What are the Parts of Medicare Insurance Plans?
This post will explain what are the Parts of Medicare Insurance Plans and how they work together. There are Original Medicare, Drug Plans, Advantage, and Medicare Supplement Plans exist. When people talk to friends or call a medical provider, they tell them they are on Medicare. However, depending on your Medicare insurance plan, your provider and service options may differ.
Original Medicare is Part A and Part B
Part A helps pay for the hospital. It does have a deductible. After 61 days you pay an amount per day that increases until day 151. Then you are responsible for all hospital costs. There are other benefits provided by Part A.
Part B helps pay for outpatient services such as doctors. There is an annual deductible before the initial coverage begins. You also pay 20% of the Medicare-approved cost. There are also other benefits provided by Part B.
Part C known as Advantage Plans replaces the benefits of Parts A and B. You need to continue paying Part B to the government. Your Advantage Plan may have additional benefits and include a Part D drug plan.
Part D is a Drug plan. You have two options to get a Part D plan. One is through a Part C Advantage Plan. The other is buying a standalone Part D drug plan.
Part E Supplement Plan helps pay the difference between what you pay and what Medicare Part A and B pay.
For information about Advantage Plans, Part D drug plans, or Supplement Plans in your area and you live in one of the following states, just tap on the state: Arizona, California, Nevada, Oregon, or Washington.
Conclusion:
You need to understand how each part works with the other parts of Medicare to select what works for your budget and lifestyle. You may already have a Medicare Insurance Plan and do not understand what your plan covers or the benefits you have. With a Part C Advantage Plan, you only use one card to see doctors, and providers and use that card at the pharmacy. If you need to show both your Medicare card and a company card to see a provider, you probably have a Medicare Supplement card.
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