The Four Main Parts to Medicare:

Part A

Part A is your hospitalization coverage and the
first part of Medicare you will receive. Part A
has no premium because you funded it while working. As long as you have worked for 40 quarters (10 years) you will receive Part A on
the 1st of the month you turn 65. For 2021
Part A has a $1,484 deductible when admitted
to the hospital after that Medicare covers the majority of costs.

Part B

Part B is your medical (out-patient). Once you
have chosen to elect Part B, there will be a
monthly premium (average premium $148,50 for 2021).
Part B will cover 80% of your costs and you
are responsible for the remaining 20% and
a annual deductible of $203 for 2021. Popular services covered under Part B are doctors
visits, specialist, outpatient surgery, rehab, observation, lab work, MRI, and cat scans.

Part C

This is known as a Medicare Advantage
Plan or MAPD. They are either an HMO,
PPO, PFFS, or MA only. They are government
ran and replace your Part A and B of Medicare.
You are still responsible for roughly 20% of
all medical costs plus co-pays. Most Advantage Plans are network based. You can purchase
a Medicare Advantage plan with or without prescription coverage. Typically Medicare
Advantage Plans can be purchased during
the Annual Enrollment Period.

Part D

These are stand alone prescription plans. They
are government run. Changes can only be
made to these plans during the Open
Enrollment Period. They allow you to get
your prescriptions at a discounted rate. If you
do not enroll in a plan or have a credible
drug coverage through some other means
the government will penalize you when you
do enroll.