Parts of Medicare

 

Medicare Part A

Part A (Hospital Insurance):
Covers inpatient hospital stays, care in skilled nursing facilities, hospice care. Most people do not pay a monthly premium for Part A if they (or their spouse) have worked and paid Medicare taxes for at least 10 years (40 quarters).

 

Medicare Part B

Part B (Medical Insurance):
Covers outpatient care, doctor visits, preventive services, and medical supplies. There is a monthly premium for Part B.

 

Medicare Part C

Part C (Medicare Advantage):
An alternative to Original Medicare (Parts A and B), these plans are offered by private insurance companies. They often include additional benefits like vision, dental, and hearing services, and most include prescription drug coverage.

 

Medicare Part D

Part D (Prescription Drug Coverage):
Provides coverage for prescription medications. These plans are offered by private insurers and require a separate premium.

 

Medicare Supplement Insurance

Additional insurance called Medicare Supplement Insurance (also known as Medigap),
offered by private insurers, helps cover some of the out-of-pocket costs not paid by Original Medicare (Part A and Part B) and requires a separate premium.

 

Costs

While Part A is usually premium-free, Parts B, D and Medicare Supplement Insurance require monthly premiums. Medicare Advantage (Part C) may or may not require a monthly premium, depending on the plan.

Additionally, there are Premiums, Deductibles and Copayments associated with some services. It's important to review and understand these costs when selecting coverage.

  • Premium is a fixed cost you pay for coverage, usually monthly
  • Deductible is a set amount that you pay for covered services before your plan begins to pay
  • Copayments are a fixed amount you pay at the time you receive a covered service