Different Parts of Medicare
Below is a quick overview of the different parts of Medicare, who offers it, and what it is…
1.) Medicare Part A: Offered by the federal government. Medicare Part A helps cover your care while in the hospital or skilled nursing facility. Part A also has coverage for hospice and home healthcare. For 2017 the part A deductible is $1,316.
2.) Medicare Part B: Offered by the federal government Medicare Part B helps cover doctor’s visits and outpatient care. It will also help pay for some services that Part A does not cover like some physical and occupational therapy services and even some home healthcare. With Medicare Part B you also have coverage for some preventive services such as an annual wellness exam. The 2017 part B deductible is $183.
3.) Medicare Part C: Offered by Health insurance companies. Medicare Part C (also known as Medicare Advantage) covers everything Parts A & B cover but may have extra coverage and services included such as wellness programs or routine dental or vision coverage. Part D (prescription drug coverage) is often included in the Medicare Part C plans. In 2017, the average Part C plan that includes prescription drug coverage costs $37.
4.) Medicare Part D: Insurance and other private companies. Part D is prescription drug coverage for those on Medicare. It is optional and you are not required to have Part D, but may have to pay a late-enrollment penalty if you don’t enroll when you first become eligible. This year, the deductible is capped out by the CMS at $400.