Medicare is a federal health insurance program for people in the U.S. who are 65 and older as well as some younger people with disabilities. Medicare was created to help cover medical costs as you get older. Medicare is basic health insurance but does not cover everything. Coverage can be broken down into four parts.
The Different Parts of Medicare
Medicare Part A
Commonly referred to as Hospital Insurance, Medicare Care Part A covers most inpatient medical services. Part A typically does not cover any of the actual procedures but rather the cost for the facilities or services. Part A requires the member to pay $1,408.00 Hospital Deductible.
What Medicare Part A Covers
Hospital Care
Skilled nursing Facility Care
Hospice Care
Nursing Home Care (if necessary, not assisted living)
Home Health Services
Medicare Part B
Medicare Part B is medical insurance that covers both necessary medical services and preventative services. What is considered a medically necessary service? The supplies or services that are needed to diagnose or treat your medical condition. Preventative services are treatments meant to prevent illnesses or treat them at an early stage when it is most effective (i.e. flu shot). As long as each of these services meet the standard of normal health practices and are performed at a facility that accepts medicare, you are covered. Part B has an annual Deductible of $198.00
What Medicare Part B Covers
Primary Care Physicians & Specialists
Laboratory, Diagnostic, Radiology
Clinical Research
Ambulance Services
Durable Medical Equipment
Limited Outpatient Prescription Drugs
Inpatient, Outpatient, & Partial Hospitalization Mental Health
Medicare Part C
Medicare Part C is also known as a Medicare Advantage Plan. These plans can offer additional benefits & services that go beyond your original Medicare coverage (Parts A & B). Part C policies are offered by private insurance companies. These companies pay for all of your medical needs upfront and medicare reimburses them. Medicare Advantages plan vary from State to State and even County to County, and there are typically Copays for every service such as Specialist visits, Labs/X-rays, or Hospitalization
What Medicare Part C Can Cover
Part A Coverage
Part B Coverage
Vision
Hearing
Dental
Prescription Drug Coverage
Wellness Programs
Gym Memberships
Transportation to doctor visits
With additional benefits and coverage comes additional costs. Medicare Part C typically can be found with a $0.00 monthly premium, however many offer plans with a monthly premium which can vary based on your health history and the private company of your choosing. Get a quote for Medicare Part C today!
Medicare Part D
Medicare Part D policies, or Prescription Drug Policies , cover the costs of medications. Medications can cost a fortune but can be necessary to have. That is why Medicare Part D policies were created. These private insurance companies provide a network of pharmacies that offer medications at a discounted rate, or a "Co-pay" in return for a monthly premium. Part D policies may still have some out of pocket on top of the monthly premiums that are paid but these policies can save you thousands in medication costs.
What Medicare Part D Covers
Prescription Medications
The medications covered vary depending on the insurance company. Get a free quote to find out which insurance company will cover your medication costs!