What is Medicare?
Medicare is a government-run health insurance option available to Americans ages 65 and older, as well as certain individuals with chronic health conditions and disabilities.
Here’s a quick and easy breakdown of the different parts of Medicare:
- Medicare Part A. Also known as hospital insurance, Part A covers inpatient hospital care, short-term skilled nursing facility care, certain home healthcare services, and end-of-life hospice care.
- Medicare Part B. Also known as medical insurance, Part B covers preventive, diagnostic, and treatment-related services, such as doctor’s visits. It also covers mental health treatment, including therapy; durable medical equipment, such as blood glucose monitoring tools; and additional outpatient services, such as vaccines.
- Medicare Part C. Also known as Medicare Advantage, Part C is a Medicare option offered by private insurance companies. All Medicare Part C plans cover the same services as Original Medicare (Parts A and B), and many also offer additional coverage benefits like dental, vision, and hearing.
- Medicare Part D. This is prescription drug coverage. It’s available as an add-on to original Medicare (Parts A and B), and it helps cover your prescription medications. Many Medicare Advantage (Part C) plans also offer prescription drug coverage.
- Medicare supplemental insurance. Also known as Medigap, this is another add-on to original Medicare that helps cover the costs associated with your Medicare plan. These costs can include deductibles, copayments, coinsurance, and more.
Choosing the best Medicare plan starts with figuring out your own healthcare and financial needs.
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