When it comes to Medicare, there are several parts that make the entire process more complicated. Part A covers hospital care, visiting a doctor, and taking prescribed drugs. Part B covers outpatient care, including doctor visits, lab tests, diagnostic imaging surgeries, and kidney dialysis. Often referred to as “original Medicare,” Part B requires monthly premiums, and it’s important to sign up as soon as you can. Unfortunately, if you wait too long, you’ll have to pay more premiums than you did for Part A. More – unitedfinances.com/blog/medicare-basics-do-you-need-all-the-medicare-parts/

Understanding the Differences Between the Different Medicare Parts

There are special enrollment periods for people with qualifying life events or certain health conditions. In addition to the standard enrollment period, you can also enroll during special enrollment periods. It can be confusing trying to figure out the different parts of Medicare, but it’s definitely possible! Here’s how to understand them:

Part A is what many people think of when they hear “Medicare.” Part A is known as hospital insurance and Part B is medical insurance. Part A covers expenses for hospital stays and nursing care. Part B, on the other hand, covers services that you receive outside of the hospital setting, such as home health or skilled nursing care. Part A will cover your hospital stay costs, so you won’t have to pay a premium. However, you will have to pay a deductible before Medicare will pay any of those costs.

Part C is also known as Medicare Advantage. Medicare Advantage plans are private insurance companies that provide coverage for certain health services. These plans replace Original Medicare and will provide more benefits than you’ll receive from your government-run plan. In order to join a Medicare Advantage plan, you must be enrolled in both Parts A and B. These programs are announced in October each year. The annual enrollment period for Medicare Advantage lasts from October 15 to December 7.