Medicare Parts can be difficult to understand. That’s why we are including it in our back to the basics month. Seniors all over the states participate in the Medicare medical plans. But, sometimes they don’t fully understand what is actually covered under these plans. In this article, we will explain the Medicare parts and talk about what is included in each.
Do you or a loved one have Medicare? Do you assist in medical care for an elder who has Medicare? Getting old and wondering what Medicare is? At the risk of sounding like a late night infomercial, these questions are actually more important than you think. Medicare is insurance coverage and benefits intended to help provide coverage for senior citizens. There are four Medicare parts to explain. Let’s get started.
This article does not cover all terms, conditions or benefits of the Medicare coverage system. For a full explanation of a policy, or if you are in need of insurance, please call us at National Health Insurance Agencies. One our policy service members would be happy to assist you.
Medicare Part A is hospital coverage. When you are accepted for Medicare, you automatically get Part A coverage. This part covers hospital stays, hospice care and nursing care related to rehabilitation even if it has to be completed in a nursing home. A semi-benefit of this plan is that there is no monthly premium. However, if you are unfortunately admitted to a hospital often, it may cost more from you than you expect. A high deductible is part of your out-of-pocket costs for this plan. The deductible changes each year, but can be between one to two thousand dollars per hospital admittance. Afterwards, Part A pays for nearly all other charges associated with your stay for 60 days.
Medicare Part B refers to doctor’s services and outpatient care. Firstly, this part covers things like lab work, screenings and medical equipment. However, there are more costs associated with Part B including a monthly premium and an annual deductible. Many people choose to weigh their options with this plan despite its benefits. Speaking with an insurance agent about Part B coverage may help you make an informed decision.
Medicare Part C is also known as the Medicare Advantage (MA). This plan is often offered by private insurers managing Medicare coverages for seniors. Part C includes the benefits of A and B (which you’ll have to pay for) as well as the definition of a plan type. Meaning, Part C lumps A and B together with extra benefits that come with private health insurance. Part C coverage varies with the coverage provider. It is important to take time to research both the insurer and coverage options before making a selection.
Medicare Part D is most notably called the Prescription Drug Plan. As noted, this plan pays for some or all of your prescription drug costs. This plan is purchased through a private insurer. Some insurers may even include it in Part C. Coverage options and insurers should be thoroughly researched. There are several rules or exclusions that are associated with this plan. For more information, click here.