Medicare A, B, C, & D – Coverage
What’s the Difference in Coverage?
Medicare is a confusing alphabet soup of information, and insurance can be tough to understand – especially when you start making decisions regarding your health. If you are confused, you are not alone!
Medicare Parts A, B, C and D. Each part includes its own deductibles, co–pays, coinsurance and/or restrictions. While a general understanding can help you, it is always recommended to speak to a licensed, qualified insurance representative to develop the best plan for you.
Medicare Part A – generally covers your hospital stays, not including tests or doctors who visit you in the hospital, or your rehabilitation stays, and hospice care.
Medicare Part B – provides coverage for preventive doctor’s visits and things like immunizations designed to prevent you from getting sick in the first place. It will cover 80% of your cost after deductibles. *If you hear someone refer to “original Medicare”, they are likely referring to Parts A and B.
Medicare Part C – combines Parts A, B, and sometimes D, but they are offered through private insurance companies contracted by Medicare. The level of service provided is equal to original Medicare. Some Medicare Advantage plans offer additional benefits like dental plans and vision plans that are not covered by original Medicare.
Medicare Part D stands for “Drug” coverage. Part D coverage subsidizes the amount you pay for your prescription medications, and it can be particularly helpful for seniors who need to take medications regularly.
If you select a Medicare Part C plan – that offers prescription drug coverage you cannot have an additional Part D plan as it will kick you out of your Part C plan. However, the government wants you to have coverage for prescriptions. So, if you do not have Part C (Medicare Advantage) coverage, Part D or credible coverage elsewhere you may have to pay a late enrollment penalty.
Choosing Your Medicare Plan Coverage: Each Medicare person should review his or her coverage yearly. There is not a one-size-fits-all solution. Situations and needs change. Open enrollment for Medicare Advantage (Part C) and Drug Coverage (Part D) is from October 15 – December 7. – During this enrollment period, you can change from plan to plan, to find the coverage that is right for you. This is the time to consult with an insurance professional to help you!
For more information in navigating the Medicare alphabet parts, or need help with Medicare Enrollment before turning 65 – contact BEW Financial Solutions at 973-831-2188, to schedule an appointment or visit www.bewfinancial.com to determine what makes the most sense for your current situation.
BEW Financial Solutions
201 Wanaque Ave,
Pompton Lakes NJ 07442
Phone: (973) 831-2188