Hospital Insurance (Medicare Part A)

· Helps cover and defray the costs of inpatient care in hospitals

· Covers stays in skilled nursing facilities, hospice and home health care assistance

· You usually don’t pay a monthly premium for Part A coverage if you or your spouse paid Medicare taxes for at least 10 years while working

· You generally automatically receive Part A when you sign up for Social Security upon turning 65

Medical Insurance (Medicare Part B)

· Offers coverage for an array of health care services including hospital outpatient care, doctor visits, labs, x-rays, ambulance and durable medical equipment

· Covers many preventive services that will help you maintain your health and prevent the worsening of current conditions

· Has a monthly premium (2015: $104.90); usually automatically deducted from your Social Security payment

· Is not required; however, you may be assessed a late enrollment penalty if you do not sign up for Part B when you are first eligible and do not have credible coverage

Medicare Advantage (Medicare Part C)

· Allows individuals to go on plans offered through private insurance companies

· Allows people to obtain the benefits and services covered under Parts A and B, as well as Medicare prescription drug coverage under most plans.

· Some plans also include additional benefits for extra costs, such as gym membership, dental and vision coverage

Medicare Prescription Drug Coverage (Medicare Part D)

· Helps cover the costs of prescription drugs

· Effectively lowers your prescription drug costs while protecting you from increasing future costs

· Run by Medicare-approved private insurance companies

· Is not required; however, you may be assessed a late enrollment penalty if you do not sign up when you are first eligible and do not have other credible coverage