What is Medicare?
Medicare is the United States’ federal health insurance program for people who are 65 or older. It is also available for certain people younger than 65 with disabilities or people with End-Stage Renal Disease.
There are several “parts” to Medicare that contain different coverage.
What is Medicare Part A?
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
Part A is usually free if you have 10 years of work experience or 40 quarters where you paid Medicare Taxes. Also, if you were a homemeaker and your spouse met the requirement of 10 years. If you do not meet the criteria you might have a Part A premium. Although this is extremely rare.
What is Medicare Part B?
Medicare Part B is outpatient medical coverage. Part B helps pay for medically necessary services performed on an outpatient basis that are needed to diagnose and treat a medical condition.
Doctor visits,Surgeries, lab work, and preventative services are all covered under Part B. Chemo therapy is covered under Part B.
What is Medicare Part C?
Medicare Part C is also called Medicare Advantage (MA). It’s an alternative benefit form to Original Medicare. Medicare Advantage may include prescription drug coverage, along with other extra benefits. It is managed by Private Insurance Companies that are required to offer benefits equal to or better than Original Medicare.
What is Medicare Part D?
Medicare Part D is also known as prescription drug coverage. Part D coverage is available as a Stand Alone Option (PDP) or as part of a Medicare Advantage plan (Part C). Part D plans are offered by private insurance companies contracted and approved by Medicare.
The Companies are require to use portions of Medicare’s Drug Formulary to design their plans.
What are Medicare Supplements?
Medicare Supplement plans, also called Medigap, are designed to work with Original Medicare Parts A and B. Medigap policies help pay for some health care costs not covered by Original Medicare, such as deductibles, coinsurance and foreign travel emergency.
These plans are offered by private insurance companies and are available to people with Medicare Part A and B.
People with Original Medicare and a Medicare supplement can choose any stand-alone Part D prescription plans to pay for their drugs.
People who are enrolled in Medicare Advantage plans (Part C) are not eligible for a Medicare Supplement insurance policy.
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