Confused about Medicare? Well, you aren’t alone! There is an alphabet soup of letters designating parts of Medicare, Medicare Supplement Insurance Plans, etc.
I'll start with the basics.
What are the individual parts of Medicare? Listed below are Parts A, B, C and D with brief descriptions and links to Medicare.gov for more info.
Part A: Hospital Insurance
(Includes skilled nursing facilities or hospice, and some home health care.)
For more details on Part A, click on this link
Part B: Medical Insurance
(Includes doctor services, outpatient care, durable medical equipment and some preventive services.)
For more details on Part B, click on this link
Part C: Medicare Advantage
Medicare Advantage plans are offered by private insurance companies as an alternative to Original Medicare; plans are government subsidized and regulated. A Medicare Advantage Plan (like an HMO or PPO) is another Medicare health plan choice you may have as part of Medicare.
If you join a Medicare Advantage Plan, the plan will provide all of your Part A (Hospital Insurance) and Part B (Medical Insurance) coverage. Medicare Advantage Plans may offer extra coverage, such as vision, hearing, dental, and/or health and wellness programs. Most include Medicare prescription drug coverage (Part D).
For more details on Medicare Advantage plan, click on this link
To learn more about costs for Medicare Advantage Plans, click on this link
Part D: Prescription Drug Coverage
Part D Plans are offered by private companies to provide coverage for prescription drug costs; plans are government subsidized and regulated.
For more details on Part D, click on this link
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Medicare Supplement Plans
A Medicare supplement (Medigap) insurance policy, sold by private companies, can help pay some of the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles.
Some Medigap policies also offer coverage for services that Original Medicare doesn't cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your Medigap policy pays its share.
A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.
For more details on Medicare Supplements (Medigap) click here.
Source: Medicare.gov
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Note: Medicare Insurance information can be overwhelming and confusing to many people. As an independent licensed agent I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose and enroll in a plan that you feel fits your needs.
By the way, it doesn’t cost you any more if you enroll in a Medicare Insurance plan through me as an independent agent versus directly with an insurance company either over the phone or via the Internet, since I get paid by the insurance companies for your enrollment. Plus you will have personalized service by a local agent. If you would like my assistance, please call me at 941-404-5334.
By calling this number, I understand I will be directed to a licensed insurance sales agent.