Medicare Part A, B & D

Medicare Part A: In-Hospital Coverage
Part A covers “inpatient” or “in-hospital” coverage. This means that patients are medically covered in the event they need to go to or stay at a hospital, nursing facility, or hospice center for a length of time. Part A covers the patient’s hospital care, food, and medical tests and procedures while staying at the hospital. 

Part B: Doctor And Outpatient Care
Medicare Part B follows up on Part A for medical coverage. Medicare Part B covers ‘medically necessary services’ to diagnose and treat serious conditions. This includes doctor visits, ambulance services, inpatient or outpatient services, and other services outside of hospital stays. Medicare Part B typically requires that the insured person pay a monthly premium to take advantage of it, as well as an annual deductible. It also requires the patient to share a percentage of costs. There is no maximum out of pocket expenses for these costs.

Avoid A Penalty
If you didn't get Part B when you're first eligible, your monthly premium may go up 10% for each 12-month period you could've had Part B, but didn't sign up. In most cases, you'll have to pay this penalty each time you pay your premiums, for as long as you have Part B. And, the penalty increases the longer you go without Part B coverage.

Medicare Part D: Prescription Drug Coverage
Part D of Medicare covers prescription drugs and medications. Typically, Medicare Part D is offered as a separate and optional stand-alone plan. Private health insurance agencies usually manage and maintain their own Medicare Part D plans. Because of this, Medicare Part D plans typically come with a premium that the patient has to pay. However, Medicare still regulates these plans. This means that there is oversight over the plans they offer. Also, unlike Medicare Parts A and B, Medicare Part D coverage is not standardized between plans. Because of this, costs and coverages for prescription drug plans under Medicare Part D vary greatly between insurance carriers.

Part D Penalty
The Medicare Part D enrollment penalty is an added monthly cost to your Part D premium. This penalty is for beneficiaries who enroll late to Medicare Part D.

• If you are enrolled in Medicare without a Part D plan.
• You Don’t Have Part C (HMO or PPO).
• You don’t have any other type of Medicare plan that covers prescription drugs.

You can avoid the penalty by; enroll as soon as you are eligible, avoid being without a drug plan for 63 days, and inform Medicare about prior drug coverage.
Give us a call; we can help you evaluate all the plans and options available to you.