What is Medicare and how does it work?

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It’s that time of year and you're probably thinking about Medicare. It’s not as complicated as you might imagine. We’ve broken it down so that you can see how Medicare works, and how to choose the coverage that suits you.

Transcript

What is Medicare and how does it work?

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What is Medicare?

ANNOUNCER:

Meet Larry. He's got a big birthday coming up and a lot on his mind. While he's looking forward to retirement, Larry's a little confused about his Medicare options. Not to worry, Larry. It's as easy as A, B, C, and D.

Since Larry worked for more than ten years, he'll automatically be enrolled in Part A, a fee-for-service plan that covers emergency hospital stays. For a monthly premium, Part B will cover his routine doctor visits and preventive care. And with Part D, purchased through a private carrier, he can save on his prescriptions. Larry can choose any combination of A, B, and D, or he can purchase Plan C through a private carrier. Plan C, or Medicare Advantage, works like the insurance Larry got through his Employer, providing the same coverage as Parts A, B, and sometimes D, for one monthly premium. Plus it's often less expensive and features more benefits than traditional Medicare.

Larry's got a lot to consider, but with a better understanding of his Medicare options, he can feel good about his decision, and focus on enjoying his retirement.

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