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Medicare: Why are there so many letters??

If you’re getting ready to turn 65 and have been looking around at your Medicare options, you may have found yourself questioning what all the letters mean. You are not alone… We hope that this brief explanation of letters pertaining to the different plans available, will leave you feeling empowered to conquer the world of Medicare.

Understanding Medicare Parts

Medicare Part A

Medicare Part A covers things like inpatient hospital care, skilled nursing facility care, hospice, and home health care. This is typically considered hospital insurance and is a foundational component of Original Medicare.

Medicare Part B

Medicare Part B covers visits to primary doctors and specialists, outpatient care, durable medical equipment, and most preventive services. Think of this as your medical insurance, complementing Part A.

Medicare Part C

More commonly known as Medicare Advantage, Medicare Part C plans are offered through private insurance companies as an alternative to Original Medicare. These plans often include additional benefits like vision, dental, and hearing coverage, and may include prescription drug coverage.

Medicare Part D

Medicare Part D refers to prescription drug coverage. Unlike Parts A and B, Part D is not part of Original Medicare and must be purchased separately. It is crucial for those who need regular medications.

The Confusion with Medigap Plan Letters

What is Medigap?

Medigap, also known as Medicare Supplement Insurance, helps fill the gaps in Original Medicare by covering costs such as copayments, coinsurance, and deductibles. These plans are standardized and labeled with different letters.

Medigap Plan Letters

The different types of Medigap plans are distinguished by plan letters: A, B, C, D, F, G, K, L, M, and N. Each plan offers a different level of coverage, but all Medigap plans with the same letter provide the same basic benefits regardless of the insurance company.

Choosing the Right Medicare Option

Original Medicare

Sticking with Original Medicare (Parts A and B) provides comprehensive hospital and medical coverage but might leave gaps that you need to cover out-of-pocket.

Original Medicare with Medigap

Adding a Medigap policy to Original Medicare can help cover those out-of-pocket costs. This option offers flexibility in choosing healthcare providers but can come with higher premiums.

Medicare Advantage

Opting for a Medicare Advantage plan (Part C) can offer lower out-of-pocket costs and additional benefits, but it typically restricts you to a network of providers.

We’re Here to Help

At Medicare Information Project, we understand that all these options can be overwhelming.

Our team of independent, licensed agents specializes in the Tampa Bay area and is here to answer any questions you may have. From consultation to enrollment, our service is always free of charge.

We work with every major carrier in the state to ensure you are matched with the right plan. Contact us today to schedule a meeting either by phone or in our office conveniently located in Brandon, FL.

Feel free to reach out if you need further adjustments or additional information.

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