Medicare is a federal health insurance program for retirement-age Americans. There are four basic parts of Medicare: A, B, C and D. Each part helps pay for certain health care services. Each part also has certain costs that you may have to pay. Your Medicare costs will depend on what coverage you choose and on what health care services you use. Nearly 50 million people are enrolled in Original Medicare (Part A and Part B).
- Part A. This is hospital coverage. It covers your stay in the hospital, a nursing facility, or any inpatient care. Part A is available to citizens and legal immigrants with at least five years of residency. Most US citizens are eligible for Part A upon turning 65.
- Part B. This is medical coverage for outpatient care. Benefits include physician visits, labs, surgeries, any durable medical equipment, and more.
- Part C. This is also known as Medicare Advantage Plans, these plans combine Part A & Part B. You’ll be responsible to pay co-pays for any approved services and/or hospital and physician visits.
- Part D. This is prescription drug coverage. This is considered your pharmacy benefits, insurance that you purchase for all your medication needs.