Parts of Medicare
Medicare is a complex program that exists to provide affordable health care coverage to people who are retirement age or disabled. There are four major parts of Medicare, each providing different benefits to Medicare beneficiaries. These are the parts of Medicare.
Part A Hospital Insurance
The first part of Medicare is Part A hospital insurance. This component of Medicare provides you with coverage for health care services administered within a hospital, skilled nursing facility, or hospice. In some cases, home health care services may also be covered.
To obtain Part A benefits, you must enroll in the program and pay the appropriate premiums. In some cases, you can qualify for premium-free Part A benefits. In order to qualify, you must have paid into Medicare taxes sufficiently. To determine whether your tax history qualifies you for premium-free Part A benefits, contact an insurance agent.
Part B Medical Insurance
The medical insurance component of Medicare is Part B. Together, Part A and Part B make up Original Medicare, which is at the core of the program. This part of Medicare pays for medically necessary services, preventive health care services, and the purchase of durable medical equipment. To maintain Part B coverage, you must pay monthly premiums. Unlike Part A, Part B medical insurance is not available premium-free.
Part C Medicare Advantage
Medicare Advantage plans are Medicare coverage that is provided by private insurance companies. They are offered under Part C of the Medicare program, and insurance companies must be approved to sell these plans. The benefits offered under each plan vary, but all plans are required to provide you with your Part A and Part B benefits. Part D prescription drug coverage may also be offered through your plan. In addition to your core benefits, you can also get access to extra benefits that your plan offers. So common options include vision, hearing, and dental benefits, as well as transportation to and from health care appointments.
Part D Prescription Drug Coverage
Part D of Medicare covers the prescription drug insurance component of the program. To purchase prescription drug coverage through Medicare, you must find an insurance supplier that offers plans in your area. What drugs are covered by your plan may vary based on the plan, but there are several required drug categories that must be included in every Medicare approved plan. If you have a Medicare Advantage plan, you can get Part D prescription drug coverage directly through that plan.
Medicare Supplement Insurance
Medicare Supplement Insurance, or Medigap, is an insurance product that can be used to make Original Medicare more affordable. While it is not a specific part of Medicare, it is a useful option that many Medicare beneficiaries take advantage of. These plans are usually affordable, and they help pay certain costs like coinsurance, deductibles, and copayments. If you are interested in purchasing a Medigap plan, contact an insurance agent in your area. They will explain how Medigap plans work and connect you with options in your area.
Without assistance, it can be difficult to arrange your Medicare benefits optimally. Get help. Weinstein Wealth Insurance Solutions understands the Medicare program and they can help you organize your benefits appropriately. To get a free quote on Medicare plans in your area, get in touch with us today.