Medicare Part A
Medicare Part A covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care services. Most people don’t pay a premium for Medicare Part A if they or their spouse paid Medicare taxes while working. For those seeking additional coverage, Medicare Advantage plans can offer more benefits, including options for Medicare Part B and prescription drug coverage, as well as Medicare Supplement plans to fill any gaps.
Medicare Part B
Covers outpatient care, doctor visits, preventive services, and some medical supplies, including options under Medicare Advantage. This coverage usually has a monthly premium based on income and may also relate to Medicare Part A and Medicare Part B. Additionally, some plans may offer Medicare Supplement options and prescription drug coverage.
Medicare Part C
Also referred to as Medicare Advantage, this plan covers outpatient care, doctor visits, preventive services, and certain medical supplies. It typically has a monthly premium based on income and can work alongside Medicare Part A and Medicare Part B. Additionally, it may include options for Medicare Supplement plans and prescription drug coverage.
Medicare Part D
Helps cover the cost of prescription drug coverage, provided through Medicare Advantage plans offered by private insurance companies approved by Medicare, including options under Medicare Part A and Medicare Part B, as well as Medicare Supplement plans.
Medicare Supplement
Medicare Supplement (Medigap) plans are private insurance policies designed to help cover out-of-pocket costs not paid by Original Medicare, which includes Medicare Part A and Medicare Part B. These costs can include copayments, coinsurance, and deductibles. Medigap plans are standardized and identified by letters from A to N, with each letter representing different levels of coverage. It’s essential to understand that while Medigap plans provide valuable coverage, they do not include prescription drug coverage; therefore, many beneficiaries opt to enroll in a separate Part D prescription drug plan.