3 things to know about Medicare coverage:
- Each part of Medicare covers different services.
- Original Medicare (Parts A & B) provide standard benefits that don’t change.
- Medicare Part C & Medicare Part D benefits depend on the plan you choose.
Original Medicare is administered by the federal government and is a health insurance program for people 65 years and older as well as individuals with certain disabilities and medical conditions. Each part of Medicare covers different medical costs. This page outlines the basic benefits of each part.
Medicare Part A
Medicare Part A (hospital insurance) does not usually require recipients to pay a monthly premium. Medicare Part A includes coverage for:
- Inpatient hospital stays
- Hospice care
- Skilled nursing facility care
- Some home health care
Medicare Part B
Medicare Part B (medical insurance) is optional and usually requires a monthly premium. Medicare Part B includes coverage for:
- Certain doctors services
- Outpatient care
- Medical supplies
- Preventative services
Medicare Part C
Medicare Part C (Medicare Advantage) is not administered by the federal government. Instead, it is sold by private insurance companies as a replacement for Original Medicare benefits. By law, Medicare Advantage plans must provide at least the same benefits as Original Medicare. Sometimes, Medicare Advantage plans will include prescription drug coverage, vision, dental or wellness programs, depending on which plan you choose.
Medicare Part D
Medicare Part D (prescription drug plan) is sold through private insurance companies to help cover the costs of prescription medications. If you think Medicare Part D is right for you, it is important to enroll in a plan when you are first eligible so that you do not have to pay a late enrollment penalty.
If you are enrolled in a Medicare Part C plan that includes prescription drug coverage, you are not eligible to enroll in a Medicare Part D plan. If you do enroll in a Medicare Part D plan while you have Medicare Advantage, you will likely be disenrolled from Medicare Part C and automatically enrolled in Original Medicare.
A Note About Medicare Supplement Insurance
If you are enrolled in Original Medicare, you may be eligible for a Medicare Supplement Insurance plan. Also known as Medigap, Medicare Supplement Insurance helps cover some of the out-of-pocket costs of Medicare Part A and Part B, such as deductibles, copayments and coinsurance.
For more information about your Medicare options, speak with a licensed agent.