Financial Friday: Understanding the ABC’s of Medicare

There are four parts of Medicare: Part A, Part B, Part C, and Part D.
Open enrollment runs from October 15 through December 7.
Published: Sep. 30, 2022 at 12:58 PM CDT
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HUNTSVILLE, Ala. (WAFF) - The world of Medicare can be a very confusing process. To get the coverage that’s best for you, it’s important to know your options. Open enrollment runs from October 15 through December 7. During this time you can join, switch, or drop a plan. Your coverage will begin on January 1, 2023.

Medicare Insurance Specialist Roderick Green, with Redstone Insurance Services, explained Medicare’s four basic parts and what each one covers.

  • Medicare Part A covers inpatient hospital care. It also covers skilled nursing care and hospice care.
  • Medicare Part B covers outpatient medicare care. It also covers other medical equipment like walkers, oxygen tanks, and CPAP machines.
  • Medicare Part C is also known as the Medicare Advantage Plan. This basically combines Parts A and B into one plan. Many plans include prescription drug coverage as well. These plans often also offer additional benefits such as dental, vision, and fitness.
  • Part D covers prescription drugs. This also includes many generic and brand-name prescription medications. Each plan creates a list of the drugs that it covers.

Green says the plan that works best for your spouse or a friend might not work for you.

If you still have questions about the open enrollment period, Redstone Federal Credit Union is hosting 2 free seminars. It’s open to anyone, not just Redstone Federal Members. They will be held Wednesday, October 12th. The first session is from 1:00-3:00. The second is from 6:00 to 8:00 pm.

To learn more about Medicare, visit Medicare.gov or call 1-800-633-4227.