It’s been awhile since I have written an article on the basics of Medicare.  For those of you who are seasoned veterans and using Medicare, this might be a little helpful.  For the newbies to Medicare, this could give you some help on what to look forward to.

Original Medicare is what the Federal Government provides to folks who have worked in the US for 40 quarters or more.  This can also be provided through a spouse’s employment.  Original Medicare has two parts: Part A and Part B.

Part A is your Hospital or Skilled Nursing Facility coverage.  Think of this as your inpatient coverage.  Something to remember is that when you are held for Observation in a Hospital, that is not considered an inpatient stay even if it feels like it.  Part A will also pay if you need inpatient rehabilitation after an inpatient hospital stay.  When you work in the US for the qualifying amount of time, you will not have a monthly premium for Part A.

Part B is your Medical insurance. I like to refer to this as your day-to-day coverage.  This is what will cover a doctor’s office visit, outpatient surgery, wheelchair, walker, oxygen, emergency room visit, ambulance ride, injections, etc. This will generally have a monthly premium attached to it that can vary based on your income.

To have prescription coverage, you would need a Part D plan. This can be a separate plan or it can be built into a Part C plan.  The prescription coverage is provided by an Insurance Company that has a contract with the Federal Government. There are plenty of options to choose from. Generally you would select the plan with the lowest projected cost for your specific list of medications.

You could have a penalty for delaying enrollment in Parts B and D.  I am happy to help you with your specific questions.  Please call my assistant Rose to schedule a time to chat: 720.665.6015.