Health insurance is something that every person should have access to, regardless of age or income level. While many people may be confused about the different plans and parts, as well as what they do and do not cover, it really is not difficult to understand when you work with someone who is willing to take the time to listen to and answer your questions.
Here at GGM Insurance Services, that is exactly what we do. Here are the four parts to Medicare and a little bit of information about what they include:
Medicare Part A and B are available by purchasing an Original Medicare policy. Part A specifically, covers such medical expenses as inpatient care including hospitals and skilled nursing facilities. It also covers certain home healthcare visits, as well as hospice. However, it does not provide long term coverage, also known as custodial care. Part A benefits require a deductible, in addition to coinsurance or copayments for extended care in hospitals or nursing facilities. Also, there is no limit on yearly out-of-pocket expenses.
Part B expands its coverage to include such expenses as physician and clinic visits, as well as many outpatient services. This may be anything form lab tests to blood work to X-rays and scans. It also provides benefits for certain doctor-requested medical items and equipment. As with Part A, there is no limit to the out-of-pocket expenses that you may encounter during the year.
Part C (All-in-One)
Part C is also referred to as Medicare Advantage and provides the best of all three plans into one simple and convenient coverage option. These plans are offered by private, Medicare-approved companies. They are required to provide the same coverage that is offered in Original Medicare (Parts A & B). They typically include prescription coverage as well (Part D).
In fact, many of them also provide additional coverage including vision and hearing, as well as even dental in some cases. However, this type of coverage is not always available in every part of the country and may only offer one specific plan in certain regions.
Part D can be purchased separately from Parts A & B (Original Medicare) to form a fuller and more comprehensive coverage plan which includes drug coverage. The monthly premiums vary based on a number of factors including the plan itself, the type of prescriptions required and the pharmacies which are used. Just as with Part C, this insurance is available through private companies which are approved by Medicare.