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).