Breaking Down The Basics

Whether you are turning 65 soon or have many years to go, it’s important to know about Medicare. This government program can help with your future health care needs.

Parts A & B: Original Medicare

Part A:

• What It Covers: Hospital stays, skilled nursing care, hospice, lab tests, surgeries, and some home health care.
• Costs: Most people don’t pay premiums, but there are yearly deductibles.
• Nursing Home Care: Medicare covers up to 100 days in a nursing home if certain conditions are met. The first 20 days are free. From days 21-100, you might pay $204 each day.

Part B:

• What It Covers: Doctor visits, outpatient care, some home health services, and medical equipment.
• Costs: There are premiums and deductibles. For 2024, the monthly premium is $174.70, and the yearly deductible is $240.

Part C: Medicare Advantage Plans

• What It Is: An all-in-one alternative to Original Medicare, offered by private companies.
• Coverage: These plans must cover what Original Medicare covers, but they can offer more. Each plan is different, so compare their networks, premiums, copays, and out-of-pocket costs to find the best one for you.

Part D: Prescription Drug Plans

• What It Is: Insurance for medications, sold by private companies.
• Coverage: Each plan has a list of covered drugs (formulary). Check Medicare.gov to see if your medicines are covered and how much they cost.

Start Your Research

Visit Medicare.gov for answers to common questions and to learn more about the different Medicare plans available.

1. CMS.gov, 2024
2. Medicare.gov, 2024
3. Medicare.gov, 2024
4. Medicare.gov, 2024