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Parts of Medicare

Medicare is a federal health insurance program, started in 1966, for United States citizens age 65+ and for people with certain disabilities or end-stage kidney failure. We all pay into this program through our payroll taxes, which makes this a federal benefit that you are entitled to as long as you’ve worked for at least 10 years within the United States. There are 4 parts of Medicare:

Medicare Part A – Hospital Insurance

Medicare Part A is coverage for inpatient hospital coverage. This covers your room and board while you’re an inpatient in the hospital. You can think of an inpatient stay as one where you stay overnight.

For more information, visit this page Medicare Part A.

Medicare Part B – Medical Insurance

Medicare Part B is coverage for outpatient procedures. This covers doctor visits, x-rays, MRIs, preventative check ups, outpatient surgeries, and much more. You can think of outpatient procedures as one where you go in and out in the same day.

For more information, visit this page Medicare Part B.

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Medicare Part C – Medicare Advantage

Medicare Part C is also known as Medicare Advantage. These private insurance companies have a contract with the Federal government to give you “at least” as good of coverage as original Medicare Part A & B. Medicare Advantage plans give you better co-pays and maximum out of pocket limits that you don’t have on Original Medicare. Many plans also include drug coverage, dental/vision benefits, gym memberships, and much more.

For more information, visit this page Medicare Part C.

Medicare Part D – Prescription Drug Coverage

Medicare Part D is coverage for prescription drugs. The plans are offered by private insurance companies who charge you a monthly premium and then copayments/coinsurance for your prescriptions at different levels depending upon which “Tier” the medication falls under. You can expect to have very low costs for generics and higher for brand name / specialty medications.

For more information, visit this page Medicare Part D.