the plan's network. Plans may have lower out-of-pocket costs than Original Medicare (A&B). Most plans have a Maximum out of Pocket to cap costs. Most plans offer extra benefits like, Dental, Vision, Hearing, transportation, meals and more.

 

Resources:

• Medicare
• Social Security
• Medicare Supplement Basics
• Medicare Advantage Basics