Parts of Medicare

Medicare is a federal health insurance program which provides access to affordable medical treatments to seniors ages 65 and above. It is made up of four Parts – Medicare Part A, B, C, and D. Each has its own features worthy of enrollment.

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The best time to join

Individual Medicare Parts can be purchased separately. This goes for Medicare Parts A, B, and D (Medicare Advantage is unique because the first two parts must have already been purchased, and it usually has a prescription drug plan built-in).

The best time to sign up is during that seven month span of time, beginning three months before your birth month, to your birth month, to three months after that. This is the Initial Enrollment Period (IEP). The IEP is the one time you can get Medicare without incurring late fees. And if you have worked in the U.S. long enough to have earned 40 tax credits, you can get Medicare Part A with a $0 premium.

Medicare Part A

Medicare Part A comes to use when you’re admitted as an inpatient. Most of the time, this means staying in the hospital. But there are other inpatient settings such as skilled nursing facilities and hospice.

It’s possible to have Medicare Part A without having to pay for it. The deductibles, coinsurance, and copays are paid when you’re actually getting the treatment. Assuming you join during the IEP and have a premium-free Part A, and you don’t get admitted as an inpatient that year, then that is a year you technically had a free insurance plan.

Part B

Medicare Part B covers outpatient treatments. This covers services such as checkups, chemotherapy, screenings, and vaccinations. Medicare approves a certain amount for a treatment, and it’ll pay 80% while you just have to pay 20% of that Medicare-approved cost. Some doctors may not accept Medicare assignment, but will negotiate with Medicare to leave you with a reduced bill, albeit with a possible 15% extra fee.

Part C

Medicare Part C, which is commonly known as Medicare Advantage, is a low-cost option for comprehensive coverage. Most plans have a $21 premium. You also have to be enrolled in Medicare Part B to have this.

Medicare Advantage is unique for three reasons:

It’s sold through private insurance
It is a packaged plan with Medicare Parts A, B, and in some cases D
Offers coverage for services not covered by traditional Medicare

However, Medicare Advantage has a smaller provider network, so your treatment options are fewer.

Part D

Medicare Part D offers coverage for pharmaceutical drugs. This plan works with you, your prescriber, your insurance, and the pharmacy. When you’re prescribed a medication, your insurer will see what the lowest-cost route will be. Part D has a list of covered medications known as a formulary, and if your medication isn’t on it, your plan will try to find one that is most similar to it. If the medication you have is expensive, your plan will arrange for you to take a generic version of what you were prescribed.

Our Part

At Medicare With Jake, we do our part in giving you all the details of Medicare. We’re a modest, honest, and hardworking agency coming from Wichita, Kansas, reaching out to all who need Medicare assistance. These four parts together combine to save you costs on an infinite number of treatment services. We want to be a part of your path to saving on medical costs.