Medicare & Insurance
Insurance terms and healthcare coverage can feel confusing. Understanding the basics can help you make more informed healthcare decisions.
What is Medicare?
Medicare is a federal health insurance program for individuals over 65 and older. One may also qualify if one has a permanent kidney failure or receive disability benefits.
Parts A & B: You’ll sign up for Medicare through Social Security. You can sign up for Parts A and B, or Part A only.
Parts C & D: Private companies run Parts C and D. The federal government approves each plan. Costs and coverage types vary by provider.
4 Parts
A
Hospital Insurance
Part A helps pay for inpatient care at hospitals, skilled nursing facilities, and hospice.
Free if you worked and paid Medicaid taxes for over 10 years.
B
Medical Insurance
Part B helps cover services from doctors & other healthcare providers, outpatient care, and home health care.
Most people pay a monthly premium for part B. Exact premium depends on income level.
C
Medicare Advantage
Part C is an alternative to Parts A and B that bundles several coverage types. It also includes vision, hearing, and dental insurance.
You must sign up for Part A or Part B before enrolling in a Medicare Advantage plan.
D
Prescription Drug Coverage
Part D helps cover prescription drug costs.
You must sign up for Part A or Part B before enrolling in Part D.
Common Insurance Terms
Copay: A fixed amount paid for a medical visit or prescription.
Deductible: The amount you pay before insurance begins covering costs.
In-Network: Doctors and hospitals partnered with your insurance plan.
