Medicare is a federal health insurance program for people 65 and older, younger people with disabilities and people with End-Stage Renal Disease (ESRD).
There are four main parts of Medicare:
- Medicare Part A (Hospital Insurance)- In-patient stays, skilled nursing some home health care & hospice. Most people do not pay a monthly Part A premium.
- Medicare Part B (Medical Insurance)- Certain doctor’s services, outpatient care, preventive services, and medical supplies. Everyone pays a monthly Part B premium.
- Part C is an alternative way to get your Medicare benefits.
- Part D (Prescription Drug Coverage)- Helps to cover costs for prescriptions, some vaccines, and recommended shots. Medicare drug plans vary in cost.
There are 2 main ways to get your Medicare coverage in addition to Medicare Part A and Part B:
- Original Medicare
- Medicare Advantage (Part C)
Other ways to fill in the gaps of Part A and Part B are:
- Employer Insurance
- Retiree Insurance
- Federal Employee Health Benefits (FEHB)
- Veterans Affairs (VA) Benefits
The way your Medicare coverage works for you, will depend on the type of insurance that you currently have and what your health needs are.
It is important to speak with a Medicare Specialist to guide you through the process. Find out what plan best meets your needs, learn about important deadlines and how to avoid penalties for late enrollment.