What is Medicare and How Does It Work?

“Hi, I’m Bill Vargas, and today we’re going to break down the basics of Medicare. Whether you’re new to Medicare or just looking to brush up on your knowledge, it’s important to understand how it all works.”

“Medicare is divided into different parts:

  • Part A covers hospital stays, skilled nursing facilities, and some home health care.
  • Part B takes care of doctor visits, outpatient care, and medical supplies.
  • Part C is also known as Medicare Advantage, which bundles Part A, Part B, and often prescription drug coverage into one plan.
  • And Part D covers prescription drugs.

And here’s something important to keep in mind: Due to the Inflation Reduction Act, there will be major changes to Medicare plans in 2025. These changes will focus on reducing out-of-pocket costs for prescription drugs and more, so it’s crucial to stay informed.”

“Stay tuned for updates on Medicare plan changes for 2024 starting October 1. And don’t forget, you can compare plans and be ready to enroll starting October 15 by visiting MedicareSelfEnroll.com.”

 

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