Medicare Part A
(hospital insurance) helps pay for inpatient care in a hospital or limited time at a skilled nursing facility (following a hospital stay). Part A also pays for some home health care and hospice care
Medicare Part B
(medical insurance) helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services.
2021 Premium for Part B for most is $148.50 per month
Add a Supplement and Prescription Plan
Supplemental (Medigap) policies help pay Medicare out-of-pocket copayment, coinsurance, and deductible expenses. A premium of Approximately $100-150 per month will be charged for a comprehensive plan.
Medicare Part D—Option 1
Medicare Part D (Medicare prescription drug coverage) helps cover the cost of prescription drugs. A premium of approximately $30-$40 per month will be charged for Part D Plan.
Combine A and B and Prescriptions and extra Benefits into a Part C or Advantage Plan
Medicare Advantage Plan—Option 2
Medicare Advantage Plan includes all benefits and services covered under Part A and Part B – and often include prescription drugs, (part D) and additional benefits such as vision, hearing, and dental – bundled together in one plan.
There may be no additional premium for the Part C Advantage Plans, as many plans come with a zero premium because Medicare pays the insurance company to administer the plan.