The Four Parts of Medicare Explained: What You Need to Know

The Four Parts of Medicare Explained: What You Need to Know

Image by Steve Buissinne from Pixabay

As of last year, more than 61 million people enrolled and benefited from the Medicare program. The interesting part is that not all of them had the same type of Medicare coverage.

There are several parts of Medicare, and you need to know them before you sign up.

Having Medicare helps you save money in the event of an emergency. A trip to the emergency room costs up to $3000 on average. If you’re uninsured, expect to pay that amount plus more for other services.

If you fall and hurt yourself, you won’t have to dish out the price of a car for a hip replacement. Your Medicare part type steps in to cover the expense.

Are you confused about Medicare and the different parts it covers? Read on to learn more about the four parts of Medicare.

What Are the Parts of Medicare? Start With Part A

Medicare is a federal insurance offering for individuals 65 years old and older. There are four parts to Medicare. Each of them covers different medical needs and services. They also have different costs.

Part A Medicare is all about short-term in-patient care and end of life services. For example, if you come down with an illness that requires hospital care, Medicare Part A acts as hospital insurance.

For any unfortunate reason, you become terminally ill, Part A Medicare becomes hospice coverage. It pays for skilled services in a nursing facility and at home healthcare.

Part B Medicare

Part B Medicare is similar to regular healthcare coverage insurance. This would count as your primary insurance.

With Part B, the insured can visit their primary care doctor for routine care. That includes but isn’t limited to:

  • Wellness visits
  • Outpatient services and care
  • Preventative screenings
  • Lab tests, x-rays, and other diagnostics

Part B Medicare also covers urgent care visits and medical counseling services.

There is a monthly premium for Part B. If you receive Social Security, Medicare automatically deducts the premium.

Part C Medicare

Medicare Part C is an advantage plan. The insured get Parts A, B, and a prescription drug plan. Private insurance companies administer Medicare Advantage Plans.

However, they’re still governed by Medicare and receive medical payments from the government.

You’re not required to pay additional premiums or costs for Part C. Yet you must still cover the Part B premium as mentioned in the above section. Medicare Wire can help you understand this better.

Part D Medicare

Part D Medicare is all about prescription drug coverage. Like Part C, private insurance companies administer Part D with Medicare as overseer.

This is an optional coverage, as most Part C Advantage Plans already include the Part D prescription drug option. If you do elect a Part D plan, expect to pay a co-pay. Most private insurance companies require so.

Choose Your Part

Medicare is life-saving insurance for seniors. The different parts of Medicare speak to specific needs. Find out what yours are and choose a part that covers your healthcare needs.

Physical fitness does discriminate. Check out our education guide for ways to keeps in shape during your golden years.

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