We know the basic understanding of Medicare and that people over 65 are enrolled in this coverage. In this blog post, the four parts of Medicare are explained.
Medicare A and B are the most common types of coverage for anyone over 65. Medicare C and D are the other types of coverage that some people may not be as familiar with. Some say it would be easier if there were just one type of coverage, but that isn’t the case. I will explain each coverage type, the differences, and the potential costs. It should be noted that costs can change every year.
Medicare A: Hospital Insurance
This type of insurance is the most common because people will often make trips to the hospital the older they get. In general, this type of insurance covers things such as:
- Inpatient care at a hospital
- Nursing facility care
- Nursing home care
- Hospice care
- Home health care
Medicare A also covers other things that you receive during your time in the hospital or different facilities. For example, meals, X-rays, or any lab testing needed are covered by Medicare A. So, how much does something like this cost? Costs can ideally range from $0 to over $1,000 a month in deductibles. It depends on what you were making or paying before turning 65 and what benefits you need.
Medicare B: Medical Insurance
The second most common type of coverage is Medicare B, which covers regular doctor visits and other preventative care services. These services can include:
- Eye exams or regular checkups
- Emergency room or Urgent care visits
- Clinical research
- Ambulance rides
Like the cost of Medicare A, Medicare B can change yearly and also depends on what you were making the year prior and your taxes. Most people pay an average of $170 per month. To find an example of the cost for Medicare B broken down for taxes, you can click here. Note these are costs for 2023.
Medicare C: Advantage Plans
This type of insurance covers both Medicare A and B together. Advantage plans are also known as “D-SNP,” which means Dual Special Needs Plans. People with limited income or complex health problems often use these plans. Some of these plans can also cover vision and dental, whereas Medicare A and B do not. Medicare C is usually provided through private insurance companies. Some extra things this plan can even cover are gym memberships or meal delivery services; however, this could depend on your doctor’s orders and if there’s a hospital statement to back these services up. The cost of Medicare C can depend on where you live.
Medicare D: Prescription Drug Coverage
Like Medicare C, Medicare D is also provided through private insurance companies. This type of plan is helpful for people who have prescriptions they need to take, especially for those whose medications are costly. Everything you can get from a pharmacy is covered by this plan, unlike Medicare A and B, which only cover prescriptions you receive in a hospital or facility. It’s essential to note what medications you take and might need in the future, as this also depends on what type of Medicare D plan you should get.
Medicare D costs also depend on what type of plan you choose and where you live. In addition, the prices of prescription drugs also influence how much the monthly insurance premium will be.
Talk With an Experienced Medicare Insurance Agent
I understand how confusing Medicare can be, and all the information can be overwhelming, especially if you are enrolling in Medicare for the first time. Because each client has different needs, I will sit down with you and discuss the best options for your situation. Please give me a call or send me an email to set up a time to talk.