Medicare 101: Understanding the Basics

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If you are close to qualifying for Medicare coverage, congratulations! Medicare is not like any other insurance coverage you have had in your entire life, so it is a good idea to learn about the basics before you start working on your application. Here at Elite Benefits Group, we have the knowledge to help you evaluate your options, and we keep up with the ever-changing guidelines and rules surrounding the various parts of Medicare coverage.

Medicare 101: Understanding the Basics

Medicare coverage is organized in a standardized letter system. Here are the key components:

  • Part A: Also known as “hospital insurance,” this element addresses coverage for inpatient services, including skilled nursing facility care, hospitalization, hospice services, and some home healthcare.
  • Part B: This covers outpatient care, routine doctor visits, preventative services, and some durable medical equipment.
  • Part D: When you think “d,” it is probably not surprising that this element covers drug coverage, including prescriptions, vaccines, and non-durable medical equipment.
  • Part C: If you are wondering why Part C is after Part D in our list, it is because this coverage usually represents various private insurance company bundles of Part A, B, and D coverages. It can also include additional benefits like vision, hearing, and dental services.
  • Medicare supplements: These are sometimes called “medigap” plans because they are extra coverages from private insurance companies that address potential gaps in other coverage. They are still offered in standardized lettered plans from Part G to K.

Is your head spinning yet? The good news is you do not have to complete your Medicare application alone. Our team is standing by to help you. We can discuss your situation, needs, and budget and help you find the right combination of coverage.