Medicare Part A – Hospital Insurance

Medicare Part A helps cover hospital and inpatient care, including skilled nursing facilities and certain hospital-related services.

• Covers hospital and inpatient care

• No monthly premium if you worked 40 quarters in the United States

• Coverage begins the first day of the month you turn 65

• If your birthday is on the 1st of the month, coverage begins the month before your birth month

• Includes a deductible per hospital stay​

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Medicare Part B – Medical Insurance

Medicare Part B covers a wide range of medical services and outpatient care.

• Covers doctor visits and medical services

• Requires a monthly premium, which may increase depending on income

• You may delay Part B if you continue working and have employer group coverage

• Includes an annual deductible

• After the deductible is met, Medicare typically covers 80% of medically necessary services

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Medicare Part D – Prescription Drug Coverage

Medicare Part D helps cover the cost of prescription medications.

• Plans are offered through private insurance companies

• Premiums, deductibles, and costs vary by plan

• Optional coverage, but delaying enrollment may result in a penalty if you do not have other creditable drug coverage

 

Medigap – Medicare Supplement Plans

Medigap plans help cover the “gaps” left by Original Medicare, such as deductibles and coinsurance.

• Designed to help reduce out-of-pocket costs

• The most common plans are Plan G and Plan N

• You have a 6-month open enrollment period when you first turn 65

• Changing plans later may require health qualification

• No provider networks — accepted anywhere Medicare is accepted

• Premiums vary by company and location, but the plan benefits remain the same

• Does not include prescription drug coverage

A licensed Medicare advisor can help you compare plans to find the option that best fits your needs.

 

Medicare Advantage – Part C

Medicare Advantage plans are offered by private insurance companies as an alternative to Original Medicare.

• Also known as Medicare Part C

• Premiums, deductibles, and costs vary by plan

• Some areas offer $0 monthly premium plans

• Includes an annual maximum out-of-pocket limit

• Many plans include prescription drug coverage

• Some plans offer additional benefits such as dental, vision, hearing, and fitness programs

• Care is typically received within a network of providers

 

Avoid Common Medicare Mistakes

Working with a Licensed Medicare Advisor can help you avoid costly mistakes such as:

• Missing important enrollment deadlines

• Not reviewing your plan each year

• Choosing coverage without fully understanding the benefits

Professional guidance can help ensure you select a plan that protects both your health and your finances.