Medicare is a federal health insurance program offered to those over 65 or with certain qualifying conditions. In general, it covers hospitals, general medical, prescription drugs, and more. There are five main components of Medicare—Parts A and B, which are a part of Original Medicare, Part C, known as Medicare Advantage, Part D, and Medicare Supplements. Here are each of these parts broken down to help you better understand them.
Medicare Part A
Medicare Part A is a part of Original Medicare. Part A coverage includes:
- Hospital Inpatient Care (Up to 60 Days)
- Nursing Facility Care (Up to 60 Days)
- Nursing Home Care (Upon Approval)
- Hospice Care (Upon Approval)
- Home Health Services (Upon Approval)
This plan may also be offered without a monthly premium. A premium is a monthly fee you must pay for your plan to continue. You are eligible for premium-free Part A if you worked for at least ten years while paying Social Security taxes.
Medicare Part B
Medicare Part B is also a part of Original Medicare alongside Part A. Part B coverage includes:
- Cardiac Rehabilitation
- Limited Chiropractic Services
- Ambulance Services
- Diabetes Supplies
- Durable Medical Equipment (DME)
- Kidney Dialysis Services and Supplies
- Outpatient Mental Healthcare
- Physical Therapy
- And Much More
Receive Your Quote
We are not connected with or endorsed by the United States government or the federal Medicare program.
Medicare Part C
Medicare Part C, or Medicare Advantage, is an optional, privately offered health insurance plan that can be added to your Original Medicare (Part A and Part B) coverage. There are four distinct variations of this plan, including Special Needs Plans (SNPs), Preferred Provider Organization (PPO) plans, Health Maintenance Organization (HMO) plans, and Private Fee-for-Service (PFFS) plans.
Medicare Part D
Medicare Part D is also an optional, additional plan to your Original Medicare coverage. It provides prescription drug coverage in different tiers, referred to as formularies. These formularies cost differently based on the brand and type of drugs offered
Medicare Supplements are another optional plan. These plans cover the out-of-pocket costs of Medicare, the amount of coverage, depending on the plan you choose. There are ten different options, including plans A, B, C, D, F, G, K, L, M, and N.
Get the Medicare Coverage You Need at the Best Cost—Contact World Financial Solutions
We’re the finance and insurance experts. World Financial Solutions will provide the information you need to feel confident in your Medicare coverage. For all of your Medicare questions, contact us at 281-639-7787.