The ABCs of Medicare
The topic of Medicare always seems to create a lot of confusion, especially for those who are approaching retirement or facing health challenges.
The 'ABCs of Medicare' is a simple way to understand the different parts of Medicare, with each part covering specific types of healthcare services. Here's a quick overview:
Part A – Hospital Insurance
- Covers Inpatient hospital stays, skilled nursing facility care, hospice, and some home health care.
- Usually premium-free if you or your spouse paid Medicare taxes while working (typically for 10 years).
Part B – Medical Insurance
- Covers Doctor visits, outpatient care, preventive services, medical supplies, and some home health services.
- Monthly premium in 2025 is $185.00 per month (but can vary based on income—IRMAA); also includes deductibles and co-insurance.
Part C – Medicare Advantage
- An alternative to Original Medicare (Parts A & B), offered by private insurance companies approved by Medicare.
- Includes All benefits from Parts A and B, usually Part D (prescription drugs), and often includes extra benefits like vision, dental, and wellness programs.
Medicare Supplement Plans (alternative to Part C)
- Also known as a Medigap policy, is a type of health insurance sold by private companies that helps pay for some of the out-of-pocket costs not covered by Original Medicare (Part A and Part B).
- Does not include Rx coverage, so a standalone Part D plan must be elected.
Part D – Prescription Drug Coverage
- Covers Prescription medications.
- Offered by Private insurers approved by Medicare.
- Monthly premium, deductible, and co-pays depending on the plan and income.
Now that you understand the core components of Medicare, take the next step by reviewing plan options to ensure you are fully covered based on your individual healthcare needs.
If you have any life changes or updates to your benefits that you need us to address (I.e., address change, marriage, the birth of a child, loss of coverage, etc.) please do not hesitate to contact us at 215-579-5601 or email us at info@ewmginc.com.
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