The Four Parts of Medicare

Medicare is divided into four parts, each covering different aspects of healthcare services.

1. Medicare Part A (Hospital Insurance)

Medicare Part A covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health services.

Most people qualify for premium-free Part A if they or their spouse have paid Medicare taxes for at least 10 years.

If you don’t qualify for premium-free Part A, you can pay a monthly premium to enroll.

2. Medicare Part B (Medical Insurance)

Medicare Part B covers outpatient care, doctor visits, preventive services, and medical supplies.

Part B has a monthly premium, which in 2024 is approximately $174.70 (but may be higher for individuals with higher incomes).

There is also an annual deductible and a 20% coinsurance for most services.

3. Medicare Part C (Medicare Advantage)

Medicare Advantage plans (Part C) are an alternative to Original Medicare (Parts A and B). These plans are offered by private insurance companies and typically include:

All benefits of Parts A and B.

Additional coverage like dental, vision, hearing, and wellness programs.

Prescription drug coverage in many cases.

4. Medicare Part D (Prescription Drug Coverage)

Medicare Part D provides prescription drug coverage and is available through private insurance companies approved by Medicare.

It helps lower the cost of prescription medications.

Plans vary in cost and coverage, so it’s essential to compare options to find the best plan for your needs