Your Comprehensive Guide to Medicare

Exciting News for Medicare Advantage Members

Medicare Essentials – Parts A, B, C, & D:

Medicare Part A (Hospital Insurance):

Covers inpatient hospital care, skilled nursing facility care, home health care, and hospice care.
Beneficiaries share costs through deductibles, coinsurances, and copayments.

Medicare Part B (Medical Insurance):

Covers outpatient/medical services, including provider services, durable medical equipment, home health services, ambulance services, preventive services, therapy services, mental health services, X-rays, lab tests, and select prescription drugs.
Costs are shared through deductibles, coinsurances, and copayments.
The 2024 Part-B premium is $174.70 per month, with higher premiums for higher incomes.

Medicare Part C (Medicare Advantage Plans):

Offers the same benefits as Original Medicare but with different rules, costs, and coverage restrictions.
Typically includes Part D (prescription drug coverage) in the benefits package.
Enrollees use a plan-specific card instead of the traditional Medicare card.

Medicare Part D (Prescription Drug Coverage):

Provided by private insurance companies with government contracts.
Requires enrollment in a private Medicare prescription drug plan or a Medicare Advantage Plan with drug coverage.
Enrollment is optional but recommended during approved periods.

Medicare Supplement Plans:

Private insurance policies complementing Original Medicare (not Medicare Advantage).
Cover remaining costs after Original Medicare pays, such as deductibles, coinsurances, and copayments.
Excludes coverage for services not covered by Medicare, like care received abroad.
Incompatible with Medicare Advantage Plans.

Understanding these Medicare components is crucial for informed decision-making aligned with healthcare needs and financial considerations.