Medicare
At Insurance Champion, we are here to help you understand the different parts of Medicare.
What Is Medicare?
Medicare is a federal health insurance program for people aged 65 and older, as well as for some younger people with disabilities and people with end-stage renal disease. The program is administered by the Centers for Medicare & Medicaid Services (CMS) and is funded by taxes, premiums, and general revenue.
Understanding the Parts of Original Medicare
Medicare Part A:
Covers inpatient hospital care. Most individuals enroll in Original Medicare if they receive Social Security and are over the age of 65. Some people call Part A “hospital insurance”.
Part A covers:
- Inpatient hospital care
- Stays in hospitals and skilled nursing facilities – but there are limits on time
- Home services like home health visits
- Hospice care
Medicare Part B:
Covers outpatient doctor care. You can apply by contacting your local Social Security office. Some people call Part B “medical insurance”. Part B covers:
- Outpatient medical services, including routine doctor visits
- Preventive services, like flu shots and mammograms
- Equipment or tests administered during outpatient services
- Medication administered during outpatient visits
Medicare Part C:
Medicare Advantage plans replace your Original Medicare with a plan from an independent insurance company.
These plans are required to cover everything that Original Medicare Part A and Part B do. Some plans offer low monthly premiums AND may include prescription drug coverage (also known as MAPD plans or Medicare Advantage Prescription Drug Plans).
Most importantly, these plans can include additional benefits that aren’t part of Original Medicare. While these plans have provider networks, remaining in-network helps keep costs lower.
Medicare Part D (Prescription Drug Plans):
Prescription drugs generally aren’t covered by Original Medicare.
Let’s Start Your Journey Today!
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