What is Medicare Part A?
Medicare Part A covers hospital and skilled nursing facility stays, hospice care, and some home health care costs. This is one of the two parts of Original Medicare. Most people get Part A for free (no premium) as long as they have worked at least 10 years and paid Medicare taxes. Even if you are…
What is Medicare Part B?
Medicare Part B helps to cover doctors’ appointments, as well as preventative and specialty services, outpatient care, home health care, and some medical equipment. This is the second part of “Original Medicare.”
What is Medicare Part C / Medicare Advantage Plan?
Private carriers offer Part C plans, also known as Medicare Advantage Plans, which offer all the benefits covered under Original Medicare (parts A and B) and more. You can select from HMOs, PPOs, Private Fee-for-Service, and Medicare Medical Savings Account (MSA) Plans. In order to join the Part C Plan, you need to be first…
What is Medicare Part D / Prescription Drug Plan?
Medicare Part D is also known as the Prescription Drug Plan. It is a requirement for every Medicare-eligible person to have a Prescription Drug Plan, which can be purchased through private carriers. You can purchase a standalone Part D plan in addition to Original Medicare, or purchase a Part C plan, also known as a…
What is Medigap / Medicare Supplemental Insurance?
Medigap plans, also called Medicare Supplement Plans, or Med Supp, provide extra insurance that helps you pay for your Medicare Parts A and B out-of-pocket costs – such as co-insurance and deductibles – which are “gaps” in medical coverage. Medigap plans are purchased through private carriers, though federal and state laws regulate Medigap policies. Medigap…
What is an MA-PD?
An MA-PD is simply a Medicare Advantage Plan that includes a Part D (Prescription Drug Plan). There are many Medicare Advantage plans available to choose from – some with and some without a Part D plan included. If a Part D is included, you may hear them referred to as MA-PDs.
What is the difference between Medicare and Medicaid?
Medicare and Medicaid are both government health insurance programs. Medicare is a federally funded program primarily for adults 65 and over. Medicaid is a state-funded program for low-income individuals and families. It’s possible to be eligible for both Medicare and Medicaid, (known as “dual eligibility”) and they will work together to provide coverage at a…
What is “Original Medicare”?
Medicare Part A and Medicare Part B are often referred to as “Original Medicare.” This government health coverage program is a fee-for-service plan, meaning you usually pay a fee for each service. Medicare will pay an approved amount up to a certain limit, and you will pay the rest. The alternative to Original Medicare is…
What is a Medicare Medical Savings Account (MSA) Plan?
Private insurance companies can offer a consumer-directed Medicare Advantage Plan, called an MSA Plan. These plans combine a high-deductible insurance plan with a medical savings account that you can use to pay for your health care costs. With these plans, you can generally choose your health care services and providers.