Medicare benefits are part of the Medicare federal health insurance program that helps pay for doctor bills, hospitalization costs, prescription drugs, and other related products and medical services. Medicare categorizes this insurance coverage into 4 groups, called parts. It is important to know that your Medicare benefits do not cover everything. Many people purchase a separate health plan with a commercial insurance provider to cover the gap between Medicare’s contribution and the actual cost of the service. This is known as supplemental insurance or Medigap. Below are the different parts of Medicare and their benefits.
- Medicare Part A: Hospitalization.
Helps with the hospital bills from overnight stays.
- Medicare Part B: Major Medical.
Helps with doctor bills from outpatient care and visits.
- Medicare Part C: Medicare Advantage.
Medicare Advantage is administered by private insurers and covers all the services of Part A and B and may include prescription drug coverage and additional benefits, depending on the plan. Medicare pays a fee to the plan on your behalf.
- Medicare Part D: Prescription Drug Coverage.
Helps with prescription drugs.