Understanding Medicare
Medicare is a federal health insurance program primarily for people aged 65 and older, but it also covers certain younger individuals with disabilities. It’s important to understand the different parts of Medicare to make informed decisions about your healthcare. Here’s a breakdown of what each part entails:
Original Medicare is the traditional program offered directly by the federal government and includes Part A and Part B.
- Part A (Hospital Insurance): Covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
- Part B (Medical Insurance): Covers certain doctors' services, outpatient care, medical supplies, and preventive services.
Part A helps cover the cost of inpatient care in hospitals, skilled nursing facility care, hospice care, and some home health care. Most people don’t have to pay a premium for Part A if they or their spouse paid Medicare taxes for a certain amount of time.
Part B covers outpatient care, doctor visits, preventive services, and some home health care. It also covers durable medical equipment and some outpatient prescription drugs. There is a monthly premium for Part B, which most people need to pay.
Medicare Advantage, also known as Part C, is an alternative to Original Medicare. These plans are offered by private insurance companies approved by Medicare. Medicare Advantage plans must cover all the services that Original Medicare covers except hospice care. Many Medicare Advantage plans offer extra benefits like vision, hearing, and dental coverage. They often include Medicare prescription drug coverage (Part D).
Part D helps cover the cost of prescription drugs. These plans are offered by private insurance companies and can be added to Original Medicare. If you have a Medicare Advantage plan that includes drug coverage, you don’t need to join a separate Part D plan. It’s important to choose a drug plan that fits your needs to manage out-of-pocket drug costs effectively.
Medicare Supplemental Insurance, also known as Medigap, helps cover some of the healthcare costs that Original Medicare doesn’t cover, such as copayments, coinsurance, and deductibles. Medigap policies are sold by private insurance companies and can offer additional coverage that helps reduce out-of-pocket costs.
Understanding out-of-pocket costs is crucial for managing your healthcare expenses. Original Medicare doesn’t cover everything, and you’ll be responsible for some out-of-pocket costs like deductibles, copayments, and coinsurance. Medicare Advantage plans and Medigap policies can help reduce these costs, but it’s important to review each plan’s details carefully.
At BoomerBaby, we are here to assist you with all your Medicare needs. Whether you’re looking to understand the different parts of Medicare or need help deciding which plan is right for you, our knowledgeable team is here to guide you every step of the way. We have locations in Mill Valley, CA; Bend, OR; Santa Ana, CA; Sun Valley, ID; and Boulder, CO.
Call us today at 1 (800) 903-8044 to speak with one of our representatives and get started on your Medicare journey.