Medicare Plans Made Simple “The ABC’s and D of Medicare”

What are the parts of Medicare plan?

The different parts of Medicare help cover specific services:

  • Medicare Part A (Hospital Insurance)
    Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
  • Medicare Part B (Medical Insurance)
    Part B covers certain doctors’ services, outpatient care, medical supplies, and preventive services.

Part B covers 2 types of services

Medically necessary services: Services or supplies that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practice.

Preventive services: Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.

  • Medicare Advantage/ Medicare Part C

Medicare Advantage is an “all in one” alternative to Original Medicare. These “bundled” plans include Part A, Part B, and usually Part D. Most plans offer extra benefits that Original Medicare doesn’t cover — like vision, hearing, dental, and more. Medicare Advantage Plans have yearly contracts with Medicare and must follow Medicare’s coverage rules. The plan must notify you about any changes before the start of the next enrollment year.

  • Medicare Part D (prescription drug coverage)

Helps cover the cost of prescription drug (including many recommended shot of vaccines).

Each Medicare plan can vary in cost and specific drugs covered, but must give at least a standard level of coverage set by Medicare.  Medicare drug coverage includes generic and brand-name drugs.  Plans can vary the list of prescription drugs they cover (called a formulary) and how they place drugs into different “tiers” on their formularies.

Consider these important items when choosing coverage:

Costs

Coverage

Your other coverage

Prescription drugs

Doctor and hospital choice

Quality of care

Travel

Annual Enrollment Period for 2021 Plans

What changes can you make during the AEP?

Here’s a quick rundown of what you can do during the Annual Enrollment Period:

Change to a Medicare Advantage plan from Original Medicare, Part A and Part B.

Change from a Medicare Advantage plan to Original Medicare, Part A and Part B.

Change from one Medicare Advantage plan to another (regardless of whether either plan offers drug coverage).

Enroll in a Part D prescription drug plan.

Change from one Medicare prescription drug plan to another.

Opt out of Medicare prescription drug coverage completely.

Changes you make during the AEP go into effect January 1 of the next year.

Every year, Medicare’s open enrollment period is October 15 – December 7.

Please contact your local farmers union agent to learn more about Medicare as well as our health insurance products.