What are the different parts to Medicare?
Medicare covers many health care needs for today’s seniors and others who qualify. Medicare looks vastly different than it did just a few years ago. Private companies approved by Medicare provide different ways to get your health care and prescription drug coverage. The Medicare plan that you select will affect your out of pocket expenses, benefits, ability to select a doctor, administrative convenience, and quality.
Part A
The part of Medicare that covers hospice care, home health care, skilled nursing facilities, and inpatient hospital stays.
Part B
The part of Medicare that covers physician fees, outpatient hospital care and other medical services not requiring hospitalization.
Medicare Advantage
Plans offered by private insurance companies that contract with Medicare to provide you with all your Medicare Part A and Part B benefits. Medicare Advantage Plans are HMOs, PPOs, or Private Fee-for-Service plans (PFFS). If you are enrolled in a Medicare Advantage Plan, Medicare services are covered through the plan, and are not paid for under the Original Medicare Plan.
Medigap
Medigap plans (also called “Medicare Supplement Insurance”) are policies sold by private health insurance companies that are designed to supplement Original Medicare coverage. These standardized plans, labeled Plan A through Plan N, work in conjunction with Original Medicare to pay some of the health care costs (“gaps”) that Original Medicare doesn’t cover like copayments, coinsurance, and deductibles
Prescription drug coverage
Optional prescription drug coverage is available to all people who are eligible for Medicare. Plans are offered through insurance companies and other private companies.
