What many refer to as Original Medicare is administered directly by the federal government. Part A is no cost if you worked enough hours and received enough credits, otherwise there is a cost and Part B has a cost determined by income. Links below take you to Medicare.gov, make sure to come back once you have questions.
Part A (Hospital Insurance) covers most medically necessary hospital, skilled nursing facility, home health, and hospice care.
Part B (Medical Insurance) covers most medically necessary doctors’ services, preventive care, durable medical equipment, hospital outpatient services, laboratory tests, x-rays, mental health care, and some home health and ambulance services. You pay a monthly premium for this coverage.
Also known as Medicare Advantage. Private health insurance companies create plans and utilize networks to keep costs down for their enrollees and the plans. There are PPOs and HMOs and must offer at least the same benefits as Original Medicare (those covered under Parts A and B) but can do so with different rules, costs, and coverage restrictions. You also typically get prescriptions (Part D) as part of your Medicare Advantage benefits package. Many plans have $0 monthly premium, but you may pay a monthly premium for this coverage, in addition to your Part B premium.
Prescription Coverage that is provided by insurance companies and typically has a monthly premium. By utilizing different tools, we can find the best value. It is possible to get prescription coverage as part of a Medicare Advantage Plan (Plan C). You can get with Original Medicare or with a Supplement. There is a financial penalty if you do not have some type of Prescription Coverage, so once you are on Medicare at the very least, sign up for the cheapest available.