Medicare

Medicare is a federal health insurance program primarily for people age 65 and older, but it also covers certain younger individuals with disabilities and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant). Medicare is made up of different “parts,” and each one helps pay for specific types of healthcare services.

Because Medicare can be confusing, it’s important to understand what each part does:

Medicare Part A – Hospital Insurance
Medicare Part A helps cover inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. For many people, Part A has no monthly premium if they or their spouse paid Medicare taxes while working. Part A is designed to help with the higher costs that come with more serious or extended medical needs.

Medicare Part B – Medical Insurance
Medicare Part B helps cover medically necessary services like doctor visits, outpatient care, lab tests, durable medical equipment, and many preventive services (such as screenings and vaccinations). Part B typically has a monthly premium, and you’ll also share in some of the costs through deductibles and coinsurance. Together, Parts A and B are often referred to as “Original Medicare.”

Medicare Part D – Prescription Drug Coverage
Medicare Part D helps cover the cost of prescription medications, including many commonly used drugs and certain recommended vaccines. These plans are offered by private insurance companies approved by Medicare, and each plan has its own list of covered drugs (formulary), premiums, and copay amounts. Part D can be added to Original Medicare to help reduce what you pay out of pocket for prescriptions.

Because everyone’s health needs, budgets, and prescription medications are different, choosing the right combination of Medicare coverage can feel overwhelming. Live Oak Insurance & Financial can help you review your options, compare plans, and understand how Parts A, B, and D work together so you can choose coverage that fits your situation and helps protect both your health and your finances in retirement.

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