Medicare is a health insurance program for people who are over 65 years of age, younger people with disabilities, and also people with end-stage renal disease or people with permanent kidney failure who require transplant or dialysis. There are different parts of Medicare that help to cover specific services they include the following:
Medicare part A
It is also known as hospital insurance. Medicare Part A covers inpatient services. This means that it covers hospital stays, home health care, hospice, and care in a skilled nursing facility. You are eligible for part A if you meet the citizenship and residency requirements and you are aged 65 years or older. In Medicare part A you don’t have to pay monthly premiums if you paid Medicare taxes for ten years while working with your spouse.
Medicare part B
It is also known as medical insurance. Medicare Part B covers outpatient care services that are medical supplies, doctors’ services, preventive services and other medical services that part A doesn’t cover. Having Medicare part B is a choice but if you want to buy part A you must have part B. Part B premium is paid every month and most people pay a standard premium which varies every year.
Medicare part C
It is also known as Medicare Advantage plans. It offers traditional benefits and provides your part A and part B coverage. It is a type of health plan that contracts with Medicare and is offered by a private company. Medicare part C provides all of your part A and part B benefits, they include the following: Special Needs Plans (SNPs), Home Maintenance Organizations (HMO), Preferred Provider Organizations (PPO), and Private Fee-for-Service plans (PFFS). Most Medicare services are paid through the plan and are not paid for by the original plan so long as you are enrolled in a Medicare Advantage plan. It also offers prescription drug coverage.
Medicare part D
Medicare part D is also known as prescription drug coverage and it the coverage to Medicare medical savings account plans, original Medicare, and some Medicare Supplemental plan. All of these plans are offered by private companies and insurance companies approved by Medicare. It is available to everyone with Medicare and they pay a monthly premium. When you are first eligible and you decide not to join a prescription drug coverage, you will likely have to pay a late enrollment penalty fee.