When talking about Medicare, there is a LOT to know. Unfortunately, a lot of the lingo is often abbreviated with letters. Every scam caller will begin with the same question: “Hello sir, do you have Medicare parts A and B?” Great question. Do you? What is part A and B? What about C and D?
Doesn’t your neighbor have G, or F? It’s a lot to keep straight. So here, we’re going to break it down.
ORIGINAL MEDICARE
Parts A and B are often called “Original Medicare” and are what Medicare originally started as back in the 1960’s. This is what the government automatically gives you when you turn 65 or get disability benefits for two years or more. Part A covers 80% of your hospital bills and Part B covers 80% of your doctor office bills.
PARTS C AND D
Part D Medicare is easy. Part “D” stands for “drugs”. This is your medicine plan. This comes from a SEPARATE card than your “Red, White and Blue” Medicare card. If you have a Drug plan, you typically either have an old school supplement plan (we’ll talk more about this later) or you JUST have original Medicare, which I do not always recommend.
Part C Medicare is tricky. Think of this as parts A and B put together. This is also called “Medicare Advantage”. It’s the stuff you see advertised on TV CONSTANTLY and is typically what the scam callers are trying to swindle you on. HOWEVER, that doesn’t mean part C is bad. I am actually quite fond of Medicare advantage plans in a lot of situations.
PLAN F, G, N, ETC…
For all other letters in the Medicare world, people are typically talking about old school supplement plans. These were the plans that went ALONG SIDE original Medicare back in the day. Remember that 80% of doctor and hospital bills that Medicare covers? Well, these types of plans are designed to pick up the rest (if it’s the right letter plan). Typically, the most common plans here are F and G plans, though there are others, like N plans or even A plans (I know, that is ESPECIALLY tricky).
THE TAKE AWAY
The short of the story is that Medicare is very complicated. The best thing an individual can do is try to learn what it all means. And the best way to do that is to talk to a pro. I live in the Medicare world every single day. It’s a lot of work if I’m being honest. But I do it so you don’t have to. If you’ve got questions about any of this, feel free to contact me at 606-495-6644!
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