If you are new to Medicare, the different letters can feel confusing. Each part serves a different purpose, and understanding the basics can help you make more informed decisions about your coverage.
Medicare Part A: Hospital insurance
Part A helps cover certain inpatient care, including:
- Hospital stays
- Skilled nursing facility care when Medicare’s requirements are met
- Hospice care
- Some home health care
Many people qualify for premium-free Part A based on their work history or a spouse’s work history. Even if you do not pay a Part A premium, other costs may apply.
Medicare Part B: Medical insurance
Part B helps cover medically necessary services and supplies, such as:
- Doctor and specialist visits
- Outpatient care
- Certain medical equipment
- Lab tests and diagnostic services
- Many preventive screenings and services
Most people pay a monthly premium for Part B. Deductibles and coinsurance may also apply.
Medicare Part C: Medicare Advantage
Medicare Advantage is an alternative way to receive your Medicare benefits through a Medicare-approved private insurance company.
Medicare Advantage plans provide Part A and Part B benefits and often include prescription drug coverage. Some plans may also offer additional benefits, such as dental, vision, or hearing benefits.
Plan costs, networks, and benefits vary by plan and location.
Read more about Medicare Advantage here!
Medicare Part D: Prescription drug coverage
Part D helps cover prescription medications. You may receive Part D coverage through a stand-alone prescription drug plan or a Medicare Advantage plan that includes drug coverage.
Each plan has its own list of covered medications, called a formulary, as well as its own pharmacy network and cost structure.
Read more about Medicare Part D here!
Where does Medicare Supplement insurance fit in?
Medicare Supplement insurance, also called Medigap, is separate from the four parts of Medicare. It helps pay certain out-of-pocket costs associated with Original Medicare. It does not replace Part A or Part B.
Understanding the parts of Medicare is a great first step. The next step is reviewing how your options work with your doctors, prescriptions, and health care needs. www.medicare.gov
Read more about Medicare Supplement here!
Need help putting the pieces together? Contact our office at (210) 744-0553 to talk through your Medicare questions.