Medicare has four parts: Part A: Hospital Insurance (covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care).Part B: Medical Insurance (covers outpatient care, doctor visits, preventive services, and some medical equipment).Part C: Medicare Advantage (an alternative to Original Medicare that combines Parts A and B and often includes Part D).Part D: Prescription Drug Coverage (helps cover the cost of prescription medications).

Part A covers inpatient hospital care, skilled nursing facility care, hospice care, and some home health care. Most people do not pay a premium for Part A if they or their spouse paid Medicare taxes while working for at least 10 years. However, there may be out-of-pocket costs like deductibles and coinsurance.

The standard premium for Medicare Part B in 2024 is $174.70 per month, although it may be higher based on income. Part B covers services like doctor visits, outpatient care, preventive services (e.g., flu shots, cancer screenings), and medically necessary services like durable medical equipment. You’ll also have deductibles and coinsurance for some services.

Medicare Advantage, or Part C, is an alternative to Original Medicare. It’s offered by private insurance companies and includes all the benefits of Parts A and B. Many plans also include extra benefits like dental, vision, and hearing coverage, as well as prescription drug coverage. However, you may have a more limited network of doctors.

Prescription drugs are covered under Medicare Part D, which you can add to Original Medicare, or you can enroll in a Medicare Advantage plan that includes drug coverage. Part D plans vary by cost and the specific drugs they cover, so it’s important to compare options based on your medication needs.

Medicare does not typically cover services like long-term care (custodial care), most dental care, eye exams for glasses, dentures, cosmetic surgery, acupuncture, hearing aids, or routine foot care. You may need supplemental coverage, like a Medicare Supplement (Medigap) plan, to cover some of these expenses.

A Medigap plan helps cover some of the costs that Original Medicare doesn’t, such as copayments, coinsurance, and deductibles. It’s a good option if you want to limit your out-of-pocket expenses. Medigap plans are sold by private insurance companies and work alongside Original Medicare (but not Medicare Advantage).

The Initial Enrollment Period (IEP) begins three months before your 65th birthday, includes the month of your birthday, and ends three months after. You can also enroll during the Annual Enrollment Period (AEP) from October 15 to December 7 each year to make changes to your Medicare coverage, or during the General Enrollment Period (GEP) from January 1 to March 31 if you missed your IEP.