Medicare
Medicare
What is Medicare Part A?
Medicare Part A provides services associated with hospital, hospice, skilled nursing
care, and home health care.
What is Medicare Part B?
Medicare Part B is the medical insurance portion of Medicare, which covers physician
services, outpatient hospital care, and many other services typically covered under
health insurance plans. Part B is financed through monthly premiums paid by enrollees
and by contributions from the federal government.
What is Medicare Part C?
Medicare Part C is an alternative to Parts A and B. It is often referred to as Medicare
Advantage. This may be structured like an HMO or a PPO. A Medicare Advantage plan
replaces Medicare Parts A and Part B. Some Medicare Advantage plans do not have
a cost beyond the Medicare Part B premium and some provide additional benefits at
an additional premium.
What is Medicare Part D?
Medicare Part D is prescription drug coverage available through private insurance
companies, which offer Part D plans. Medicare prescription drug coverage provides
enrollees with assistance to pay for the costs of prescription drugs.
What is Medigap?
Medigap is supplemental insurance people may purchase to pay some of the services/costs
that Medicare does not cover. Medigap insurance is sold by private insurance companies.
What is a Medicare Private Fee For service Plan?
A Medicare Private Fee for Service plan (PFFS) is similar to the CMP or FMP-PPO
plans, in the sense that these plans do not necessarily have a specific network
of providers. You may receive services at any Medicare participating provider who
is willing to accept the plan’s terms and conditions.
What are the advantages of enrolling in a Medicare Advantage plan?
When you enroll in any Medicare Advantage Plan, you will still get all Original
Medicare covered services, but you may also obtain extra benefits and services not
offered by original Medicare, and/or you may be able to reduce your out-of-pocket
costs. Depending on your health status, your costs may be higher in a Medicare Advantage
plan than in Original Medicare.
The extra benefits and services you may receive and/or the amount of money you save
will depend on which Medicare Advantage plan you choose and your health status.
For instance, some plans cover prescription drugs above what is covered in a Medicare
D prescription drug plan and some cover a variety of routine services or have a
copayment instead of a percentage of the covered expense. You'll have to look at
the benefits provided under each of the plans before making your decision.