We have put together some frequently asked questions about Medicare Insurance and tried to clarify some of Medicare's basics as well as some other questions you may have.

What are Medicare Parts A and B?

Medicare parts A & B are classed as Original Medicare and are offered by the federal government.

Medicare Part A helps to pay for Hospital costs, skilled nursing care, home health, and hospice care.

 

Medicare Part B helps to pay for doctor visits, outpatient and preventative care. Part B also covers occupational and physical therapies.

Although Parts A & B do cover a good amount of your medical care, it does come with deductible and coinsurance costs. This is why you may want to look to buy a Medicare Supplement Plan or a Medicare Advantage Plan to cover those costs

What is Medicare Part C?

Medicare Part C is Medicare Advantage which is offered by private companies. 

It covers everything original Medicare Parts A and B cover and may include prescription drug coverage.  To sign up for a Medicare Advantage Plan you must have both Medicare Parts A and B coverage. 

Medicare Advantage Plans can come with extra benefits like fitness programs and gym memberships, mail-delivery pharmacy access, and health education programs. They may also reduce your out-of-pocket costs.  You may, for an additional cost, add dental or vision coverage to your plan.

What is Medicare Part D?

Medicare Part D is insurance for your Prescription Drug requirements.  You pay a monthly premium to an insurance carrier for your Part D plan.  You then use the insurance carriers network of pharmacies to purchase your prescription medication.  Instead of paying full price, you will pay a copay or a percentage of the drug's original cost after you have met the plan's deductible. 

What is the Part D Coverage Gap?

Most plans with Medicare prescription drug coverage (Part D) have a coverage gap (called a "donut hole"). Because the legislature is constantly changing, please visit the website at https://www.medicareinteractive.org  for more information.

What is the Late Enrollment Penalty?

You may have to pay a penalty if you sign up late for Part B or Part D.  Find out more by going to https://www.healthcare.gov/ and searching for:

  • Part B late enrollment penalty

  • Part D late enrollment penalty

  • Special circumstances (Special Enrollment Periods)