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Medicare Part A
Insurance
Medicare Part A (Hospital insurance) covers inpatient hospital care, critical access care, hospice and some home health care. Medicare typically does not pay for assisted living facilities, nursing homes or long-term care at home. Part A is free to most Medicare beneficiaries if the beneficiary or their spouse paid Medicare taxes while they were working. If an individual is not eligible to receive Part A free-of-charge then the individual may be eligible to sign up for Part A coverage with a premium.
Medicare Part B
Medical Insurance
Medicare Part B (Medical Insurance) covers visits to the doctor, outpatient care, some preventative services, as well as some occupational and physical therapy. Most people pay a monthly Part B premium, and some may pay a higher premium based on income. It is important to remember that Medicare Part B does not cover 100 percent of services and beneficiaries will be responsible for the balance of expenses not paid for by Medicare.
Medicare Part C
Medicare Advantage Plans
Medicare Advantage Plans (Part C) are offered by private insurance companies approved by Medicare. These plans provide all Part A (Hospital Insurance) and Part B (Medical Insurance) benefits and may also include prescription drug coverage (Part D). Medicare Advantage Plans may be available as Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Private Fee-for-Service (PFFS) plans, and other plan types.
Medicare Part D
Prescription Drug Coverage
Prescription Drug Coverage is offered through insurance companies that contract with Original Medicare. A monthly premium Prescription Drug Coverage may help give you access to the necessary medication that you might need.
Medigap
Supplement Insurance
Medigap (Medicare Supplement Insurance) is sold by private insurance companies and helps pay some of the out-of-pocket costs not covered by Original Medicare (Parts A and B), such as copayments, coinsurance, and deductibles. Medigap policies are designed to help cover certain gaps in Original Medicare coverage.