Medicare
Originating in the 1960s, Medicare is a government-provided, fee-for-service insurance program intended primarily for seniors.
The program encompasses several distinct parts, including:
- Medicare Part A covers facility-based care such as hospital visits, emergency room services, hospice and nursing home care.
- Medicare Part B covers traditional outpatient treatments and services, including vaccinations, lab tests, mental health services, outpatient operations, durable medical equipment and most other medical services not performed in a hospital.
- Medicare Part C (Medicare Advantage) covers elements of Parts A, B and sometimes D.
- Medicare Part D covers prescription drugs.
- Medigap comes through private insurance companies and aims to fill in the “gaps” left in the traditional Medicare coverage.
While standard Medicare offers coverage for a wide variety of services, a supplemental plan is also needed to secure full coverage, as Medicare does not provide coverage for all expenses. If you are interested in an alternative plan, we can help you find coverage through either Medigap or Medicare Advantage. Both of these plans offer additional support through third-party insurers, and they are required to provide equal or better coverage when compared to regular Medicare.
*Disclaimer: This content has not been reviewed or endorsed by Medicare.gov or any member of the Centers for Medicare & Medicaid Services (CMS).
Fun Fact: More than 70% of future retirees wish they had a better understanding of Medicare.