Medicare
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Medicare Basics
Medicare is made up of these primary parts:
Part A covers hospital care
Part B covers doctors visits, surgery and outpatient
Part C an option to replace Part A and Part B
Part D prescription drug coverage
Supplemental policies pay for medical bills which the other parts do not cover
Let's take a closer look...
Part A is hospital insurance which helps cover inpatient hospital stays. If you or your spouse paid Medicare taxes while employed, you are eligible for premium-free Part A benets. Part A also covers hospital inpatient rehabilitation facilities, home healthcare, inpatient mental health/psychiatric care and hospice care.
Medicare Part B covers medically necessary services such as doctor visits and outpatient care. Part B is optional and requires a monthly premium that varies depending on your income. Enrolling in Part B can be deferred if you or your spouse are still working, but there is a lifetime late-enrollment penalty (10% per year) for not enrolling in Part B when you first become eligible for Medicare, unless you are actively working.
Medicare Part C is another Medicare health plan choice offered by private companies. Part C combines Parts A, B, and sometimes D (prescription drug coverage). Also known as Medicare Advantage Plans (MA), these plans may offer extra coverage such as dental, hearing, and vision.
Part D Medicare offers prescription drug coverage. To get Part D, you must join a plan that is run by an insurance company or other private company approved by Medicare. Part D plans cover most prescription drugs, but not all. There are certain drugs, like those that must be administered in a doctor’s office, that are covered under Medicare benets Part B instead. Anyone entitled to Medicare Part A and/or enrolled in Part B is also eligible for Part D.
Medigap, also known as supplemental insurance for Medicare benefits, refers to health insurance policies that are standardized by the Centers for Medicare and Medicaid Services (CMS) and individual states, but sold by private insurance companies to fill in the “gaps" in traditional Medicare coverage.
This information should be considered as general guidance and should not be used as specic advice for your individual case. Tax payers should always seek counsel from competent professionals