Medicare Health Insurance

Original Medicare 

The Original Medicare Insurance provides a two-part health plan.  Also, the cost is based on earnings reported to the Internal Revenue Service. The Federal Government manages the two-part Original Medicare Insurance Policies. Therefore, the two parts represent Part A. insurance for Hospitals and Part B. insurance for Doctors and other medical services.

Part A: Referred to as Hospital Insurance. Generally covers inpatient care in a hospital or skilled nursing facility care. If you have paid Medicare taxes for a certain amount of time, Part A is provided FREE of charge.

Part B: Referred to as Medical Insurance. Medicare Part B covers doctors and other health care services and outpatient care. Also, some preventive services and durable medical equipment. Medicare Part B requires a premium payment each month — based on reported income to the IRS.

Part C: Medicare Part C, also known as Medicare Advantage, identifies a health care plan offered by private insurance companies. Medicare Advantage Plans provide all the benefits of Part A and Part B, excluding hospice care.  Medicare Advantage can include prescription coverage. Costs associated with Medicare Part C vary depending upon the policy that is chosen. Some of these costs include a monthly premium, deductibles, copayments, and more.

Part D: Provides outpatient prescription drug coverage. This insurance lowers prescription drug costs. Part D Plans are provided by private insurance companies. If you have Medicare, or a Medicare Advantage plan and desire prescription drug coverage you can purchase Part D separately.  Sometimes prescription drug coverage is included with a Medicare Advantage plan.

Medicare Supplement Insurance: Also known as a Medigap Plan, provides private health insurance plans that cover original Medicare payment “gaps”. Finally, Medigap will help pay for co-payments, coinsurance, and deductibles.