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The Four Main Parts to Medicare:

Part A

Part A is your hospitalization coverage and the
first part of Medicare you will receive. Part A
has no premium because you funded it while 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 2020
Part A has a $1,408 deductible when admitted
to the hospital after that Medicare covers the majority of costs.

Part B

Part B is your medical (out-patient). Once you
have chosen to elect Part B, there will be a
monthly premium (average premium $144).
Part B will cover 80% of your costs and you
are responsible for the remaining 20% and
a annual deductible of $198 (2020). Popular services covered under Part B are doctors
visits, specialist, outpatient surgery, rehab, observation, lab work, MRI, and cat scans.

Part C

This is known as a Medicare Advantage
Plan or MAPD. They are either an HMO,
PPO, PFFS, or MA only. They are government
ran and replace your Part A and B of Medicare.
You are still responsible for roughly 20% of
all medical costs plus co-pays. Most Advantage Plans are network based. You can purchase
a Medicare Advantage plan with or without prescription coverage. Typically Medicare
Advantage Plans can be purchased during
the Annual Enrollment Period.

Part D



These are stand alone prescription plans.They
are government run. 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 a credible
drug coverage through some other means
the government will penalize you when you
do enroll.

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