Medicare and its many parts can be confusing and overwhelming. The four main parts of Medicare include:
This article will dive further into each letter to help you better understand what it covers and how it can be beneficial to you.
Medicare Part A
The U.S. Congress enacted Medicare in 1965 because many Americans of retirement age found it nearly impossible to get medical insurance. Medicare Part A is the oldest product in the Medicare program and is a benefit every U.S. citizen or permanent legal resident (residing for at least five continuous years) is entitled to if they meet Medicare Eligibility requirements. Part A helps cover most inpatient hospital needs, skilled nursing home care, and home health and hospice care. There is a monthly premium for Part A, but people may qualify for premium-free Part A.
Medicare Part B
Medicare Part B covers routine doctor visits, including specialists to treat medical conditions. It also covers preventative services such as the flu shot or detection of an illness at an early stage where treatment is likely to work.
Medicare Part A and Part B make up Original Medicare, which only covers about 80% of medical expenses. Medicare Advantage Plans, Prescription Drug Plans and Medicare Supplement Plans can often help fill the gaps to limit your out of pocket costs.
Medicare Part C
Medicare Part C—also known as Medicare Advantage Plans—are plans offered through private insurance companies approved by Medicare. These plans are legally required to offer at least the same benefits as Original Medicare, but often include additional routine benefits. Medicare Advantage Plans often provide more flexibility while ensuring you have the coverage that you need.
Medicare Part D
Medicare Part D provides Medicare beneficiaries access to prescription drugs at more affordable prices. Medicare Prescription Drug Plans are available to all Medicare beneficiaries and can be purchased as a standalone plan to supplement Original Medicare or to accompany a Medicare Supplement Insurance plan. It should be noted that many Medicare Advantage Plans also offer prescription drug coverage.
Find the Right Medicare Advantage Coverage for You with SelectQuote
To ensure you are covered in case of emergencies, preventive care or even for everyday events related to your quality of life, it helps to understand what the individual parts of Medicare cover, how they differ and how you can benefit from finding the right coverage for you. In just minutes, we can answer any questions you have and also shop and compare the Medicare Advantage available to you from the recognized insurance companies we offer. The service is free and there’s no obligation to enroll.
