Part A

Medicare Part A is your hospital insurance that helps cover the costs of inpatient care, like stays in a hospital or skilled nursing facility. It also helps with expenses for hospice care and some home health services, essentially covering your "room and board" and medical supplies during an inpatient stay.

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Part B

Medicare Part B is your medical insurance that helps cover outpatient care and services from doctors, like regular doctor visits, lab tests, and durable medical equipment such as wheelchairs. For most services, once you meet a yearly deductible (which is $240 in 2024), Medicare typically pays 80% of the approved amount, and you usually pay the remaining 20% as coinsurance, with no yearly limit on these out-of-pocket costs unless you have other coverage.

Part C

Medicare Part C, also known as Medicare Advantage, is an all-in-one plan offered by a private insurance company that combines your hospital (Part A) and medical (Part B) coverage, often including prescription drug (Part D) coverage. These plans usually have a yearly limit on how much you pay for covered services and you'll typically use doctors within the plan's network, which is different from Original Medicare.

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Part D

Medicare Part D is your prescription drug insurance that helps cover the costs of most medications you get from a pharmacy, including many shots and supplies for conditions like diabetes. It's offered by private companies approved by Medicare and helps lower your drug costs, and starting in 2025, there's a $2,000 yearly limit on how much you'll pay out-of-pocket for covered prescription drugs.

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