There are a few different parts of Medicare, including a few private Medicare policy options.
As you approach Medicare eligibility – or if you’re already enrolled in Medicare – it’s important to know more about your Medicare coverage options.
There are four distinct parts of Medicare:
Original Medicare consists of two parts: Part A and Part B
Medicare Advantage plans (Medicare Part C) are an alternative to Original Medicare. These plans are sold by private insurance companies and include all of the same coverage as Part A and Part B.
Some Part C plans also offer benefits that Original Medicare doesn’t cover, such as routine dental, vision, and hearing care. Most Medicare Advantage plans include prescription drug coverage.
The selection, cost and benefits included in a Medicare Advantage policy may vary from one location of the country to another.
A licensed insurance agent can help you find a Medicare Advantage policy available where you live. You can call to speak to an agent at TTY Users: 711 24/7.
Medicare Part D provides coverage exclusively for prescription drugs, which are not typically covered by Original Medicare.
A standalone Medicare Part D policy, also sold by a private insurance company, can be used alongside your Medicare Part A and/or Part B coverage.
Many Medicare Advantage plans include Part D prescription drug coverage.
The cost, selection and drugs covered by a Medicare Part D plan may differ from one location to another.
Medicare Supplement Insurance (also called Medigap) helps cover some of the out-of-pocket expenses that are left behind by Medicare Part A and Part B.
A Medicare Supplement Insurance policy can cover costs such as certain Medicare deductibles, coinsurance and copayments. There are 10 types of standardized Medigap plans available in most states.
Medigap plans are sold by private insurance companies, and plan selection and costs may vary.
You may not have a Medigap policy and Medicare Advantage policy at the same time — they do not work together.
Finding the right Medicare coverage for your needs may depend on your unique circumstances, financial resources and the availability of private Medicare policies in your area.
There’s a lot to know about Medicare policies beyond Part A and Part B. There are only certain times of the year in which you may enroll, eligibility standards, costs, conditions and more.
A licensed insurance agent can help answer your questions about Medicare Advantage plan coverage, eligibility and enrollment. Call today to learn more about finding a Medicare Advantage policy that works for you.
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