Understanding Medicare
Medicare is a federal health insurance program that began in the 1960s and is primarily designed for individuals aged 65 and older, as well as certain younger individuals with disabilities. Medicare offers different types of coverage, each known as a “part,” which work together to help manage healthcare costs.
- Medicare Part A helps cover inpatient care, including hospital stays, skilled nursing facility care, hospice, and some home health services.
- Medicare Part B covers outpatient care such as doctor visits, lab tests, preventive services, mental health care, durable medical equipment, and more.
- Medicare Part C (also known as Medicare Advantage) is offered by private insurance companies and combines Part A and Part B coverage, often including Part D for prescription drugs and additional benefits like dental, vision, and hearing.
- Medicare Part D provides prescription drug coverage, helping lower the cost of medications.
- Medigap (also called Medicare Supplement Insurance) is offered by private insurance companies and helps pay for out-of-pocket costs not covered by Original Medicare, such as deductibles, coinsurance, and copayments.
