Some of us are approaching that age when understanding Medicare is important. So here is a quick quiz.
What is Part A? Partially covers hospital room and board. You’re automatically enrolled at 65. Funded by the payroll taxes you pay.
What is Part B? Partially covers doctor bills. Enrollment is voluntary after 65. Cost is $115.40/month in 2011. A little more for higher income folks.
What is Part C? Called “Advantage Plans,” these are privately administered and cover all the same benefits as Part A, B and D combined.
What is Part D? Prescription drug plans from a private insurance company.
What is Medicare Supplement Insurance? Private insurance that fills in the gaps of Part A & B.