medicare basics
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Medicare basics
Medicare is a federally funded national health insurance program for those aged 65 and older or individuals with certain disabilities or health conditions. Medicare consists of 4 different parts. Parts A & B together are also called “Original Medicare”.
Medicare Part A
Medicare Part A is also known as Hospital Insurance. Many individuals are eligible for Part A at no premium. If not, Part A is also available to purchase for a monthly premium. There are deductible and coinsurance costs associated with Part A. Some benefits of Part A may include:
- Hospital stays
- Skilled nursing care
- Hospice care
- Does not include long term care
Medicare Part B
Medicare Part B is also known as Medical Insurance. There is a monthly premium for Medicare Part B. It is important to enroll in Part B when first eligible to avoid a late enrollment penalty. There is an annual deductible and coinsurance expenses. Services that may be included under Part B are:
- Physician services
- Outpatient hospital services
- Some home health care
- DME – Durable Medical Equipment
- Preventative care
Medicare Part C – Medicare Advantage
Medicare Advantage Plans are an alternative to Original Medicare (Parts A & B) and are offered by private insurance companies. Plans costs and benefits vary by carrier and may have premiums, deductibles and networks of doctors and hospitals.
- All of the benefits of Original Medicare are included
- May offer additional benefits such as dental or vision
- Prescription drug coverage may be included
Medicare Part D – Prescription Drug Coverage
Medicare Part A is also known as Hospital Insurance. Many individuals are eligible for Part A at no premium. If not, Part A is also available to purchase for a monthly premium. There are deductible and coinsurance costs associated with Part A. Some benefits of Part A may include:
- Part D plans have a formulary of covered drugs
- There are premiums, coinsurance and copayments with Part D Plans
- Purchasing a Part D plan is optional, however, there may be penalties if enrollment is delayed