Medicare is a federal insurance program that provides healthcare coverage to those eligible. The two most common Medicare plans are:
Parts A and B, otherwise known as Original Medicare, offers easy enrollment and eligibility, as well as low monthly and yearly payments for continued coverage.
To qualify for one or both of these plans, you must meet at least one of the following requirements:
Covering the costs of Medicare includes 3 basic methods of payment: premiums, deductibles, and copayments/coinsurance. The same goes for all of the additional coverage options as well. These payments work like this:
You likely will not, however, have to pay premiums for Medicare Part A. If you have worked at least 10 years while paying Social Security taxes, you’re eligible for premium-free Part A.
Parts A and B cover basic costs such as hospitalization and various medical fees. Part A coverage is simple and includes:
Part B coverage is a bit more vague. Its benefits include (but are not limited to):
There are also 3 types of additional coverage you can add to your health insurance plan when signed up for A and B:
Medicare Part C, or Medicare Advantage, coordinates your regular healthcare providers to lower your out-of-pocket costs with some additional benefits.
There are five different types of plans, each of which offers different benefits, prices, and coordination methods:
Medicare Part D provides prescription drug coverage. These plans are structured in tiers—the higher the tier, the more you will have to pay out-of-pocket.
However, it is highly recommended to add a Part D plan to your Medicare coverage if you are able and in need, because, on their own, prescriptions are incredibly expensive.
You cannot add Part D to a Medicare Supplement plan. However, supplements cover a huge variety of other costs.
There are 10 Medigap plans on the market, including plans A, B, C, D, F, G, K, L, M, and N. Your choice of a plan depends solely on your healthcare and financial needs.
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