Medicare Parts A, B, C, D and Medicare Supplement Plans Explained

Confused about the different parts of Medicare? Let’s break it down.

Medicare Part A (Hospital Insurance) covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care. Most people don’t pay a premium if they’ve worked and paid Medicare taxes for at least 10 years. You can enroll during your Initial Enrollment Period (IEP), which starts three months before your 65th birthday, includes your birthday month, and ends three months after.

Medicare Part B covers outpatient care, doctor visits, preventive services, and some home health care. The standard monthly premium is $174.70 in 2024, but it can be higher based on your income (IRMAA). The IEP for Part B is the same as for Part A. If you’re covered by an employer plan, you can delay Part B without penalty and have an 8-month Special Enrollment Period (SEP) after retirement to sign up without penalty.

Medicare Part C (Medicare Advantage) combines Parts A and B and is offered by private insurance companies. Many plans include Part D (prescription drug coverage) and extra benefits like dental and vision. You can enroll during your IEP or the Annual Election Period (AEP) from October 15 to December 7th each year.

Medicare Part D covers prescription drugs and is offered by private insurers. The IEP for Part D is the same as for Parts A and B. If leaving employer coverage, you have a Special Enrollment Period to enroll within 63 days to avoid a late penalty.

Medigap (Medicare Supplement) plans help cover out-of-pocket costs not covered by Original Medicare. Popular plans are G and N, allowing you to see any doctor accepting Medicare without referrals.

The best time to buy a Medigap policy is during your six-month Medigap Open Enrollment Period starting when you’re 65 and enrolled in Part B. There are additional Special Enrollment Periods for specific situations like losing group coverage.

IRMAA Link: https://www.bluewaveinsurance.com/muc...

▬▬▬▬▬▬▬▬▬▬▬▬▬▬

⏰ Timestamps
00:00 - Intro
00:33 - Medicare Part A
02:10 - Medicare Part B
04:33 - Medicare Part C (Medicare Advantage)
06:02 - Medicare Part D (Prescriptions)
06:49 - Medicare Supplement Plans

-----------------------------------------------------------------

📅 Book an Appointment: https://www.bluewaveinsurance.com/boo...

☎️ Call us at 877-318-0747 for a FREE quote comparison. Our service is always free and the rates are exactly the same whether you go directly to the company or work with us.

💻 Visit our website for more information at https://www.bluewaveinsurance.com/

-----------------------------------------------------------------

Subscribe To Our YouTube Channel:    / @bluewaveinsurance  

#medicare #medicarecoverage #medicare101 #medicareexplained