Medicare Insurance Plans
Understanding the 4 parts of Medicare.
Medicare is divided into four main parts, each offering coverage for specific services. Here’s what you need to know.
Medicare Part A covers hospital stays, nursing facilities, hospice, and certain forms of home health care. While there is a deductible associated with Part A, in many instances, it becomes premium-free if you or your spouse have paid taxes.
Medicare Part B provides medical insurance for outpatient care and preventive services. It encompasses essential services required for the prevention, diagnosis, and treatment of specific conditions.
Medicare Advantage plans (Part C) can combine Parts A, B, and D in a single plan. All Medicare Advantage plans include:
1) The benefits and coverage of Medicare Part A
2) The benefits and coverage of Medicare Part B
Additionally, Medicare Advantage plans can include:
a) Prescription drug coverage (Part D)
b) Routine vision, dental, and hearing coverage
c) Fitness benefits and wellness programs
d) And more
Medicare Part D is prescription drug coverage. Medicare Part D plans (PDP) help pay for medications prescribed by a doctor. Part D plans are offered by private insurance companies approved by Medicare. The types of drugs covered are decided by the U.S. government. Beyond that list, every Medicare Part D plan covers a different set of drugs. When choosing a Part D plan, you need to make sure it covers the drugs you take.
Most Medicare Advantage (Part C) plans already include Part D prescription drug coverage, combined into a single plan with hospital and medical. Another option is to have a separate Part D plan in addition to Original Medicare, a Medicare supplement Insurance plan, or a Private Fee-For-Service plan.
