All 4 parts of Medicare are available during the Open Enrollment Period.
Original Medicare (Parts A and B)
Original Medicare is provided by the Federal government and comes in 2 parts—Part A and Part B:
- Medicare Part A is hospital insurance. It has no premium cost if you’ve paid payroll taxes for at least 10 years.
- Medicare Part B is medical insurance. It requires you to pay premiums, copays and deductibles, like private insurance companies. The 2024 Part B premium is $174.70 or higher, depending on your income.
However, Original Medicare doesn’t cover everything. If you need prescription drugs or routine vision, dental or hearing care, you may want to consider additional coverage options.
Medicare Part C (Medicare Advantage) and Medicare Part D (Prescription Drug Coverage)
Beyond Original Medicare, there is further coverage through Parts C and D:
- Medicare Part C (Medicare Advantage) is offered by private insurers and often combines Parts A, B and D in 1 plan.
- Medicare Part D is prescription drug coverage. It is an optional stand-alone prescription drug plan offered through private companies.
Many Medicare Advantage plans include coverage for prescription drugs and may offer dental, vision and hearing benefits. You may need to pay a monthly premium in addition to the Part B premium, but it might be worth it to you based on your personal healthcare needs.