PARTS OF MEDICARE
Medicare is divided into various parts. There is Medicare Part A and Part B, also known as Original Medicare, Medicare Part C/Medicare Advantage, Part D, and Medicare Supplement plans.
PART A
Medicare Part A covers inpatient medical care and other services such as hospice care and skilled nursing facility care. Part A deals with inpatient hospital costs and is premium-free for most people. If you paid up to 40 quarters of Medicare taxes while employed, you are qualified for premium-free Medicare Part A. However, Part A comes with deductibles and copayments for hospital stays and other services.
PART B
Part B covers outpatient healthcare services and other services such as ambulance services, durable medical equipment, doctor visits, lab tests, and preventive screenings. Unlike Part A, Part B cannot be premium-free. Part B also has a yearly deductible, and the beneficiary will be responsible for a 20% coinsurance of Medicare-approved services once the deductible is met.
PART C
Medicare Part C is also known as Medicare Advantage. Medicare Advantage plans serve as an alternative to Original Medicare. Private, Medicare-approved insurance companies provide them. Part C covers the same benefits as Original Medicare and extra services such as vision, dental, hearing, and prescription drug coverage.
PART D
Medicare Part D provides coverage for retail prescription drugs. You can get this coverage through Medicare Advantage or purchase a standalone Part D plan while enrolled in Original Medicare.
MEDICARE SUPPLEMENTS
Medicare Supplement plans help to offset the out-of-pocket costs associated with Original Medicare. The plans are standardized in every state and are lettered from A to N.
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