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The four main parts to Medicare

  • Part A is your hospitalization coverage and the first part of Medicare you will receive.
  • You paid into your Part A while you were working.
  • As long as you have worked for 40 quarters (10 years) you will receive Part A on the 1st of the month you turn 65.
  • For 2019 Part A has a $1, 364 deductible after that Medicare covers the rests of the costs.
  • Part B is your medical (out-patient).
  • You elect Part B, once elect Part B you will have a premium drafted from your social security check each month (avg. premium $134.
  • Part B will cover 80% of your cost and you are responsible for the remaining 20% and a yearly deductible¬†of $185 (2019).
  • Popular services covered under Part B are doctors visits, specialist, outpatient surgery, rehab, and observation.
  • This is known as an Advantage Plan or MAPD.
  • They are either an HMO, PPO, PFFS, or MA only.
  • They are government run and replace your Part A and B of Medicare.
  • Therefore you are still responsible for roughly 20% of all medical costs plus co-pays and you have networks you must stay in as well.
  • You can purchase a Plan C that does include prescription coverage.
  • Also unless you are in your open enrollment period you can only purchase Part C during the annual enrollment period.
  • These are stand alone prescription plans.
  • They are government ran as well.
  • Changes can only be made to these plans during the annual enrollment period.
  • They allow you to get your prescriptions at a discounted rate.
  • If you do not enroll in a plan or have credible drug coverage through some other means the government will penalize you when you do enroll.