What are the Different Parts of Medicare?
If you’re used to the traditional healthcare marketplace, moving to a Medicare plan can be stressful. And, you’re likely navigating this space at the same time that you’re experiencing other monumental transitions. It can be difficult to know where to start when you’re overwhelmed by so much new information simultaneously.
M3 Elevate’s Medicare team has helped individuals understand their Medicare options for over a decade. In each of our FAQ posts, we’re demystifying a key piece of information about Medicare. Today, we’re covering the different parts of Medicare.
What are the different parts of Medicare?
The Medicare program has four parts. Medicare Part A is treated one way, while the other three parts of Medicare require premium payments, and if you don’t enroll when you’re first eligible, you may have to pay a late enrollment penalty for as long as you have coverage. Also, you may have to wait to enroll, which will delay coverage. But, we’ll get into that in a later post.
Medicare Part A
Medicare Part A (also known as hospital insurance) helps pay for inpatient care in a hospital or skilled nursing facility (following a hospital stay), some home health care, and hospice care.
Medicare Part B
Medicare Part B (also known as medical insurance) helps pay for doctors’ services and many other medical services and supplies that hospital insurance does not cover.
Medicare Part C
If you have Medicare Parts A and B, you can join a Medicare Advantage plan (also known as Medicare Part C). Medicare Advantage plans are offered by private companies and approved by Medicare. These plans generally help you pay the medical costs not covered by Medicare Part A and B.
Medicare Part D
Finally, Medicare Part D (prescription drug coverage) helps cover medications doctors prescribe for treatment.
If you or your employees are nearing retirement, turning 65, or just looking for general information about Medicare, turn to M3 Elevate for insight and guidance. M3 Elevate’s Medicare team is at the ready to assist you with your questions about Medicare.