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Medicare Part A: Hospital Insurance

Medicare Part A covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care. Most people do not pay a premium for Part A if they or their spouse paid Medicare taxes while working. However, there are deductibles and coinsurance costs.

Medicare Part B: Medical Insurance

Medicare Part B covers outpatient care, doctor visits, preventive services, ambulance services, and medical equipment. It requires a monthly premium based on income, as well as deductibles and coinsurance.

Medicare Part C: Medicare Advantage

Medicare Part C, or Medicare Advantage, combines Part A and Part B benefits and often includes additional benefits such as vision, dental, and hearing. Premiums for Medicare Advantage plans vary by plan and may be lower or higher than the combined costs of Parts A and B. Out-of-pocket costs depend on the specific plan. Private insurance companies approved by Medicare offer these plans.

Medicare Part D: Prescription Coverage

Medicare Part D covers prescription medication, helping to lower costs. Part D plans have a monthly premium, which varies depending on the plan and income. There are also deductibles, copayments, and coinsurance. Private insurance companies approved by Medicare offer these plans.