Explanation of Medicare Benefits

Explanation of Medicare BenefitsAre you looking for a good explanation of Medicare benefits?  Medicare is health insurance that is provided by the government, and is partially funded by you through taxes and premiums. You become eligible when:

  • You turn age 65
  • You become disabled before age 65
  • You  develop ESRD at any age

There Are Several Different Parts of Medicare

There are 4 distinct parts that make up the Medicare program.  They are Medicare Part A, Medicare Part B, Medicare Part C, and Medicare Part D

Medicare Part A

Medicare Part A is also known as Hospital Insurance.  This is because it covers your inpatient care in the hospital.  It also covers skilled nursing facilities, home health care, and hospice.

Medicare Part B

Medicare Part B is also known as your Medical Insurance.  It covers doctor’s visits, surgeries, labs, x-rays, and overall preventative services as well as outpatient care.

Medicare Part C

Medicare Part C is privatized Medicare.  It is your Medicare Part A, Part B, and Part D insurance all rolled into one coverage through a private insurance company.  The plans vary by company and usually use a network of physicians and facilities.

Medicare Part D

Medicare Part D is coverage for prescription drugs.  This coverage is only provided through private insurance companies.  For more detailed information on Medicare Part D see my post:

What is Medicare D

Now, the next time someone asks you, what is Medicare; you’ll be able to tell them!

Medicare Part D

5

5 Tips For Shopping Your Medicare Coverage

As your well aware by now, the Medicare AEP, Annual Election Period, is in full force.  The AEP runs from October 15 – December 7 and allows you to make changes to your current Medicare Advantage and Prescription Drug coverage.  Any changes that you make during this time will go into effect January 1st.  Making these […]

Loving, Handsome Senior Couple

Shop Your Medicare Plan During The 2015 Open Enrollment

Nobody likes change and that holds especially true when it comes to insurance.  The worst thing you can do, however is nothing!  That’s because Medicare coverage is changing every year, and that holds true in 2015 as well.  So even if you do nothing, your coverage is changing without you whether you like it or […]

2015 Medicare Annual Election Period (AEP) Underway

Every year the Medicare AEP or Annual Election Period arrives with much anticipation.  You may not know when it starts or what you can do, but you will definitely know it’s here when you start seeing the plethora of television, print ads, and billboards touting the latest and greatest coverage. 2015 Medicare AEP The 2015 […]

2015 Medicare Advantage And PDP Plans Now Available

You are now able to find every Medicare Advantage and Prescription Drug Plan available for 2015.  When I started the Medicare Plans site, my goal was to be able to bring you the ability to search and find any Medicare plan that was available.  This process was a long and difficult one, but now the […]

Medicine-pills

Formulary List Do’s and Don’ts

When it comes to Medicare, the one thing you can NOT overlook is the Formulary list that is provided by the insurance company.  Many times we find ourselves caught up in copays and provider networks that we forget to do one of the most important things.  Check the plan’s formulary list to make sure your […]