Get to know the ABC’s of Medicare. Learn the basics about Medicare coverage:
Medicare is the federally mandated insurance program for individuals 65 years of age and older. Simple, right? Not so fast – Medicare can be confusing, which is why we’re here to help.
Not only is Medicare for people 65 or older, but Medicare also provides coverage for some younger individuals with disabilities, and also people with permanent kidney failure requiring dialysis or a transplant.
Now that we know who’s covered, why are there so many “parts” (A, B,C, D) and what do they cover?
Medicare Part A
Also referred to as the Hospital Insurance portion of Medicare coverage, includes: hospital stays, skilled nursing facility care, hospice care and some home health care.
Medicare Part B
Is referred to as the Medical Insurance part of Medicare coverage. This term can be confusing, as “medical” can be broadly interpreted and, after all, aren’t all of these coverages considered medical expenses?
To clear things up a little, the term “medical insurance,’ as it related to Medicare part B coverage, pertain to doctors’ services, outpatient care, medical supplies and preventative services.
Medicare Part C
Part C is referred to as the Medicare Advantage Plan and is a type of Medicare health plan offered by a private company, rather than the federal Medicare program/plan. The insurance companies that participate in the Medicare Advantage Plans contract with Medicare to provide all the benefits of both Part A and Part B in one plan.
Medicare Part D
Or prescription drug coverage, can be added to your standard Medicare plan. Part D (prescription drug coverage) is offered by insurance companies and other private companies approved by Medicare.
Please note: Medicare Advantage Plans (Part C) as described above, may also offer prescription drug coverage that follows the same regulations as Medicare Prescription Drug Plans.