At Almond Insurance, I know the importance of understanding what you’re signing up for. Here is an overview of the parts, costs, and enrollment of Medicare.
The Parts of Medicare
Original Medicare is made of Part A and Part B. Then there’s Medicare Advantage, Prescription Drug Plans, and Medicare Supplements.
- Medicare Part A is your hospital insurance, covering inpatient care in a hospital or skilled nursing facility, as well as hospice care and home health care.
- Medicare Part B is your medical insurance, covering preventive and medically necessary care including mental health, ambulance services, clinical research, durable medical equipment, and more.
- Medicare Advantage plans are combination plans to get your Medicare coverage from a private insurance company. You get the same Part A and Part B coverage and often can purchase additional benefits including prescription drug coverage, dental, vision, or hearing care.
- Part D Prescription Drug Plans cover your prescriptions for set copayments at the pharmacy. Your costs depend on whether your drug is generic, brand-name, non-preferred, or specialty. At least two drugs in each of the most commonly prescribed categories are covered.
Then, there are Medicare Supplement Plans, which help pay for your out-of-pocket expenses from Medicare Part A and Part B. They help pay for your Part A and B coinsurance, copayments, and deductibles and some plans can cover foreign travel emergency care.