Medicare is divided into various parts, so it’s important that you understand what each plan covers when you begin enrolling in Medicare or want to switch plans.
At El-Mag Insurance, we will make sure you have all this information so you can make the best decision for your healthcare needs! We will walk you through all the different parts of Medicare, such as Parts A and B, Part C, Part D, and Medicare Supplements.
Parts A and B
When you combine your Part A and Part B coverage, you will have what is commonly known as Original Medicare. Part A of Original Medicare covers inpatient medical services such as hospice care, skilled nursing facility care, hospital insurance, and certain home health services.
Part B makes the second part of Original Medicare. It covers outpatient medical services like doctor visits, preventive screenings, durable medical equipment, lab tests, ER services, mental health services, ambulance transportation, and other services.
You can enroll in Original Medicare as soon as you become eligible, which is typically about three months before you turn 65. This will then start what is known as the Initial Enrollment Period. This period will also end three months after you turn 65, but it gives you an opportunity of seven months to enroll in Medicare.
We always recommend that you enroll in Medicare as soon as you become eligible. If you wait until after your Initial Enrollment Period to enroll, you could pay late enrollment penalties.
Part C
Also known as Medicare Advantage, Part C covers the same healthcare services as Original Medicare. Most Part C plans also cover extra services such as prescription drug coverage, dental, vision, and hearing services.
To enroll in Medicare Advantage, you must be enrolled in Original Medicare. You can typically switch your coverage from Original Medicare to a Medicare Advantage plan during the Annual Enrollment Period. This period starts on October 15 and ends December 7 of every year.
Part D
Medicare Part D is a standalone prescription drug plan that can be used with your Original Medicare coverage. It can also be an added benefit through a Medicare Advantage plan. To enroll in Part D, you can be enrolled in either Part A or B.
Part D plans have a formulary, which refers to the list of drugs covered by the plan. Part D plans are required to cover at least two drugs from every category. However, they are also required to cover most, if not all, of the drugs that fall into these specific categories:
- Immunosuppressants
- Antidepressants
- Anticancer
- Antipsychotics
- Anticonvulsants
- HIV/AIDS drugs
Medicare Supplements
Medicare Supplement plans are also known as Medigap. They are sold by private insurers and help provide coverage for out-of-pocket expenses not covered by Original Medicare. The out-of-pocket costs can include:
- Deductibles
- Coinsurance
- Copayments
- Excess charges
- Blood transfusions
- Emergency care outside the U.S.
Contact us today at 954-674-1444 for more information about the different parts of Medicare. You can count on us to clarify your options and make suggestions based on your needs and budget.
