Original Medicare gives letters to its types of health coverage:
Original Medicare has exclusions and limitations that can cost you a sizeable amount of money:
If you elect to only have Original Medicare as your health insurance, you should purchase a Part D, stand-alone prescription drug plan. The stand-alone prescription drug plan will have a cost associated with the plan.
When you are eligible to enroll in Part D, there can be a penalty if you do not elect to purchase a Part D. This Part D penalty will be discussed later in this seminar.
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- Part A is your hospital coverage such an inpatient services and skilled nursing facilities.
- Part B is your medical coverage such as doctor, lab, outpatient services, DME supplies.
- Part C is the Medicare Advantage Health Plans available to you from private insurance companies. These Medicare health plans cover the Medicare benefits under Part A and Part B. Many of the Medicare Advantage Plans also include Part D prescription drug coverage.
- Part D is the prescription drug benefits available also through private insurance companies but regulated by Medicare. Medicare does not deliver Part D benefits.
Original Medicare has exclusions and limitations that can cost you a sizeable amount of money:
- There is no medical coverage outside the United States.
- There is no coverage for routine vision, dental, hearing and podiatry.
- No coverage for acupuncture, hearing aids or dentures
- No custodial care or nursing home care
- Medicare has deductibles, coinsurance, and a Part B premium.
If you elect to only have Original Medicare as your health insurance, you should purchase a Part D, stand-alone prescription drug plan. The stand-alone prescription drug plan will have a cost associated with the plan.
When you are eligible to enroll in Part D, there can be a penalty if you do not elect to purchase a Part D. This Part D penalty will be discussed later in this seminar.
REGISTER HERE FOR A CLASS TO LEARN MORE ABOUT MEDICARE BASICS