Medicare is a health insurance program run by the federal government. It helps many Americans who are 65 years or older. It also covers some people under 65 with certain disabilities. To make the most of your health care benefits, it's important to understand the different parts of Medicare. This blog post will help you learn about the key parts of Medicare, including Parts A and B, along with other options to improve your coverage.
Medicare has different parts that focus on special healthcare needs. There are two main options: Original Medicare and Medicare Advantage. Original Medicare is run by the government. Medicare Advantage, on the other hand, comes from private insurance companies approved by Medicare. Let's look at the main differences and what each part includes.
Medicare Open Enrollment is your annual opportunity to review and change your Medicare coverage. From October 15th to December 7th, you can:
Don't miss out on this chance to ensure you have the right Medicare coverage for the coming year.
Medicare Part A is your hospital insurance. It helps pay for the care you get when you are admitted to a hospital or skilled nursing facility. This includes care for hospital stays that last more than 60 days, and care in a skilled nursing facility after a hospital visit. Part A also covers hospice care for patients who are nearing the end of life. Additionally, it can include some home health care services.
A big plus of Part A is that most people don’t have to pay a monthly premium. This is because they or their spouse paid Medicare taxes while they were working. However, you may have to pay some deductibles and coinsurance costs. These costs will depend on how long and what type of services you get.
Medicare Part B is about medical insurance. It covers many outpatient services and medical supplies. This includes visits to the doctor, preventive services like screenings and vaccinations, and medical equipment such as wheelchairs and walkers. It also includes mental health services. Part B covers some outpatient prescription drugs too, especially those given in a doctor's office.
Unlike Part A, Part B requires a monthly premium that may change depending on your income. Usually, there is an annual deductible and coinsurance for Part B services. The costs you pay out of your pocket will depend on the healthcare services you use throughout the year.
Parts A and B are the base of Medicare. You can also choose more options to fit your specific needs. These options are Medicare Part C, which is called Medicare Advantage, and Part D, which offers prescription drug coverage. Let's take a closer look at these extra choices.
Medicare Advantage Plans, also called Part C, give you a different way to get your Medicare benefits. These plans are offered by private insurance companies that work with Medicare. They must cover everything that Original Medicare (Parts A and B) covers. Many Medicare Advantage Plans also include prescription drug coverage (Part D) and may offer extra benefits like dental, vision, and hearing care.
Medicare Advantage Plans can offer more coverage and possibly lower costs for you. However, there are some things to consider. You might have to use certain doctors and hospitals that are in the plan’s network. You may also need to get referrals if you want to see specialists.
Medicare Part D is specifically designed to help cover the costs of prescription drugs. This coverage is not included in Original Medicare and must be purchased separately through private insurance companies offering Medicare-approved plans.
|
Type of Plan |
Features |
|
Medicare Drug Plan (PDP) |
Available to those with Original Medicare (Parts A and B) to add prescription drug coverage. |
|
Medicare Advantage (MAPD) |
Included as part of a Medicare Advantage Plan, offering a bundled approach to health and prescription drug coverage. |
Each plan typically has a formulary and a list of covered drugs, and you may pay different costs depending on the drug's tier within the formulary.
Impact Health Sharing offers Individuals 65 and older with Medicare Parts A and B our Impact for Seniors Program. And, with Impact, you will find many of the same things you expect from healthcare insurance and so much more! Impact Seniors enrolled in Medicare Part D have the additional opportunity to engage in our prescription-sharing program, saving money with peace of mind.
Understanding Medicare Parts A, B, and more is important for choosing the right healthcare. Parts A and B provide key coverage, but looking into other options like Medicare Advantage Plans and Prescription Drug Coverage can improve your benefits. By getting to know Medicare better, you can customize your coverage to fit your needs and guarantee complete healthcare support. If you have more questions or need help with Medicare, don't hesitate to ask for personalized advice. Your health deserves the best coverage possible.
Medicare Part A is the insurance for hospitals. It pays for your care when you are admitted to the hospital. Medicare Part B is different. It is medical insurance. Part B covers things like doctor visits, outpatient services, and preventive care. Most people do not have to pay a premium for Part A. However, Part B comes with a monthly premium and some costs that you have to share.
Medicare Advantage, also known as Part C, provides the same coverage as Original Medicare, which includes Parts A and B. However, it often has extra benefits. These can include prescription drug coverage and vision services. Unlike Original Medicare, Part C plans come from private insurance companies.