Choosing the right Medicare plan can be tricky. Luckily, Catherine Field from Humana has insight on the types of Medicare provided and how to learn more. Catherine tells us there are four parts of Medicare:
- Part A is for hospital insurance, which helps cover things like hospital care, nursing facility care, and hospice. Most people do not pay a premium for part A.
- Part B is medical insurance, and helps cover your more typical doctor visits, mental health, getting a second opinion before surgery, etc. There is a premium associated with Part B that most people are required to pay. Combining Parts A and B is known as “Original Medicare.”
- Part C is Medicare Advantage, which is an alternative to Original Medicare. Depending on the plan, Medicare Advantage can have lower costs and provide additional benefits like hearing, dental, and telemedicine, and many Medicare Advantage Plans include prescription drug coverage. The exception is that it does not cover hospice. Part A will continue to cover hospice services.
- Part D is prescription drug coverage. As a Medicare beneficiary, you don’t automatically get Medicare Part D prescription drug coverage. This Medicare Part D coverage is optional, but can be valuable if you take medications. You may be required to pay a late enrollment penalty if you don’t sign up for Part D when you’re first eligible or go 63 days or more without a Medicare drug plan or other creditable coverage.
To learn more, you can visit Medicare.gov or call 1-800-MEDICARE 24/7.
Learn more about Veterans' benefits here.
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