At age 65, you have access to Medicare health insurance options. However, when reviewing your options, you might feel overwhelmed by the sheer number of policy types, enrollment dates and possible penalties.
It’s important to understand that Medicare coverage can be broken down into four parts: Part A, Part B, Part C, and Part D. Here’s what each part will cover for you.
- Part A– Part A is your hospital insurance, meaning that it will cover a portion of the cost of a hospital stay. This insurance will also cover some home health services, skilled nursing care after a hospital stay, and hospice care. Part A is available to most people at no cost. In cases of limited work history, there may be a premium for Part A.
- Part B– Part B will cover a portion of your doctor visits, certain home health care, preventive services, medical equipment, outpatient procedures, rehabilitation therapy, laboratory tests, x-rays, mental health services, ambulance services, and blood services. There is a Part B premium. The cost is dependent on income.
- Part C– Also known as Medicare Advantage, Part C is provided by private insurance companies. It combines coverage for hospital care, doctor visits, and other medical services in a single plan. Most Part C plans include prescription coverage. They may also offer additional benefits not covered by Original Medicare, such as dental, hearing, vision, transportation and wellness programs. To enroll in a Part C plan, you must be enrolled in Parts A and B. If the plan includes prescription drug coverage, enrollment in Part D is not allowed. Part C premiums vary by plan. However, there are usually several options available with zero premium.
- Part D– Part D offers coverage for prescription drugs. To enroll in Part D, you must be enrolled in Parts A and B and can be enrolled in Part C if the plan does not include prescription drug coverage. Part D has premiums and they vary by plans.
Enrollment in the different parts of Medicare is available only at specific times, depending on many different factors. Penalties for late enrollment can be substantial so understanding the enrollment periods is important.
Interested in learning more about your Medicare options? If so, then contact the experts at Senior Insurance Options. Our dedicated team is ready to assist you with all your insurance needs today.