Medicare is government-provided health insurance for people who are 65 and older. It also provides coverage for some younger people with certain disabilities and those with End-Stage Renal Disease. Established in 1965, Medicare helps cover the cost of healthcare, including hospital stays, doctors’ services, outpatient care, and prescription drugs. Here’s everything you need to know about Medicare and all of its parts!
Part A of Original Medicare provides coverage for inpatient services. It covers:
Part B of Original Medicare provides coverage for medically necessary services and preventive services. It covers:
Each Part D plan covers a variety of prescription drugs. A plan’s list of covered drugs is called a formulary. In addition to the formulary, all Part D plans must cover certain protected classes of medication such as:
Medicare Advantage Plans are Medicare-approved bundles offered by private companies. Advantage Plans usually include Parts A, B, and D.
Medigap is insurance sold by private companies to supplement what is not covered by Original Medicare. Medigap can help pay for copays, deductibles, and coinsurance.