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What Is Medicare Insurance?

As Medicare beneficiaries you have many options when it comes to your healthcare. To make the most out of your benefits it’s important for you to understand how Medicare works and when you are eligible to enroll. There are several parts to the Medicare program. Parts A and B are often referred to as Original Medicare. Medicare Part C, or Medicare Advantage, is private health insurance, while Medicare Part D offers coverage for prescription drugs. The details below tell you more about Medicare insurance plans.

Part A – Hospital

In general, Medicare Part A covers hospital, home health services, skilled nursing facility care (not custodial or long-term care) and hospice care costs. Most people do not pay for Part A, however it may not cover all of your costs for services. If you delay your enrollment in Medicare Part A you may be subject to pay a penalty when you do sign up.

Part B – Medical Services

This part of Medicare covers your services and supplies that are medically necessary to treat your health condition. This includes lab tests, surgeries, doctor visits and medical equipment like wheelchairs or walkers. Anyone who is eligible for no cost Medicare Part A is eligible for Medicare Part B by enrolling and paying a monthly premium.

Part D – Prescription Drugs

Prescription drug coverage is optional and offered through private insurance companies. It helps cover the costs of medications according to the plan benefits and is NOT covered with Part A or B. Medicare Part D can be purchased as a stand alone product to work with Original Medicare OR as a part of a Medicare Advantage plan (Medicare Part C).

Medicare Insurance

As Medicare beneficiaries you have many options when it comes to your healthcare. To make the most out of your benefits it’s important for you to understand how Medicare works and when you are eligible to enroll. There are several parts to the Medicare program. Parts A and B are often referred to as Original Medicare. Medicare Part C, or Medicare Advantage, is private health insurance, while Medicare Part D offers coverage for prescription drugs. The details below tell you more about Medicare insurance plans.

Medicare Advantage (Part C)

Private insurance plans are known as Medicare Advantage or Part C. In order to qualify you must be participating in both Medicare Parts A & B. Medicare Advantage plans must meet the minimum standard benefits offered by Original Medicare (Parts A & B). They generally offer additional benefits such as Prescription drugs, lower co-pays, dental plans, eye exams or other services. Part C plans that include prescription coverage are called Medicare Advantage with Part D or MAPD for short. All these options vary based on company and regions.

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Medicare Supplement

If you only have Original Medicare A and B, a Medicare Supplement (Medigap) plan will help you fill in the gaps you would normally be responsible to pay for. Keep in mind this DOES NOT include coverage for Part D (prescription drugs). Medicare Supplements are regulated by the Centers for Medicare & Medicaid Services (CMS) and offered through Private Insurance carriers. What this means is that most carriers offer similar benefits, but each company sets their own price based on age and regions.

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