Medicare

Medicare may seem complicated, but to make it easy to understand it is discussed in parts. I.E. Medicare Part A, Part B, Part C, Part D. Original Medicare is Part A and Part B. This is often what consumers think of when they are discussing becoming eligible for Medicare. Here is a breakdown of the different parts of Medicare and associated coverages.

Medicare Part A is Hospital Insurance.

Part A covers inpatient hospital care, skilled nursing facility care, hospice care, and home health care.

Medicare Part B is Medical Insurance.

Part B covers services from doctors and other health care providers I.E., your family doctor, outpatient care, home health care. Medicare Part B also covers Durable Medical Equipment like wheelchairs, walkers, hospital beds to be used at home. Part B also covers your preventative health care such as screenings, shots and vaccines, and your yearly wellness check

Medicare Part D is Drug coverage.

It is an added policy that helps cover the cost of prescription drugs including many recommended shots and vaccines. In order to have this coverage you must join a Medicare drug plan in addition to Original Medicare or join a Medicare Advantage Plan with Drug coverage. ****PLANS THAT OFFER MEDICARE DRUG COVERAGE ARE RUN BY PRIVATE INSURANCE COMPANIES THAT FOLLOW RULES SET BY MEDICARE****

Medicare Part C is Medicare Advantage Insurance.

This is a Medicare approved plan from a private company that offers an alternative to Original Medicare for your health and drug coverage. These plans are usually a bundle of Part A, Part B, and Part D.

There are a couple of main differences to note when selecting Medicare Advantage.

1. You will typically need to use doctors who are in the plan's network.
2. Medicare Advantage may have a lower out of pocket costs than Original Medicare.
3. Additional Services like Hearing, Vision, and Dental are sometimes offered **** These services are not covered by Original Medicare. ****

Medicare Supplement

Medicare Supplemental Insurance, also known as Medigap, is insurance you purchase from a private company that helps pay YOUR SHARE of the costs of Original Medicare. These policies are standardized and in most states are referred to by Plan K or Plan G. The benefits in each plan are the same no matter which company sells it.