Our team has devoted their experience and expertise to give our clients the knowledge to make empowered decisions for their future. At Malhotra & Assoc. Insurance, we’re here to make sure you have that knowledge with your Medicare coverage.
Medicare is a federally run health insurance program that serves people and people with disabilities. The program is divided into several parts, each governing different sections of the participants’ coverage. These are the different parts of Medicare.
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Medicare Part A is the first part of Original Medicare. It covers hospital insurance, which can be used to pay for care inside hospitals and other health care facilities. Some places you can use Part A coverage include hospices, skilled nursing facilities, and home health care.
Part A can be received at no cost if you have paid appropriately into Medicare taxes. Though, if you haven’t paid enough in taxes, you will have to pay monthly premiums to keep your coverage intact.
Regardless of whether or not you have premium-free coverage, you still need to pay the costs associated with Part A. This includes copayments, coinsurance, and deductibles.
The second part of Original Medicare is Part B. Part B governs your medical insurance benefits. Through Part B, you can access coverage for medically necessary and preventive health care services. These are some services you can expect to have covered under Part B of Medicare:
You cannot get Part B of Medicare premium-free. You also must pay premiums, deductibles, copayments, and excess charges when required.
Medicare Part C is the component of Medicare that governs Medicare Advantage plans. Advantage plans are privately offered health insurance plans that Medicare participants can enroll in. The plans are regulated by Medicare, meaning they are safe to purchase. Each plan is required to offer at least the same benefits as Original Medicare, but some plans offer much more.
Part C plans typically include extra benefits as incentives. Some of the supplemental benefits you can purchase include:
To maintain Part C coverage, you still need to pay your Part A and Part B premiums. Other costs may be assessed as well depending on your plan.
Medicare Part D is the piece of Medicare that organizes prescription drug coverage for Medicare beneficiaries. The plans are offered through private insurers, much like Medicare Advantage plans.
The drugs covered in each plan are listed in the formulary. Not all drugs are covered, so you must compare plans to make sure your preferred medications are covered.
Learn more about Medicare and all of its parts today. Give Malhotra & Assoc. Insurance a call to get started with a free quote and consultation.
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