Start Your Medicare Supplement Policy Search Now
Do you need an insurance policy to help cut
down on your growing Medicare costs in 2016?
Find Affordable Medicare Insurance in your Area

Learn these important Medicare terms before choosing

Know the difference between Part A and Part B? Here’s information you need to know to make a smart choice about your Medicare coverage.

Making smart decisions about your Medicare coverage should begin with familiarizing yourself with the essential terms you will need to know:

Deductible: An amount of the expenses you need to cover before Medicare kicks in.

Premium: A fee for coverage, usually paid monthly.

Co-pay/Co-insurance: The portion of the cost that you’ll have to cover for each service or drug.

Part A: This insurance helps pay bills for in-patient care at hospitals and skilled nursing facilities, as well as hospice and some home health care services. NOTE: Most people do not have to pay monthly premiums for this coverage since they have paid Medicare taxes while they were working. There is, however; a deductible for hospital stays.

Part B: This insurance helps cover the costs of doctors’ services, lab tests, X-rays, mental health care and other medically necessary services. NOTE: You may delay enrolling in Part B coverage if you or your spouse has employee-sponsored health care, depending on the size of the employer. Make sure you sign up after your employment ends. You may be subject to penalties and will have a waiting period before coverage will kick in.

Part C: This is not additional coverage. Instead, it is an alternative way to get Medicare benefits.

Medicare Advantage is a Medicare-approved plan from private insurers, which cover services included in Parts A and B, which is called “Original” Medicare as well as prescription drug benefits and sometimes dental, vision, and hearing.

Part D: This helps pay for the prescription drugs that you take at home. These are standalone plans through private insurers for people who are getting their Medicare benefits the traditional way — with Parts A and B. You will likely need to pay a monthly premium, an annual deductible, and co-pays.

Medigap: Is a supplement insurance plan for people using original Medicare, which may cover co-pays, deductibles, and other healthcare costs. Medigap plans are labeled by letters and standardized, but they are offered through a variety of private insurers. Your union or employer may already offer you similar coverage, so check before you buy.

 

Know the difference between Part A and Part B? Here’s information you need to know to make a smart choice about your Medicare coverage.

x
Speak with a Licensed Medicare Agent