A quick look at Medicare

by Jayson Cohen, American Legacy Solutions

In today’s world we constantly see things changes and it has come to the point that the only thing that is constant in our life is change. Our organization is constantly asked to explain Medicare in its simplest form. You will find as you read through this article that we are breaking down the four main parts of Medicare into a basic chart*.

Before we get into the parts let first discuss what Medicare is. Medicare is health insurance for the following: People age 65 or older, People under age 65 with certain disabilities, and people of any age with End-Stage Renal Disease (ESRD) (permanent kidney failure requiring dialysis or a kidney transplant.

Not that we have the basic understanding of what Medicare is and who it is for, let’s go through the four main parts.

Medicare Part A (Hospital Insurance) helps cover:

  • Impatient Care in Hospitals
  • Skilled Nursing Facility Care
  • Hospice Care
  • Home Health Care

Medicare Part B (Medical Insurance) helps cover:

  • Services from Doctors and other health care providers
  • Outpatient Care
  • Home Health Care
  • Durable Medicare Equipment
  • Some Preventative Services

Medicare Part C (Medicare Advantage):

  • Includes all benefits and services covered under Part A and Part B
  • Run by Medicare-approved private insurance companies
  • Usually includes Medicare Prescription drug coverage (Part D) as part of the plan
  • May include extra benefits and services for an extra cost

Medicare Part D (Medicare prescription drug coverage):

  • Helps cover the cost of prescription drugs
  • Run by Medicare-approved private insurance company
  • May help lower your prescription drug costs and help protect against higher costs in the future

Now having the basic information of what the four parts of Medicare cover, make sure that as you look into your options, make sure you company a number of companies in your area. This will allow you to compare the plans and find the right one for you. At the end of the day wouldn’t you agree that it is all about you? Please check back regularly as we will be addressing different questions and concerns in this section.

*all information has been pulled from CMS Product number 11514, revised October 2016.

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