Medicare Plans Explained
Medicare Part A (Hospital Coverage) pays for in-patient hospital services, skilled nursing facility care after a hospital stay, home health care, and hospice care. Medicare Part A also pays for all but the first three pints of blood each calendar year.
Medicare Part B (Medical Coverage) pays for medical expenses, clinical laboratory services, and outpatient hospital treatment. In most cases, Medicare pays 80% of the Medicare-approved cost of covered medical expenses, including physicians’ services and supplies. Some Medicare Part B services are paid as a specified fixed payment.
Medicare also pays for preventitive health services including: exams, lab tests, health screenings, and shots.
Medicare Part D (Prescription Drug Coverage) pays for generic and brand-name prescription drugs. You can receive prescription drug coverage by joining a stand-alone prescription drug plan or by purchasing a Medicare Advantage plan that includes the coverage. You may not need Part D coverage if you belong to a group plan that provides prescription drug coverage.
Medicare Supplement Policy
A supplement policy is structured to fill the “gaps” in original Medicare plan coverage. These policies help pay some of the health care costs the Medicare does not cover.
You are able to choose up to 12 different standardized Medicare Supplement policies, plans A through L. The most commonly purchased plan is plan F, which has a variety of features that are popular.
When you purchase a Medicare Supplement policy, you must have Medicare Part A and Part B. You and your spouse must EACH buy separate Supplement plans. Your policy WILL NOT cover any health care costs for your spouse.