Medicare is a federally funded health care program that provides certain benefits to persons aged 65 and older. It can cover valuable medical costs, from preventative checkups to major illness. The extent of coverage is not 100% and plans are available to fill in the shortfalls. Get the facts below.

What Are the Different Components of Medicare?

Medicare has three distinct parts. Part A covers hospital stays as well as care in an inpatient nursing facility or a hospice. Part B consists of medical insurance, encompassing doctor's services as well as some medical supplies and outpatient care. It's possible to additionally enlist in Part D coverage, which ismprescription drug coverage. 

There is also a newer addition, Part C, alternatively called Medicare Advantage. These plans are bundled so that you get the coverage of A, B, and D. Medicare Advantage plans are offered by private companies, including Health Maintenance Organizations, Preferred Provider Organizations, Private Fee-for-Service Plans, or Special Needs Plans. 

How Can You Change Your Plan?

The open enrollment period when you are permitted to sign up for and make changes to your coverage runs from October 15 to December 7. During this time, you can sign up for or make changes to your plan. To determine what type of coverage you have now, check your Medicare card.

When deciding whether you should adjust your plan, look through any notifications received regarding changes for the upcoming year. Also, consider your future needs. For instance, if your doctor has advised that you should start taking a certain medication that isn’t covered under your current plan, you may want to switch as each plan offers its own formulary.

Medicare can be confusing but Christina Mendoza & Associates LLC Insurance and Financial Services of San Antonio, TX, can help you figure out the details. These professionals provide education and counseling for consumers regarding Medicare and insurance. With their expertise, you can make sure you understand the coverage you are getting. Learn more about their work online. For an appointment, call (210) 389-5289.