Medicare insurance explanations
Medicare currently includes the following healthcare programs:
- Original Medicare - consists of 2 parts, both managed by Medicare:
- Part A - Hospital insurance to help pay for:
- Inpatient care you receive in a hospital, skilled nursing facility or hospice
- Some home health care under certain conditions
- Part B - Medical insurance - helps pay medically necessary:
- Doctors services
- Other outpatient care
- Also pays for some preventive services
- Part A - Hospital insurance to help pay for:
- Medicare Part C - Medicare Advantage Plans
- Offered and managed by private insurance companies approved by Medicate.
- You must have both Medicare Part A and B to join one of these plans.
- Plans provide all Part A and B services, and generally some additional services.
- You may or may not need to pay any additional monthly premium, and you will pay co-payments - which may work out to be less expensive than Original Medicare deductibles and co-insurance.
- These plans typically use a specific network of doctors and facilities to provide care.
- Medicare Part D - Prescription Drug Benefits
- Offered and managed by private insurance companies approved by Medicare.
- Most Medicate Advantage plans (Part C) include participation in a Part D plan. You may also purchase a stand-alone Part D plan if you have original Medicare.
- You must have Medicare Part A or Part B to purchase as Part D plan.
- Cost and benefit vary by plan.
