A Guide to Understanding Medicare
Medicare
Medicare is a government health insurance program for people turning 65 and old offering several different plans to help cover various healthcare needs. Medicare does not cover the full cost of care, and there may be deductibles, coinsurance, or copayments for some services….But if you are turning 65 and dealing with Medicare for the first time or already enrolled, it’s important to understand your benefits and available options. *Enrollment periods may apply*
Original Medicare
Part A (Hospital Insurance): Covers inpatient hospital stays, skilled nursing, hospice care, and some home health care.
Part B (Medical Insurance): Covers certain outpatient services, medical supplies, and preventive services.
Medicare Advantage
(Part C): Alternative to Original Medicare
These plans are offered by private companies approved by Medicare. They include Part A, Part B, and usually Part D (prescription drug coverage). Many plans offer extra benefits like vision, hearing, and dental coverage.
Medicare Prescription
Drug Plans (Part D):
If you don’t get Medicare drug coverage or Medigap when you’re first eligible, you may have to pay more to get this coverage later. This could mean you’ll have a lifetime premium penalty for your Medicare drug coverage.
Stand-alone prescription drug plans that add drug coverage to Original Medicare and some Medicare Cost Plans, Medicare Private-Fee-for-Service Plans, and Medicare Medical Savings Account Plans. These are also offered by private companies.
Medigap
(Medicare Supplement Insurance)
These plans are sold by private companies and can help pay some of the healthcare costs that Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles. Medigap policies do not cover prescription drugs.
Each plan offers different levels of coverage and costs, so it’s important to compare them to find what best meets your healthcare needs.
Rayanne Tandrian 