Medicare coverage is not just limited to Original Medicare. There are three things you need to be truly covered: Medicare Part A and Part B, Medicare Supplemental AKA Medigap, and Medicare Part D AKA Medicare prescription coverage.
Why do I need Medicare Part B?
Medicare is broken up into two parts. Hospitalization and Medical coverage. Part A only covers hospital stays, if you want basic full coverage you’ll also need Part B to cover office visits.
Things to know about Part B
- Most people pay a monthly premium for Part B
- There are penalties if you sign up late for Part B
- Part B does not cover any gaps in Part A
Should I get Medigap?
Depends. If you can afford a little extra money each month Medigap might be right for you. The reason is Original Medicare offers great basic coverage, but can leave you with a heavy financial burden if you have a major medical emergency or illness.
Things to know about Medigap
- Basic coverage covers coinsurance for hospital stays up to 365 days and hospice care, and blood transfusions.
- More comprehensive coverage covers coinsurance for skilled nursing, Part A & B deductibles, Part B excess charges, and more.
- Greatest financial protection for seniors
Do I Need Drug Coverage?
Original Medicare and Medigap plans do not include Rx coverage. So to have the best coverage you’ll want to enroll in Part D as soon as you’re eligible otherwise you can be subject to a hefty penalty.
π‘ Just a note: We donβt handle Medicare Part D directly, but weβve created a guide to help you navigate it. Medigap is still our main focus.
To learn more about Medicare call the number above or click here to get an instant Medicare insurance quote.