Parts Of Medicare
When you turn 65, you automatically qualify to receive affordable health care coverage from the Social Security Administration. This program is called Medicare, and it currently covers millions of Americans across the country.
The program consists of four primary parts, each offering different health care benefits. There is Part A hospital insurance, Part B medical insurance, Part C Medicare Advantage plans, and Part D prescription drug plans. Here is what you need to know about each component.
Original Medicare is the name for Parts A and B of Medicare. Together, these Medicare plans offer all of the basic health care benefits a person should need. Here is what each Part includes:
Part A
Medicare Part A offers hospital insurance to members who opt into the plan. In order to maintain Part A coverage, you typically must pay a Part A premium every month, but some people qualify to receive Medicare Part A premium-free. In other cases, you may qualify for reduced premiums as well, depending on how much you have paid in Medicare taxes.
Part A offers a variety of valuable benefits, and it will cover:
- Inpatient hospital care
- Skilled nursing facility care
- Nursing home care
- Hospice care
- Home health care
To find out if Medicare covers the treatments you need, speak to your health care provider and ask them if the item you have requested is covered by Medicare.
Part B
Medicare Part B offers medical insurance to members who opt into the plan. In order to maintain Part B coverage, you must pay a premium. Unlike Part A, Part B coverage cannot be obtained premium-free.
Part B offers several useful benefits, and covers:
- Medically necessary services
- Preventive services
- Clinical research
- Ambulance services
- Mental health care
- Limited outpatient prescription drugs
- Durable medical equipment
To find out if Medicare covers the treatments or equipment you need, speak with your current health care provider and ask them if the item you have requested is covered by Medicare.
Let Us Help You Maximize Your Insurance Needs
Medicare Advantage plans are privately offered Medicare plans that are provided by insurance companies that have been approved by Medicare. In order to enroll in an Advantage plan, you must have applied and been accepted to Medicare. Then, you can contact an insurance provider that carries these plans and choose which one you want to enroll in. The types of benefits you can find in these plans vary, but all of them will include your Part A and B benefits at a minimum. Some plans may have premium benefits, such as meal delivery services or transportation services. Contact an insurance professional in your area to learn more about Medicare Advantage benefits.
Medicare recipients don’t receive prescription drug coverage through either Part A or Part B of Medicare. They must opt into a fourth part of the program to get this benefit. Part D of Medicare administers prescription drug plans that are sold by private companies who are approved by Medicare. These plans provide Medicare beneficiaries with the drug coverage they need, often at an affordable cost. The types of drugs available to members will depend on the formulary included in their policy, though, all plans are required to have basic prescription drugs included for every major category.
Learn About Medicare
If you are near Petoskey, MI, you can visit us to get answers to your Medicare questions. Even if you aren’t in the neighborhood, you can give us a call for a free consultation.
