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Medicare Made Simple

Don’t be confused over the jargon and run-on sentences with Medicare. At American Bank & Trust, our Medicare Program experts break down Medicare into easily digestible information so you don’t feel overwhelmed. This is an important time in your life and you need to be confident in your choices. We will help you every step of the way to understand Medicare and all the options available to you.

Medicare Options

Original Medicare includes Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance). Original Medicare covers things like inpatient hospital care, doctors’ services and tests, and preventive services. You pay for services and items as you get them. You must be lawfully present in the U.S. for Medicare to pay for Part A and Part B covered services.

 

Medicare Part A

    • In general, Medicare Part A helps pay for inpatient care you get in hospitals, critical access hospitals, and skilled nursing facilities. It also helps cover hospice care and some home health care.

 

Medicare Part B

    • Medically necessary services: Services or supplies that meet accepted standards of medical practice to diagnose or treat your medical condition.
    • Preventative Services: Health care to prevent illness (like the flu) or detect it at an early stage when treatment is likely to work best.

 

Medicare Part C

    • Also known as Medicare Advantage.
    • Provides all of your Part A (Hospital Insurance) and Part B (Medical Insurance) coverage.
    • Medicare Advantage Plans may offer extra coverage, such as vision, hearing, dental, and/or health and wellness programs
    • Most Medicare Advantage plans include Part D prescription drug coverage as well.

Medicare Part D

    • Covers brand-name and generic drugs.
    • Part D plans are required to cover all drugs in six “protected” classes: immunosuppressants, antidepressants, antipsychotics, anticonvulsants, antiretrovirals, and antineoplastics.
    • Optional and offered to everyone with Medicare by insurance companies and other private companies approved by Medicare. Even if you don’t take prescription drugs now, consider getting Medicare drug coverage to avoid paying a late enrollment penalty if you join a plan later.

Medicare Enrollment Period

In 2020, about 1.4% of beneficiaries – an estimated 776,200 people – paid a late enrollment penalty, which drove their monthly cost up about 27%. A late enrollment penalty is 10% for each 12-month period an eligible person goes without Medicare Part B. Individuals can only sign up for Medicare during one of three enrollment periods.

 

Find which Medicare Enrollment Period will work best for you.

We do not offer every plan available in your area.  Any information we provide is limited to those plans we do offer in your area.  Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.

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