Medicare Part A:
Part A covers inpatient hospital stays, skilled nursing facility stays, home health visits (also covered under Part B), and hospice care, and accounts for 31% of benefit spending in 2012. Part A benefits are subject to a deductible ($1,156 in 2012) and coinsurance.
Medicare Part B:
Part B covers physician visits, outpatient services, preventive services, and home health visits, and accounts for 20% of benefit spending in 2012. Part B benefits are subject to a deductible ($140 in 2012), and cost sharing generally applies for most Part B benefits.
>> THE ABCs OF MEDICARE.
Medicare Part C:
Part C refers to the Medicare Advantage program, through which beneficiaries can enroll in a private health plan, such as a health maintenance organization (HMO), and receive all Medicare-covered benefits. Payments to Medicare Advantage plans to cover Part A and Part B benefits is estimated to account for 22% of benefit spending in 2012. More than 13 million beneficiaries are enrolled in a Medicare Advantage plan in 2012 (27% of all beneficiaries).
Medicare Part D:
Part D is the voluntary, subsidized outpatient prescription drug benefit, with additional subsidies for beneficiaries with low incomes and modest assets. The Part D benefit is offered through private plans that contract with Medicare, both stand-alone prescription drug plans (PDPs) and
Medicare Advantage prescription drug plans (MA-PDs). Part D accounts for 11% of benefit spending. About 32 million beneficiaries are enrolled in a Medicare Part D plan in 2012.
A quick glossary of terms to know.
Information taken from The Kaiser Family Foundation.
