Do you know your ABC's? medicare part a/b c/d

In 1965, Medicare was signed into law.  It started with Part A and Part B and covered quite a bit considering the expenses of the day.  To qualify for Part A and Part B, you or your spouse must have accrued 40 quarters with Social Security or there could be additional costs.

Medicare Part A covers inpatient hospitalization.   In 2024 it pays everything for the first 60 days with a $1632 deductible per incident.  Hospital stays more than 60 days have copays.  It also covers some skilled nursing, at home care and hospice.  There is no maximum out of pocket for expenses.

Medicare Part B covers doctors and outpatient services.  In 2024 there is a $240 annual deductible and it pays 80% of all covered services.  The monthly premium is typically $174.70 per month.  There is no maximum out of pocket for expenses.  You will need to sign up for Part B during your Initial Enrollment Period (see our Turning 65 page for more details).

Supplementals are provided by private insurance companies to fill in the gaps of Medicare Parts A and B and work in connection with Original Medicare.  Supplementals have premiums and have low or no copays. #medicare supplemental # medicare advantage plans

Medicare Advantage Plans are Medicare replacement plans that are totally provided by private insurance companies.  These are the $0 plans that you will see advertised.  They have lower premiums, if any, than supplementals.  They operate with copays for services and have a max out of pocket expense coverage.

Part D is for prescription drugs.  Many Advantage plans have Part D included.  For supplemental plans, an additional Part D will need to be purchased.  See our Turning 65 page for more details.