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What Are The 4 Parts of Medicare?

Transcript

Casey: What are the four parts of Medicare? 

Lee: So four parts of Medicare, you hear mostly about our A, B, C, and D. So with that original Medicare consists of part A and B. So you pay Medicare taxes out of payroll every single two weeks or whenever you get a paycheck. Right. That helps pay for to a degree, your part A and your part B of Medicare. So that’s original Medicare. It can help. It’s still got plenty of coverage that needs to be addressed. Big gaps in coverage. So that’s where the C and the D come into play. original Medicare A and B does not include prescription drug coverage. So that’s what we refer to as part D is to help cover those those medications that you’re taking on a regular basis.and then part C is, is a plan offered through private insurance companies that combine the A and the B and usually improve that coverage in and of itself, as well as include the drug coverage. It doesn’t always. But most of the plans a traditional Medicare Advantage plans or part C plans have that drug coverage built in. Sometimes there are plans or situations where someone might not need part D, drug coverage if you’ve got VA benefits or those types of things. But by far the majority of people that we talk with need that, prescription drug coverage. and so you need that part. D that being said, we might cover this a bit later, but there are actually penalties if you go without certain parts of Medicare. So if you go without that part D, Medicare will say, shame on you for being so healthy that you don’t need prescriptions, which I know is silly. but that’s what it feels like. So it’s always important to talk to a broker, like us and understand what those penalties are, what the risks and the pros and cons are to understand, those in and out as much as possible. So those are the four parts ABCd. Pretty simple. 

Casey: And there’s this little part that sticks out here that not a lot of people pay attention to. It’s called Medicare supplement. And so, you know, the original Medicare is A and B and then C and D. But there’s also something called a Medicare supplement also known as Medigap plans. And those sit outside of traditional Medicare. Although your parents probably had it, your grandparents probably had. It’s been around for a long time, and they just supplement what Medicare doesn’t cover those gaps that Lee was  talking about, supplemental insurance can help fill those gaps, but they themselves leave some gaps. True. They don’t have prescription drug coverage, so you have to have a have a prescription drug plan that you have to add to that they don’t typically have some of the extra benefits that the Medicare Advantage plans [do] . So you got to buy those policies, which we sell those to. They’re popular. They’re still a good fit for quite a few people. 

Lee: Right.

Casey: Just a different way to get coverage. 

Lee: Yep.

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