Medicare Explained: Making Sense of the Coverage Options (CliffsNotes Edition)
As you navigate through Medicare, it's essential to have a clear understanding of its different parts and what they offer. In this blog post, we dive into Medicare with a few quick explanations to help you make sense of your coverage options. Let's get started!
Medicare Part A - Hospital Insurance
Medicare Part A focuses on hospital insurance and covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care services. Since Part A typically considered Hospital Insurance, we often refer to it as the Major Medical portion of Medicare. You hope you never need but have it in case you do.
Medicare Part B - Medical Insurance
Medicare Part B provides coverage for medical services such as doctor visits, preventive care, outpatient care, and durable medical equipment. We like to call Part B your “Everyday Use” coverage.
Medicare Part C - Medicare Advantage Plans
Medicare Part C, also known as Medicare Advantage, offers an alternative way to receive Medicare benefits through private insurance companies. Medicare Advantage plans are quite popular because they include extra benefits that Medicare does not like, dental, vision, and hearing. Most Medicare Advantage Plans also include prescription drug coverage, saving you from purchasing a separate Prescription Drug Plan.
Medicare Part D - Prescription Drug Coverage
Medicare Part D focuses specifically on prescription drug coverage. Part D probably works differently than any other plan you have had in the past. Prescription medications can quickly become a financial burden, so please make sure you understand how Part D works. We recommend speaking with a professional!
Medicare Supplement Plans - Medigap
Medicare Parts A and B simply do not cover all of your expenses. That’s where Medicare Supplement Plans can help. Also known as Medigap, these plan help fill the gaps in coverage by covering certain out-of-pocket costs like deductibles, coinsurance, and copayments. Most Medicare Beneficiaries will ultimately choose between a Medicare Advantage plan or a Medigap plan as their primary healthcare strategy. And no, unfortunately, you cannot have both.
Remember, Medicare is a complex program, but with some good information and guidance, you can confidently navigate its intricacies and make the most of the available coverage options.