Medicare's 4 Parts
Medicare is a Federal Health Insurance program, most people qualify when they turn 65 some qualify before they turn 65 due to disability.
Part A
Hospital
If you have worked for 40 quarters or 10 years and paid Social Security taxes you will pay nothing. Part A covers most medically necessary expenses when you have been admitted to the hospital. Skilled nursing facility, home health care and hospice care are also covered by Part A. There are expenses you are responsible for that include reoccurring deductible and co payments.
Part B
Doctors
Most people pay $134 a month for Part B, though it is possible you may have to pay more depending on your income 2 years earlier. Part B covers physician services, test, medical supplies and outpatient services. Like Part A there is still a deductible and other cost sharing expenses you are responsible for.
Part C
Medicare Advantage (MA)
Medicare Advantage plans are private health insurance companies that are allowed to administer Medicare health plans. These plans come in several different forms HMO, PPO, PFFS and SNPs are the most common. If you choose this option the private insurance company is now your primary insurance, you cannot use your Original Medicare Parts A & B.
Part D
Prescription Drug Plans (PDP)
All Prescription Drug Plans are provided by private insurance companies, it is never provided directly from the federal government. There are 3 phases of coverage; Initial Coverage, the "Donut Hole" or Coverage Gap, and Catastrophic Coverage. It is important to understand how these 3 phases can effect your out of pocket cost especially if you have high cost medications.
3 Things You Need To Know About Medicare Coverage
#1
Each of the 4 parts to Medicare cover different medical services
#2
Medicare Parts A & B are commonly referred to as "Original Medicare" and their benefits are standardized
#3
Your benefits can vary depending on the plans you choose for Medicare Part C (MA) & Medicare Part D (PDP)
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We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1–800 MEDICARE to get information on all of your options.
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Last updated: 01.05.2023 at 12:01 AM MULTIPLAN_SHDLEAWE001_M.