Parts of Medicare

Medicare is an individualized insurance provided by the government. Medicare is provided to individuals whom are at least 65 years old, have been on Social Security Disability for at least 25 months, have ALS or Lou Gehrig’s Disease.

There are four parts to Medicare: A-D.

Part A is the hospital insurance. Part A covers inpatient hospital care, skilled nursing facilities, lab tests, hospice, and home health care. Part A is a $0 premium, as long as you’ve contributed to Medicare taxes for at least 10 years. There is also a deductible; for 2024, it’s $1,632.

Part B is the medical insurance. Part B covers doctor visits, outpatient care like diagnostic tests, and other medical care. There is a premium; the standard premium for 2024 is $174.70, but it could be higher depending on your income. There is a $240 deductible than 20% coinsurance.

Part D is the prescription coverage. There are several plan options with a range of premiums to help cover prescription drugs. The coverage can be through a standalone Prescription Drug Plans or through Medicare Advantage plans.

Part C is also known as Medicare Advantage. Medicare Advantage plans are the combination of Part A, Part B, and possibly Part D. Medicare Advantage also can also have additional options like dental, vision, and hearing. Premiums and coverage varies. Most plans have copays more than deductibles and coinsurances.