The Four Parts Of Medicare Insurance: Understanding Your Options
If you are looking at retirement, it's important to start considering what your insurance options are. Medicare insurance is health insurance that automatically starts when you turn 65 years old. You must be a United States citizen to qualify for Medicare or be a permanent resident alien who has lived in the United States for five continuous years prior to applying for Medicare. Some people with certain disabilities qualify for Medicare prior to turning 65, and those with end-stage renal disease qualify at any age. There are four parts of Medicare insurance coverage, and your most basic coverage is Part A, which is free if you or your spouse has worked for 10 years or more and paid Medicare coverage.
Part A Inpatient/Hospital Coverage
Part A Medicare is coverage in the event you are hospitalized, you need home health care services, or you are placed into a rehab facility. Part A does not cover custodial care in a nursing home, and most people either choose a supplemental Medicare coverage insurance or have separate insurance through their spouse.
Part B Outpatient/Medical Coverage
Part B Medicare insurance is optional, but you must have Part A in order to receive Part B. There is a premium associated with Part B coverage, in 2023 the premium is $164.90 a month, which can be higher for those making a substantial income. This coverage helps to cover outpatient procedures, doctor visits, or partial hospitalization programs, but it only covers 80% of the cost of most types of services.
Part C Medicare Insurance
Part C Medicare programs are run by private insurance companies and offer you the benefits of Medicare A, Medicare B, and often additional benefits like prescription drug coverage offered with Medicare D. This is a way for you to pay one premium a month, and receive more comprehensive coverage through an HMO or PPO insurance plan. When you have substantial medical coverage needs, Medicare Part C is often the best option to find the right insurance program.
Part D Medicare Insurance
Part D Medicare is for prescription drug coverage. If you go with Medicare A only, you can choose Part D to go along with your Medicare A plan for an additional fee. There are Part D coverage options to choose from, and the right one for you will depend on your specific income and needs.
Choosing the right Medicare plan often means discussing your options with an insurance specialist. If you have no other insurance coverage, many turn to Medicare Part C comprehensive plans for all of their insurance needs. For more information about Medicare insurance, reach out to a local service.