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In 1991 Billy and Akaisha Kaderli retired at the age of 38. Now, into their 4th decade of this financially independent lifestyle, they invite you to take advantage of their wisdom and experience.

What are the parts of Medicare?

The ABCD’s explained

Ashley Lipman

Medicare is an insurance program in the United States. A US citizen is qualified to receive Medicare if they are 65 years old and older or if they have a disability.

Medicare generally consists of two main Medicare coverage plan options. These options are the Original Medicare plan and the Medicare Advantage plan. There are also other Medicare plans that partner with private companies to provide Medicare coverage. The Original Medicare plan is the most basic plan received from Medicare. Those who receive Social Security checks are automatically enrolled in the Original Medicare plan.

There are four different parts of Medicare, each with their own types of coverage. The two main parts of Medicare are Medicare Part A and Medicare Part B. Part C and D are different Medicare plan types. Part C is another name for the Medicare Advantage plan, and Part D is covered in Medicare drug plans.

Part A & B

Part A and Part B are both included in the Original Medicare plan, which is the standard plan for Medicare. These plans are also included in the Medicare Advantage Plan, or Part C. They are the two main parts of coverage in both coverage plans for Medicare and the insurance program as a whole.

 

In general terms, Part A covers the costs of hospital-related care and is defined as Hospital Insurance by the medicare.gov website. Part B covers necessary medical services and preventative services. It is defined as Medical Insurance on the Medicare website.

Examples of the types of care Part A covers include hospital visits, nursing home care, hospice care, nursing facility care, and other similar services. Part B covers care such as ambulance services, mental health services, and other medical or preventative services.

Part D

Part D refers to the prescription drug portion of Medicare coverage. Although it is generally only covered to a certain extent in the Original Medicare plan, it is included in most types of Medicare Advantage plans and some of the other Medicare plans.

There is an option to add prescription drug coverage to a Medicare plan that does not already cover it. Those with Medicare can add a Medicare drug plan to their existing coverage plan. There is also the option to choose the Part C Medicare Advantage Plan or another Medicare plan that includes prescription drug coverage.

Part C or Medicare Advantage Plan

The Medicare Advantage Plan, or Part C, is one of the plan options for Medicare. Along with providing the basic Part A and Part B Medicare coverages, they also generally provide more benefits and coverage. They are offered by approved private companies that are partnered with Medicare.

As stated on the Medicare website, the most common Medical Advantage Plans are Health Maintenance Organization (HMO) Plans, Preferred Provider Organization (PPO) Plans, Private Fee-for-Service (PFFS) Plans, and Special Needs Plans (SNPs).

Which plan is right for you?

There are a variety of Medicare insurance plans that provide specific types of coverage. With the Medicare options having a variety of coverage types and benefits, it can be hard to compare these plans and decide which is the best option for the type of coverage that is needed.

To help guide the process, there are resources that can help those who are looking to compare a variety of Medicare plans like Part D. These resources allow for comparing plans online to find the right type of Medicare plan based on the included coverage, benefits, and price.

For more information, medicare.gov also offers a wide variety of resources and information in regards to choosing the right Medicare insurance plan.

For more information on Medical Insurance and Health Insurance options, CLICK HERE

For more information on Medical Tourism, CLICK HERE

 

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About the Authors

 
Billy and Akaisha Kaderli are recognized retirement experts and internationally published authors on topics of finance, medical tourism and world travel. With the wealth of information they share on their award winning website RetireEarlyLifestyle.com, they have been helping people achieve their own retirement dreams since 1991. They wrote the popular books, The Adventurer’s Guide to Early Retirement and Your Retirement Dream IS Possible available on their website bookstore or on Amazon.com.

contact Billy and Akaisha at theguide@retireearlylifestyle.com

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