Whether you intend to change your Medicare plan or enroll in one for the first time, you need to understand them properly. However, given the variety of options available, navigating through them can be overwhelming. Typically, there are four parts to Medicare, Part A, B, C, and D, and each of them covers a different service. Knowing about them simplifies the selection process. Accordingly, here are the different types of Medicare plans and their details.

Types of Medicare Plans
Healthcare is one of the most significant retirement expenses. After you are 65, you get access to Medicare coverage. Following this, you can select a health plan, depending on your medical requirements. Now, let us discuss the four parts of the Medicare plans:

Part A – Hospital Insurance
The Part A of the Medicare plan is fifty percent of the 6riginal Medicare. It is hospital insurance, and the federal government handles this health insurance. Part A will cover the below-listed services: Eligible home health services, such as occupational therapy or physical therapy, short-term respite care, hospice care, in-patient care in the hospital when suffering from an illness or injury, nursing care for when it is considered medically necessary for you to undertake skilled nursing care, care on a short-term basis in a skilled nursing facility, following a qualifying hospital stay.

When you or your spouse have borne the Medicare taxes after working for a specific period, you will not have to bear the Medicare Part A premium. Typically, almost everyone qualifies for premium-free Part A coverage. However, if you are not eligible for the same, you can also buy Part A insurance. You can pay about $471 per month, depending on the amount borne in the name of Medicare taxes in your lifetime.

Part B – Medical Insurance
In the Medicare plan, Part B is the medical insurance. It is the remaining 50 percent of the Original Medicare. As part of it, you will be covered for the medically vital services, which meet the acceptable care standards required, for treatment or the diagnosis of the condition. The medical insurance will also cover preventative care, such as early-detection screenings and most vaccines.

The Part B coverage will cover the following: Flu shots, annual wellness doctor visits, mammograms, durable medical equipment, such as wheelchairs and blood sugar monitors, diabetes screenings, cardiovascular disease screenings, and ground ambulance transportation.

The key difference between the Part A Medicare and Part B Medicare plan is this will always have a monthly premium. So, you will have to bear a certain amount every month in the name of the premium. Following the reports by US Centers for Medicare and Medicaid Services, in 2021, the premium amount is $148.50 per month.

Part C – Medicare Advantage
This is known as the Medicare Advantage Plan and not the Original Medicare Plan. So, wherein the federal government covers the Original Medicare Plan, the private insurers provide this one. In Part C, both Part A (hospital insurance) and Part B (medical insurance) are clubbed together. Moreover, Part C will also have Part D prescription medication coverage. So, broadly, Part C will cover the benefits that Part A and Part B do not cover, such as vision or dental services.

You may need some research here, but in some cases, your expenses for Medicare Advantage Plan might be less than the Original Medicare Plan. Hence, they are seen as a more affordable option.

Part D – Prescription Medication Plans
Unfortunately, Part A and Part B will not cover the prescription medications. So, if you desire the medication insurance, you will need the Part D plan. Along with Part D, you can also opt for other options that best fit your requirements.