Medicare Parts in Summary


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Everywhere you look – technology, life’s processes, healthcare, everything is being revamped and revolutionized.  All these developments come at a price.  If you need healthcare, the best equipment, techniques and medications would mean a huge price for you to pay.  To buffer your finances from this big blow, you can enroll yourself and the people you care about in insurance plans like Medicare and Medigap.
Essentially, there are four parts to Medicare and these cover a wide variety of areas of healthcare.  For the gaps in these parts, you can supplement them with Medigap plans (which are also named by ‘part’).  Here’s a summary of the various parts and what kind of coverage they provide.

Part-by-Part Summary of Medicare

  • Medicare Part A – This is the gap plan that provides you with basic benefits namely, copayment and coinsurance for part A hospice care, the cost of the first 3 pints of blood, coinsurance and copayment with Medicare parts A and B.  Additional costs when Medicare benefits are exhausted and extended for an additional year.
  • Medicare Part B – For this particular insurance gap plan, you’ll have all the four basic benefits that part A provides as well as additional help with the costs for deductibles with Medicare Part A.
  • Medicare Part C –Part C provides for even more benefits in that you’ll get the basic coverage, Medicare Part A deductible and the following:  Part B Medicare deductible, foreign travel emergencies and skilled nursing  and facility care.
  • Medicare Part D – With this particular plan, you’ll have everything save for Medicare part B deductible plus any excess charges under Medicare part B.  These will all have to be shouldered by you.
  • Medicare Part F – Perhaps the best plan of the bunch, part F provides for every benefit from the most basic to things like foreign travel emergency.  The catch, it’s a high deductible plan.
  • Medicare Part G –You’ll get almost all the benefits on this insurance plan because the only thing it doesn’t cover for is Medicare part B deductible.
  • Medicare Part K –This specific insurance gap plan provides the basic benefits but only up to 50% with regard to coinsurance Medicare part B, part A hospice care and the cost for the first 3 pints of blood.  In addition though, it covers for 50% of skilled nursing facility coinsurance and 50% of Medicare part A deductible.  The out of pocket limit here amounts to $4640.  Once you meet this limit as well as the yearly part B deductible, Medigap will cover 100% of the covered services for the rest of the calendar year.

With regard to the other insurance plans Medicare Part E, Medicare Part H, Medicare Part I. Medicare Part J, and Medicare Part L, these have all been discontinued in June 1, 2010.  People enrolled in these plans before said date, however, continue to benefit from the coverage.

Source
http://www.medicare.gov/Publications/Pubs/pdf/02110.pdf