Medicare is a federal government-led program that provides healthcare services to people who are 65 or older, people with End Stage Renal Disease (ESRD), or some younger people with disabilities. There are different parts to Medicare, each covering different aspects of the services that Medicare offers.
Medicare Part A - covers insurance for hospital stays or stays in other healthcare facilities.
Medicare Part B - covers insurance for doctor’s services, outpatient care, medical supplies, and preventative services.
Medicare Part C - is Medicare Advantage plans and combines both Medicare Part A and Medicare Part B, including prescription drug coverage. Some plans can offer benefits above and beyond those of Original Medicare.
Medicare Part D - provides prescription drug coverage, which also includes vaccinations and shots.
Medicare, unfortunately, is not free healthcare coverage. Most everyone will have to pay a premium for Medicare Part B. If you have a high monthly income, you may even have an Income Related Monthly Adjustment Amount, an extra payment added to your Part B monthly premium.
You might also have to pay a 20% copay for any Medicare-approved healthcare service. The parts are also available individually to purchase depending on your needs. If you need to purchase parts of Medicare individually, you may also want to look at getting a Medicare Supplement plan. These plans supplement the parts of Medicare that aren’t covered by Original Medicare (Medicare Part A and Part B combined)
Medicare Advantage or Medicare Part C is also another route to get Medicare coverage. These are comprehensive plans that include Original Medicare and most of the time, Medicare Part D. Medicare Advantage plans can offer extra coverage beyond that of Original Medicare and can even change the out-of-pocket costs you may be subject to.
Medicare Part D provides prescription drug coverage for Medicare beneficiaries. Each Medicare Part D prescription drug plan offers its own list of drugs that are covered. This is called a plan’s formulary. Beneficiaries must join a Medicare-approved plan to get this coverage.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.