Medicare and Senior Health Insurance Information
There are several pieces to the Medicare program, and each comes with specific enrollment rules and costs. It is important to understand how these parts work together, along with how they work with other senior healthcare coverage you may have such as Veteran’s Healthcare or Employer/Retiree Insurance.
Download our Medicare 2012 Fact Sheet for a more detailed (but easy to understand) guide to the parts of Medicare, along with the costs for 2012 and key enrollment dates and facts. We explain terms such as late enrollment penalties and dual eligibility.
Here is a basic overview of the components of Medicare:
Part A: “Hospital Insurance”, covers inpatient hospital, certain skilled nursing and skilled home health services. It does not cover long term or custodial care.
Part B: “Outpatient Services”, covers Medicare eligible physician’s services, outpatient hospital services, certain home health services or therapies, and durable medical equipment.
Part D: “Prescription Drug Coverage”, offered through stand alone plans via private insurers or as part of a Medicare Advantage Plan.
Medicare Advantage Plan (AKA Part C): Health Plans such as PPOs and HMOs that are approved by Medicare and run by private companies. Beneficiaries opting for Medicare Advantage chose to receive the various Medicare benefits through the insurer rather than the traditional Medicare program.
Medigap Plan (AKA Supplemental Policy): These policies help pay some of the costs not covered by regular Medicare (such as co-pays/deductibles).
Aging Wisely’s patient advocates offer a unique Medicare Analysis program, in which we gather information from you, discuss your priorities, budget and health concerns/history and from that, provide specific guidance on how to make a wise choice for your Medicare plans.