A, B, C, and D’s of Medicare

You have several options when you are ready to turn on Medicare benefits. Still, there are also pitfalls and penalties to avoid. In this discussion, I will explain the different parts of Medicare. Still, please watch my videos associated with Medicare for additional information. If we can help you navigate your Medicare enrollment, please call us at 769/241-6116 again, that is 769/241-6116, or visit us online at woodinsurance.agency. This is where you will find videos on Medicare and other insurance topics.

Medicare Part A is for hospital in-patient stays only. You are charged based on the length of your visit to the hospital. Your responsibility for these charges will be 20% of the allowed charges. “Allowed charges” are what Medicare says they will pay for certain services. It does not matter what the hospital charges because they only get paid based on the “allowed charges.” This is true for every part of Medicare and also for most commercial insurances as well.

Medicare Part B is for outpatient services and durable medical equipment, also known as DME, such as walkers, crutches, and other equipment you use and are prescribed by your doctor or other healthcare provider.

Medicare Part C is also known as Medicare Advantage. This is what you see advertised on TV a lot. Medicare Advantage can be a good option depending on where you live and if your healthcare provider accepts it. The problem with Medicare Advantage is that the patient gets locked into it and may learn that their provider does not participate or may stop participating in the plan. This leaves the patient with basically no good health insurance.

Medicare Part D is the prescription drug plan. Several commercial insurance companies offer Part D prescription drug plans, which can be accessed at Medicare.gov. You will want to identify the pharmacy and medications you use regularly. You will get a cost estimate that includes the plan premium and the cost of your medicines under that particular plan.

Again, if we can help you navigate your Medicare enrollment, please call us at 662-862-7607 or visit us online at woodinsurance.agency.