The Four Parts of Medicare

• Medicare Part A (Hospital Insurance): Covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
• Medicare Part B (Medical Insurance): Covers certain doctors' services, outpatient care, medical supplies, and preventive services.
• Medicare Part C (Medicare Advantage Plans): A type of Medicare health plan offered by private companies that contract with Medicare to provide all your Part A and Part B benefits.
• Medicare Part D (Prescription Drug Coverage): Adds prescription drug coverage to Original Medicare, some Medicare Cost Plans, some Medicare Private-Fee-for-Service Plans, and Medicare Medical Savings Account Plans.

Original Medicare vs. Medicare Advantage

When you first enroll in Medicare, you'll need to choose between Original Medicare (Part A and Part B) and Medicare Advantage (Part C). Here's a quick comparison:

Costs Associated with Medicare

Understanding the costs associated with Medicare is crucial for budgeting your healthcare expenses. Here are some key terms and concepts:

• Premiums: The monthly amount you pay for your Medicare coverage.
• Deductibles: The amount you must pay for health care or prescriptions before Original Medicare, your prescription drug plan, or your Medicare Advantage Plan begins to pay.
• Copayments: An amount you may be required to pay as your share of the cost for a medical service or supply, like a doctor's visit or prescription drug.
• Coinsurance: An amount you may be required to pay as your share of the cost for services after you pay any deductibles.

Need Help Understanding Your Medicare Options?

Medicare can be complex, but you don't have to navigate it alone. Our team of Colorado Medicare experts is here to help you understand your options and choose the coverage that's right for you.