Do you know the different parts of Medicare? There are 4 main parts. Let’s go over them very briefly here.
Part A: This is your hospital insurance. It helps to pay for things such as the cost of a semi-private room, nursing care, meals, home health, hospice and skilled nursing facility stays.
Part B: This helps to pay for things outside of the hospital such as doctor’s visits, outpatient procedures, diagnostic tests, bloodwork, chemotherapy and radiation. You will pay a premium in order to have Part B. In 2019, the premium will cost you $135.50/month.
Together, Part A and B are referred to as Original Medicare.
Part C: This is where you can purchase a Medicare Advantage Plan. These plans are private health plans that will cover your Part A, B, and sometimes Part D, all in one “bundle.” You will still pay your Part B premium if you purchase one of these plans. These Advantage Plans may also offer additional benefits such as vision, dental and hearing coverage. There are usually different options you have when choosing one of these plans so it is important to look at all of your options before deciding on one. There is much more to talk about with these Advantage Plans which will be covered in future posts.
Part D: This is for your prescription drugs. You will need to choose a plan offered by a private insurance carrier. You will also pay a premium for Part D. You may have to pay a penalty if you do not sign up when you are first eligible. Keep in mind that a prescription drug plan may be included in your Medicare Advantage plan. Again, there is much more here to cover, which will be done in future posts.
This is a brief overview of the parts of Medicare. Putting it all together can take some time to understand. If you are getting ready to turn 65, reach out, and I can help guide you through the process to help you understand what choices you have.