Understanding your health insurance options and how to navigate the marketplace.
Medicare is a federal health insurance program that helps cover the costs of healthcare for people who are 65 or older, people with certain disabilities, and people with end-stage renal disease. It is divided into four parts, each with its own coverage and costs.
Part A:
Hospital Insurance -Part A covers inpatient hospital care, hospice care, and some home health care. -It is generally premium-free for most people because they or their spouse paid Medicare taxes while working.
Part B:
Medical Insurance -Part B covers doctor services, preventive services, and some medical equipment. -Most people pay a monthly premium for Part B.
Part C:
Medicare Advantage -Part C is an option for receiving your Medicare benefits through a private insurance company. -This is called a Medicare Advantage plan and it may include additional benefits like vision, hearing, and dental coverage.
Part D:
Prescription Drug Coverage -Part D is the prescription drug coverage option for Medicare. -You can enroll in a stand-alone Part D plan or one that is included in a Medicare Advantage plan.
It’s important to note that not all services are covered by Medicare, and some may require copayments or deductibles. It’s recommended to consult with a financial advisor or insurance agent to understand which one may be the best fit for you.
In summary, Medicare is a federal health insurance program that helps cover the costs of healthcare for people who are 65 or older, people with certain disabilities, and people with end-stage renal disease. It is divided into four parts, Part A, B, C, and D, each covering different aspects of health care needs. your Part A covers inpatient hospital care, hospice care, and some home health care and is generally premium-free for most people.
Part B covers doctor services, preventive services, and some medical equipment and most people pay a monthly premium for Part B. Part C is an option for receiving your Medicare benefits through a private insurance company, is called a Medicare Advantage plan and it may include additional benefits like vision, hearing, and dental coverage. Lastly, Part D is the prescription drug coverage option for Medicare, you can enroll in a stand-alone Part D plan or one that is included in a Medicare Advantage plan.
