Medicare is a federal government funded program to help the financially challenged seniors post their retirement as well as those individuals with some special conditions.
Those who are citizens of the state of US and those who migrated legally can avail this program completely.
The Medicare is classified into four parts. The four parts cover different aspects of health care with limitations. Sometimes one part of the Medicare may cover for the same aspect that is covered by another plan and hence there are well defined terms and conditions to avoid such cases.
The Medicare is broadly into the following parts:
Part A and part B of the Medicare combined together is called the original Medicare provided by the federal government. They cover for the hospital expenses and Medical expenses respectively.
All the remaining plans are provided by the private companies approved by the government with basic standard structure although customized based on the premium.
Part C is called the Medicare advantage, which is a customized form of the parts A and B of the original Medicare. This provides better coverage than the original Medicare.
But to have coverage from this, one has to pay premiums to the Medicare advantage along with the premiums to the part B of the Medicare. This is also labeled Medicare select as it provides the beneficiary with choices.
Sometimes these plans also covers for the prescription drug plans in the name of MA-PD, in which case you must not opt for an exclusive prescription drug plan covered under the part D of the Medicare.
This plan covers for the prescription drugs for a person with basic Medicare or else a customized Medicare (provided there is no cover from the customized one).
There are wide number of plans for this and the drugs are classified into various classes and the plans are price tagged accordingly.
Medigap is available to cover for the gaps in the original Medicare. This has got wide range of ten plans ranging from A to N. Of them, plan F covers for widest range of things. But the premiums for the wide set of coverages is high too.