The Basics To The Different Types Of Medicare Parts You Can Enroll In For Coverage
Choosing the right Medicare insurance is not just about protecting your physical health; it is also about protecting your financial health, as well. The decisions you make about your Medicare insurance will have a direct impact on your finances, and you need to understand what you are choosing and how it impacts your finances.
Medicare is broken up into different parts, identified by letters. Each of these parts covers different types of medical care. You need to understand the different parts of Medicare to ensure you are getting the coverage you need.
Part A
Part A is designed to cover services that you get when you go to a hospital. It will cover you if you have to go to the hospital and stay overnight in the hospital. This is the type of insurance coverage you may not have to use a lot, when you first enter Medicare, but that is essential to have, if you ever face a serious medical issue.
Part B
Part B provides more of the "regular" healthcare coverage that you are used to getting from health insurance. Part B covers things such as seeing your regular primary care provider and other outpatient services that you may need. It also covers seeing specialists for certain issues you are facing. This is the core coverage that you are likely to use on a yearly basis.
Part D
Part D is a prescription coverage plan. Neither part A nor part B are designed to cover your medication. Prescription costs can be really high, when you don't have insurance to offset the costs. This is a plan that you can change over time, so, if you need more coverage later, you can get a more in-depth part D plan during open enrollment times.
Part C
Part C doesn't usually go by its letter name. Instead, part C is generally referred to as Medicare Advantage. It is an alternative to purchasing Part A, B & D plans. Medicare Advantage is designed to roll the three types of coverage offered by Parts A, B, & D into one plan. Medicare Advantage plans are offered by private companies that must meet government standards for insurance coverage. Most private companies not only meet these standards, they exceed them by also adding in dental and vision care, two types of care that are often not covered by the traditional A, B & D plan packages.
When you purchase Medicare coverage, you are generally purchasing multiple types of plans. Medicare often penalizes you, if you don't enroll in coverage on time, so be sure to study the plans that are offered in your geographical area, so you can ensure you have the coverage you need.