MEDICARE OPTIONS

Medicare, simply put, is a national health insurance program for older people and those who are disabled. What is considered “Original Medicare” is now commonly referred to as Parts A and B.

 

Part A is hospital coverage. It includes ambulatory services and most of the services you receive when you’re in the hospital, except for the fees charged by doctors who participate in your care while you’re in the hospital. Medicare Part B helps pay those costs. It also covers skilled nursing facility care and home health care or hospice. Part A is free for most seniors.

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Part B is medical insurance. It helps cover what Part A does not, like doctor co-pays, deductibles and coinsurance. It can cover most outpatient services including routine doctor’s visits, medical testing, lab services, in addition to durable medical equipment and supplies. It also may cover any doctor’s fees associated with surgery or procedures, in or outside of a hospital. Part B also covers cancer therapy and kidney dialysis.

 

Part C or Medicare Advantage is private insurance that is Medicare-approved and serves as an alternative to Original Medicare (Parts A and B). These plans combine the benefits of Medicare Parts A, B and often Part D into a single plan. Many Part C plans also offer additional benefits like routine dental and eye care. Similar to traditional insurance, these plans usually have a network of participating physicians from which you will required to choose. You must be enrolled in Parts A and B in order to join a Medicare Advantage plan. It's important to note that while these plans may come at low or even no cost, you will still be required to pay for Medicare Part B.

 

Part D is simply a prescription drug plan. They help lower the cost of your prescription medication and find the most convenient pharmacies to work with. Most states have about 30 drug plans to choose from, and again, vary greatly in the cost of both the plan, and the drugs that are covered under the plan. They may also limit your options for pharmacies. The best way to determine which one is the right fit for you is to have your agent run a Part D analysis using Medicare’s prescription drug finder tool.

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Medicare Supplements - As the name suggests, these plans are intended to supplement your original Medicare coverage by helping you cover some or all of the out-of-pocket expenses not paid by Medicare. They are provided through private insurance companies and offer many choices based on the amount of coverage you need, how much your deductible and copays will be and more. A major benefit of Medicare Supplements is that you can see any provider at any hospital that accepts Medicare. These plans vary greatly in cost.