Understanding Medicare

Learn about Medicare Parts A, B, C and D, Medicare Advantage, Medicare Supplement and Medigap Insurance. Understand the Costs, Coverages and Premiums from Medicare Providers and Companies

Medicare is easy.  You've heard us say it over and over.    When you call and Get a Guru at 844 My Gurus they will walk you through and make sure you understand your coverage, but here are the basics for those who like to read a bit first.   The 4 Parts of Medicare:

Medicare Part A: Covers Hospitilization

Medicare Part B: Covers Outpatient Expenses 

Part A and B together make up Traditional Medicare.   You can choose between having them and Part C, which will be discussed next.  If you choose traditional Medicare (Parts A and B) you are eligible to purchase Medicare Supplement Insurance, which is officially called "Medigap" Insurance to cover gaps that Medicare doesn't pay.   You can also get a Stand Alone Part D Plan to cover prescription medications.  

Medicare Part C: Medicare Part C is commonly referred to as Medicare Advantage.  This can be chosen instead of traditional Medicare (Parts A and B) and it will be administered by a private insurance company.     Basically Medicare pays these private insurance companies to create plans that are the "actuarial equivalent" of one another.   This basically means they have the same overall value even if deductibles, copays, networks and other things are changed up a bit between Medicare Insurance Companies.   

If you choose Medicare Part C, you can get a plan that includes prescription drug coverage, known as a Medicare Advantage with Part D (MAPD) plan or you can get Medicare Advantage only (MA) which would mean you are eligible to buy a separate Part D Plan.  

Medicare Part D: Prescription Drug Coverage
These stand alone part D plans are available to anyone who has traditional Medicare Parts A and B and anyone with a a Medicare Advantage Plan (Part C) that does not include prescription coverage. 

How to Choose the Right Plans for You
Follow this process below for finding the right Medicare coverage and plans for your specific situation. 

Your First Choice:   Choose between traditional Medicare (Parts A and B) or Medicare Advantage Plans (Part C.)   You have to get one or the other. 

Second Steps

If Traditional Medicare is Chosen: You will need to find good Medicare Supplement Insurance and a good stand alone Part D Prescription Drug Plan. 

If Medicare Advantage is chosen:   Pick your plan that includes prescription coverage or with a combination of a stand alone Part D plan with a Part C plan that doesn't cover prescription medication.  

How to Get Help

The above is a guideline that your Medicare Guru will walk you through to make sure you have the right coverage.   Remember, we work for you, not the Insurance Companies.   We'll stay with you as long as you need ust to to make sure you understand your coverage, have the exact right coverage for you from all possible options and we promise to stand by you for life.  

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Posted 2 years ago
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