To help you understand your coverage options, you’ll need to know the different parts of Medicare:
- Part A provides basic hospitalization coverage.
- Part B covers outpatient care like doctors’ visits and diagnostic testing.
- Part C (Medicare Advantage) is a private option that combines Part A and B and offers additional benefits.
- Part D is prescription drug coverage.
- Medicare supplement plans (Medigap) is private insurance that helps cover out-of-pocket costs like copays, coinsurance and deductibles.
Medicare Part A
Medicare Part A covers hospital costs when you are formally admitted with a doctor’s order. The insurance will pay for wheelchairs and walkers, hospice care, some home healthcare services, blood transfusions and limited coverage for skilled nursing.
Medicare Part B
Medicare Part B covers doctor visits and preventive healthcare like yearly screenings and exams. Some of the tests and services covered are:
- Cancer and mental health screenings
- Ambulance and emergency department services
- Vaccinations for flu and hepatitis
- Medical equipment and diabetes supplies
Medicare Part C
Also called Medicare Advantage, this private option provides the benefits of Part A and Part B, as well as extra benefits like dental, hearing, vision and prescription drug coverage. You’ll pay a premium for this plan and only be allowed to see the doctors in your network.
Medicare Part D
Medicare Part D covers prescription drugs. This plan is optional, but we highly recommend it because you could face late enrollment penalties later on.
What Doesn’t Medicare Cover?
Medicare does cover a wide range of services, but there are some things it does not provide coverage for such as:
- Hearing aids
- Most dental care, including dentures
- Routine vision and foot care
- Long-term or custodial care
- Cosmetic surgeries
- Medical care overseas
To ensure you have the coverage you need to be safe and healthy, it’s important to go over all of your options with a financial planner in NJ. Schedule a consultation with Leonard Financial Solutions to learn more about your coverage options and how to lower out-of-pocket expenses with a supplement plan.