Medicare - explain ABCD
Medicare is the federal health insurance program for people who are 65 and older, certain younger people with disabilities, and people with End-Stage Renal Disease (ESRD).
Part A is Hospital Insurance and covers costs associated with confinement in a hospital or skilled nursing facility.
Part B is Medical Insurance and covers physician services, outpatient care, tests and supplies.
Part C, or Medicare Advantage, is an all-in-one alternative to Original Medicare. Medicare Advantage is funded by the federal government but offered by private insurance carriers.
Part D is Prescription Drug Coverage and helps cover the cost of prescription drugs, including shots and vaccines.
With Medicare, you have options in how you get your coverage. Once you enroll, you’ll need to decide how you’ll get your Medicare coverage. There are 2 main ways:
Original Medicare, which includes Part A and Part B. You pay for services as you get them. You have a deductible along with a 20% coinsurance, but if you add a Medicare Supplement, those costs are typically covered.
Medicare Advantage, which is a bundled plan that includes Part A, Part B, and Part D coverage. Each Medicare Advantage plan can charge different out-of-pocket costs. They can also have rules about where you get services, such as needing referrals or prior authorizations for treatment.
Contact me for help selecting the best Medicare plan for you.
*For additional Medicare information visit Medicare.gov