Hi, I’m Danielle Roberts of Boomer Benefits,
where we teach baby boomers how to navigate Medicare. In this video, I’m going to show you the parts
of Medicare and help you determine which parts you need and which parts you don’t. Be sure to stay til the end, so that you can
download our free new to Medicare checklist. When it comes to understanding our federal
government program for people age 65 and older and people with certain disabilities, understanding
Medicare starts with the parts. Let’s take a look at how those work. One of the things that I have found helpful
for the clients we with here at Boomer Benefits is to explain that Medicare has parts, and
then when we use the word plans, we’re typically talking about supplemental coverage or Medicare
Advantage. So remember, Medicare has parts, and supplemental
options have plans. Part A is your hospital coverage. You want to think of this as your room and
board. It’s going to pay for a semi-private hospital
room, including three square meals a day, the nurse who comes around to visit you, and
it’s also going to take care of your skilled nursing, hospice, and even blood transfusions. Many people don’t realize that some of the
things that happen in the hospital actually fall under Part B.
Part B is your outpatient medical coverage. This is generally going to be things like
doctor visits, lab work, physical therapy, medical supplies, but it also covers some
things that happen in a hospital or clinical setting, including surgeries, ambulance rides,
chemotherapy, and radiation. Those two parts make up your original Medicare,
or sometimes what we call traditional Medicare. Part C and D came later. Let’s take a look at those. Part C is also called Medicare Advantage,
which is an optional form of coverage where you can get your Part A and B benefits through
a private insurance company. It’s not a part of original Medicare, so you
don’t enroll in it at the social security office. Since Medicare Parts A and B don’t cover 100%
of your costs, most beneficiaries purchase some sort of optional coverage to fill in
the gaps. There are two primary ways to do this, either
through a Medicare supplement or a part C Medicare Advantage plan. Medicare Advantage plans are a form of managed
care. If you enroll in one, you’ll get Part A and
B benefits through the plan’s network of providers instead of through original Medicare. To qualify for a Medicare Advantage plan,
you must be enrolled in both Medicare parts A and B and live in the plan service area. Since this video is about the basic parts
of Medicare, we won’t get into the details about Advantage plans today. But you can find more information about them
on the Boomer Benefits website. For the purposes of this video however, it’s
important to note that since not everyone wants to get their benefits through a Medicare
Advantage plan, Medicare Part C is optional and not everyone enrolls in it. Part D is your prescription drug coverage. And you want to think of this as a pharmacy
card. It’s going to allow you to pick up your retail
prescription drugs at your local pharmacy. Part D is voluntary, and not everyone needs
it. For instance, some people may have veterans’
benefits, and they can get some of their drugs filled at the VA. However, if you don’t enroll in Part D when
you’re first eligible and you decide to enroll later, you may be subject to a late penalty. So there you have it. Today we learned that Medicare has four parts. There are three parts that cover hospital,
outpatient, and drug coverage, and one part, which is simply another way to access your
Medicare Part A and B benefits. Now for a deeper dive on what Medicare covers
and to begin learning about your supplemental options, find the link to my blog post below,
Four Simple Steps to Understanding Medicare. On that post, you can download our free new
to Medicare checklist for people turning 65. And finally, if you enjoyed this video, be
sure to hit the like button, share it with your friends, and subscribe to our channel
for more news and information about Medicare. Thanks for watching, and I’ll see you in the
next video.