When you know which part will cover for the services you need, you’ll also have a better idea of what your costs will be. Knowing what each part of Medicare covers can help you prepare for an appointment or procedure.
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All four parts each have their own costs, including deductibles, copays, and premiums. Together, parts A and B are often called original Medicare. These plans are also provided through private insurance companies. Part D plans are stand-alone plans that only cover your medications. Medicare Part D is prescription drug coverage. Medicare Advantage plans are offered by private insurance companies and are overseen by Medicare. These plans combine the coverage of parts A and B and aspects of part D into a single plan. Medicare Part C is also called Medicare Advantage. Medicare Part B is medical insurance that covers everyday care needs like doctor’s appointments, urgent care visits, counseling, medical equipment, and preventive care. It also provides limited coverage for skilled nursing facility care and certain in-home healthcare services. It covers you during short-term inpatient stays in hospitals and for services like hospice.
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Each part covers different healthcare services you might need.Ĭurrently, the four parts of Medicare are: You’ll typically pay 1.45 percent of your earnings toward Medicare, and your employer will match this amount. Medicare is a federal program that’s funded by taxpayer contributions to the Social Security Administration. Medicare is a health insurance program for people ages 65 and older, as well as those with certain health conditions and disabilities.