Medicare Basics: Understanding the Different Parts of Medicare
Medicare currently has four “parts.” Each part provides different types of health care services. Medicare Part A and Part B are often referred to as “original Medicare.”
Quick Facts: Medicare Part A — Hospital Insurance
- Helps cover hospital, skilled nursing facility, hospice care and home health care
- You’re eligible if you or your spouse paid into Social Security for 10 years and you’re a U.S. citizen or permanent resident
- No premium for most people
- Deductibles and copayments apply
- Enrollment is usually automatic if you’re already receiving Social Security or Railroad Retirement benefits
- If you plan to collect Social Security at a later age, contact Social Security three months prior to your 65th birthday
Get more detailed information about Medicare Part A
Quick Facts: Medicare Part B — Medical Insurance
- Helps cover doctor services, outpatient care, durable medical equipment (DME) and many preventive services
- You’re eligible if you or your spouse paid into Social Security for 10 years and you’re a U.S. citizen or permanent resident
- There are monthly premiums
- Enrollment is optional
Get more detailed information about Medicare Part B
Quick Facts: Medicare Part C — Medicare Advantage Plans
- Private companies provide services covered under Medicare Parts A and B, plus may cover some additional services such as vision, hearing, dental and certain health/wellness programs
- You’re eligible if enrolled in both Part A and Part B and live in the plan’s service area
- Monthly Part C premiums may apply and you must continue to pay your Part B premium
- Deductibles and coinsurance may apply
- Enrollment in Part C is optional
- You can generally only enroll in Part C at certain times
- Coverage may include Medicare Part D prescription drug coverage
Get more detailed information about Medicare Part C
Quick Facts: Medicare Part D — Prescription Drug Coverage
- You’re eligible if you are entitled to Part A and/or enrolled in Part B
- Monthly premiums apply and you must continue to pay your Part B premium
- Enrollment is optional, but a late enrollment penalty may apply in certain circumstances
- Copayments, deductibles and coinsurance may apply
- Covers outpatient prescription medications
- There are three enrollment periods
Get more detailed information about Medicare Part D
What is Medicare Supplement Insurance?
Medicare Supplement insurance is a private health insurance policy designed to fill in the gaps and help pay deductibles, copayments and coinsurance that Medicare leaves you to pay. Often referred to as “Medigap insurance,” it is different from a Medicare Advantage plan because you remain in original Medicare.
Medigap policies are sold by private insurers. The policies are standardized and are identified by letters (plans A through L). The benefits of each insurer’s Medigap plans must be the same so you can easily compare price.
Quick Facts – Medicare Supplement Insurance
- Covers some of the health costs not covered by original Medicare Parts A and B
- You’re eligible if enrolled in both Part A and Part B
- Monthly Medicare Supplement Insurance premiums apply, and you must continue to pay your Part B premium
- A Medicare Supplement policy covers only one person. If you and your spouse both want Medicare Supplement Insurance, you must buy separate policies.
- In most cases offers freedom to choose doctors, hospitals and other health professionals
- Deductibles and coinsurances may apply
- Enrollment in Medicare Supplement Insurance is optional
Get more detailed information about Medicare Supplement Insurance
