The Medicare alphabet is complicated, hard to understand and time-consuming for many until they find Keith Armbrecht, Founder of Medicare On Video.
Here is a reminder of what the Medicare alphabet covers
On July 30 of this year, Medicare turned 53. The Medicare bill was signed into law in 1965 by President Lyndon B. Johnson that day long ago. Presidents going back to Eisenhower had tried to establish the program without success. Finally, it was a reality.
The bill was created to provide healthcare insurance for anyone age 65 or older regardless of income or medical history. Enacted under Title XVIII of the Social Security Act, it would go into effect in 1966.
If you are eligible for Medicare this year, you will need to know what all of the various Medicare programs are and what they can do for you. If you are already enrolled in Medicare, it is good to be reminded of what each of the Medicare alphabet categories covers. Here is a brief guide. Remember that each category has pros and cons. Be sure to investigate further before you commit.
Medicare Part A: Hospital Insurance
- You get this automatically when you start receiving Social Security, for no charge
- Covers hospital stays, some skilled nursing, home, and hospice care
- Has deductibles and coinsurance costs
Medicare Part B: Medical Insurance
- You pay a monthly premium
- Covers doctors, surgeons, anesthetists, private-duty nurses (Medicare-approved)
- Covers lab and other tests
- Has deductibles and copays
Medicare Part C: Medicare Advantage Plans
- Offered by private insurance companies
- You pay a monthly premium
- Choose between an HMO (Health Maintenance Organization) or a PPO (Preferred Provider Organization)
- Plans have prescription drug coverage available
Medicare Part D: Outpatient Prescription Drug Plan
- You pay a deductible and copays based on a tier system
Medigap: Supplement Insurance
- You pay a monthly premium
- Sold by private companies
- Covers costs not covered in Part A and Part D of original Medicare (deductibles, coinsurance, copayments)
- Many plans to choose from: A, B, C, D, F, G, K, L or M, each with slightly different benefits
This brief summary just provides a handy overview. There are numerous details you will need to find out from a Medicare professional. Finding the best coverage for your needs will take a little research, but identifying the optimal plan for you is important to your future health and well-being.
