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Medicare Parts A, B, C, and D are the four distinct types of coverage available to eligible individuals. Each Medicare part covers different healthcare-related costs. While Medicare Part A and Medicare Part B are administered by the Centers for Medicare and Medicaid Services (CMS), Medicare Part C and Medicare Part D are managed by private insurance companies.
Just keep in mind that Medicare is similar to the health insurance coverage you’ve probably had with an employer or individually. It can cover doctor visits, inpatient and outpatient hospital care, prescription drugs, lab tests, etc., and even dental and vision, if you like. It’s just broken out a little different than you’re used to.Here’s a brief overview of each of the parts of Medicare.
Medicare Part A (also known as hospital insurance) is a basic insurance plan that covers medical services related to inpatient hospitalization and skilled nursing care. It is offered at low or no cost to Americans who are 65-years-old (or are soon turning 65) and have contributed towards Social Security, as well as other qualified individuals.
Medicare Part A covers: inpatient care in a hospital or nursing facility, hospice care & home health care. If you or your spouse have worked at least 40 calendar quarters in any job where you paid Social Security taxes, you do not have to pay a monthly premium for Part A; however, there is a deductible of $1,408. The Medicare Part A premium for those who do not qualify for $0 premiums is $458/month.
Medicare Part B (also known as medical insurance) is an insurance plan that covers medical services related to outpatient and doctor care. Medicare Part B covers: medically necessary services/supplies, preventive services, clinical research, ambulance services, mental health services & limited outpatient medications. The premium is $144.60/Mo & the deductible is $198 with a co-insurance of 20%.
Medicare Part D is prescription drug coverage. You can get Medicare Part D coverage through a stand-alone Medicare prescription drug plan or a Medicare Advantage prescription drug plan. Both are available from Medicare-approved private insurance companies.Medicare Part D coverage is optional, but if you don’t enroll in Medicare Part D as soon as you’re eligible, you might pay a late-enrollment penalty if you enroll later.Your monthly plan premium and out-of-pocket expenses for prescription drugs will vary from plan to plan.
Any beneficiary who is eligible for Original Medicare, Part A and/or Part B can sign-up for a stand-alone Medicare Part D prescription drug plan. If you’d prefer a Medicare Advantage prescription drug plan, you need to have both Part A and Part B.In either case, you must live within the plan’s service area.