Boost Retirement Planning with Medicare Options and Benefits
Medicare Parts and Their Benefits
Medicare is composed of four main parts: Part A, Part B, Part C, and Part D. Each part serves a unique purpose:
- **Medicare Part A (Hospital Insurance):** Covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. Most people do not pay a premium for Part A if they or their spouse have paid Medicare taxes for a certain period1.
- **Medicare Part B (Medical Insurance):** Covers certain doctors' services, outpatient care, medical supplies, and preventive services. As of 2023, the standard monthly premium for Part B is approximately $164.90, but it can vary based on income2.
- **Medicare Part C (Medicare Advantage):** An alternative to Original Medicare, these plans are offered by private companies approved by Medicare. They often include additional benefits like vision, hearing, and dental coverage. Costs and coverage vary by plan, so it's essential to compare options3.
- **Medicare Part D (Prescription Drug Coverage):** Adds prescription drug coverage to Original Medicare and some other Medicare plans. Costs for Part D plans vary, and it's crucial to choose a plan that covers your prescriptions adequately4.