If you have been preparing for retirement, now is a great time to start thinking about Medicare. All the different parts can be overwhelming, but we at Jeannie Pierce Insurance Agency are here to help clarify things for you. The most basic thing you need to know is that there are four main parts to Medicare. Here is a brief explanation of each one.
- Part A: Medicare Part A is typically known for its inpatient and hospital coverage. With Part A, you will need some form of supplemental insurance to cover the costs that are not included in this part of Medicare.
- Part B: Medicare Part B is known for its outpatient and medical coverage. As with Part A, this part of Medicare needs to be paired with supplemental insurance. Part A and Part B are more often paired together as what is known as Original Medicare to offer more complete coverage.
- Part C: Medicare Part C is also known as Medicare Advantage. It’s a sort of “all in one” plan that bundles the Original Medicare and Medicare Part D all together in the most affordable way possible. It offers just the right coverage for your needs, so there is no supplemental insurance needed.
- Part D: Medicare Part D is specifically for coverage for prescription drugs. It is often grouped with Part A and Part B for full coverage, though Medicare Part C, or Medicare Advantage, typically has it already included in the coverage you get from that plan.
There is a lot you need to know about Medicare coverage before you hit the retirement age of 65. If you’re feeling overwhelmed or would like to speak to our team of Medicare experts, you can give us a call.