Medicare Parts You Must Know

Medicare Parts You Must Know

Medicare Part A (Hospital Insurance) covers inpatient hospital services.

Medicare is a federal health insurance program administered by the United States government. Its purpose is to help people 65 or older, younger people with certain disability-related conditions, and those of all ages with end-stage renal disease. It also provides limited coverage for certain younger people with disabilities and some individuals initially diagnosed with end-stage renal disease. Medicare is available to eligible beneficiaries through private health insurance companies (Medicare Advantage Plans) or its program (Original Medicare). The patient’s state of residence determines eligibility for and coverage of services under Medicare.

Common Services That Medicare Does and Doesn’t Cover

Medicare does not cover all costs associated with health care. It’s important to know that Medicare is not an insurance policy. It’s an entitlement program created by federal law and funded by government tax revenues. Coverage of most services provided in hospitals by physicians and other providers is, however, limited to a stay of 15 or 30 days, depending on the type of service. After that, patients must pay most or all the cost of their stay. This is known as hospital charges.

Parts of Medicare help cover specific services, such as medical care, long-term care, and prescription drugs. Medicare Parts A and B are the most commonly used parts of the program. If you don’t know which part of Medicare may be appropriate for your situation, you can use that part’s tools to help determine what they cover. Here we will discuss Medicare parts.

1. What Does Medicare Part A Cover?

Medicare Part A (Hospital Insurance) covers inpatient hospital services. Additionally, it covers some, but not all, doctor services and care you get in the hospital. Some doctor services are not covered under Medicare Part A. If these services are not covered under Part A, they may be covered under Part B. It is free for most enrollees because they or their spouses paid payroll taxes while working. Certain low-income people may qualify for Extra Help paying for Medicare Part A. If you buy Part A from an insurance company, it will cost you a monthly premium. Part A if they have paid Medicare taxes while working. Medicare Part A covers hospital charges that are eligible for a deductible.

2. What Does Medicare Part B Coverage?

Medicare Part B is medical insurance for physicians’ and podiatrists’ services, outpatient prescription drugs, and other medical care. Medicare Part B does not require prior enrollment and does not have a deductible. The most common services covered by Medicare Part B are doctor’s visits. X-rays, walkers, lab tests, and preventive screenings are also covered under Medicare Part B. Medicare Part B is an open-enrollment program. You cannot choose to be on it if you or your spouse have been paying Social Security taxes. Medicare Part B beneficiaries may buy supplementary private insurance, called Medicare Prescription Drug Plans, which provides coverage for drugs not covered by Medicare Part A or B.

3. What does Medicare Part C cover?

Medicare Part C, also known as Medicare Advantage, is a managed care program, but unlike Part B, it is an option you can enroll in voluntarily. If you enroll in Medicare Part C, you must choose a private health plan to administer your benefits. Medicare approves private Medicare health plans. The health plans may offer you health care benefits different from the ones your state’s public Part C provides. All plans cover routine eye and hearing exams, diabetes management, podiatry services, and some vaccines.

4. What Does Medicare Part D Coverage?

Medicare Part D is the Medicare prescription drug benefit to assist beneficiaries with the expense of medications. It provides coverage for prescriptions and medicine, including brand-name and generic drugs, at discounted prices. It does not cover over-the-counter drugs. Beneficiaries must enroll in a plan offered by private insurance companies or a public plan (Medicare Advantage). More than 300 Medicare prescription drug plans are available, so you might need to compare your options before choosing one. Private health insurance companies administer the plans and are paid a monthly fee to cover their costs. Medicare Part C is an open-enrollment program. You can choose to be on it if you or your spouse have been paying Social Security taxes. If you buy Medicare Part C from an insurance company, it will cost you a monthly premium.

Services like these can be covered by any one of Medicare’s Parts. So, when you are thinking about what Medicare Part you will use, you may want to ensure that what is covered accurately fits your needs. Medicare Parts A, B, and D will help to protect the total costs associated with a Medicare plan. Each area has different benefits, so you must choose the right one for your needs. You can contact a licensed agent today if you have more questions about the other parts of Medicare.

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