Understanding Medicare can be a daunting task.
In this Medicare 101 video Ryan Wheless discusses the 4 parts of Medicare.
Medicare Part A, Medicare Part B, Medicare Part C, and Medicare Part D are discussed at a high level to provide a general understanding of what Medicare does and does not cover. Ryan also discusses medigap or Medicare supplemental policies.
Medicare is a federal health insurance program in the United States that primarily provides coverage for people who are 65 or older, but also covers some younger individuals with certain disabilities and medical conditions. The four parts of Medicare are the following:
Medicare Part A (Hospital Insurance):
Part A covers inpatient hospital care, hospice care, skilled nursing facility care, and some home health care services. Most people do not have to pay a premium for Part A, as they have already paid for it through payroll taxes during their working years.
Medicare Part B (Medical Insurance):
Part B covers doctor visits, outpatient medical services, preventive services, and medical equipment. Part B is optional, but most people choose to enroll in it. There is a monthly premium for Part B, and the cost varies based on income.
Medicare Part C (Medicare Advantage):
Part C is an alternative to Original Medicare (Parts A and B) and is offered by private insurance companies that are approved by Medicare. Medicare Advantage plans must cover everything that Original Medicare covers, but may also offer additional benefits, such as vision, dental, and prescription drug coverage. Medicare Advantage plans often have lower out-of-pocket costs than Original Medicare, but may have more restrictions on which providers you can see.
Medicare Part D (Prescription Drug Coverage):
Part D is prescription drug coverage, which is also offered by private insurance companies that are approved by Medicare. Part D plans vary in terms of the drugs they cover, the co-pays and deductibles, and the monthly premiums. Most people have the option to enroll in Part D, but it is not required.
Understanding the four parts of Medicare is crucial for anyone who wants to make informed decisions about their healthcare coverage. Whether you’re nearing retirement age or have a disability, knowing all the parts of Medicare, what each part covers and how to enroll can help you access the medical care you need. By taking the time to educate yourself on the intricacies of this complex system, you’ll be better equipped to make the right choices for your health and wellbeing. We hope this guide has provided you with the clarity and insight you need to navigate the parts of Medicare with confidence.
About:
Our Channel “ ON THE MONEY“, is powered by Allied Wealth, Houston’s premier wealth management and financial planning firm. On the Money brings viewers educational, topic-driven, and real-life financial scenarios every week.
Topics we will be covering are Retirement and Financial Planning, Investment Selection, Retirement Income Planning, Taxes and Taxation during Retirement, Healthcare, Long Term Care, Legacy and Estate Planning, in addition to important Market and Economic changes impacting Retirement.
Allied Wealth is fully dedicated to your financial future, financial security and retirement.
With Allied Wealth, you will spend less time worrying and more time enjoying the life you’ve earned.
