Medicare

Medicare Part A – Hospital Insurance

• Helps with cost of inpatient hospital stays and skilled nursing costs
• Includes hospice care
• Provides limited home health benefits

Medicare Part B – Medical Insurance

• Helps with the cost of medically necessary doctor visits and other medical services including: outpatient care at hospitals and clinics, laboratory tests, some diagnostic screenings, some skilled nursing care
• Requires additional monthly premiums

Medicare Part C – Medical Advantage Plans

• Offered by private insurance companies approved by and contracted with Medicare
• Combines hospital and outpatient services into one package for Medicare beneficiaries who are entitled to Part A and enrolled in Part B
• Some plans include Part D prescription drug coverage
• Plans include HMOs, PPOs, and Private Fee-for-Service
• Some have a monthly premium payable to the health insurance plan in addition to their Part B premium

Medicare Part D – Prescription Drug Plans

• Voluntary program offered by private insurance companies that contract with Medicare to provide prescription drug coverage for an additional monthly premium
• Plans vary based on price, drug formulary, and network

Medicare Supplement

• Also referred to as a Medigap policy
• Offered by private insurance companies to help pay Medicare Part A and B coinsurance, copayment, and/or deductibles for medically necessary procedures as determined by Original Medicare
• Premiums vary between health plans for the same coverage
• Standardized policies identified as Plans A through N

For more information, you may choose to visit the Medicare website