Forward Bank

What is Medicare?

Medicare is a federal health insurance program for individuals 65 and older or other special exemptions.

Medicare consists of four main parts:

• Part A - Hospital Coverage helps pay for impatient hospital and nursing home stays.
• Part B - Medical Coverage helps pay for general medical expenses like x-rays, lab tests, preventative screenings, and more.
• Part C - Medicare Advantage combines Part A and Part B of Medicare.
• Part D - Prescription Drug Coverage

Medicare Supplement

With a Medicare supplement insurance policy, even unexpected medical events aren’t likely to impact your financial well-being. While Medicare covers a good portion of your health care expenses, you still have out-of-pocket costs, like deductibles, copayments, and coinsurance. See how a Medicare supplement insurance policy can help to pay these costs.

Medicare Supplement plans, also known as Medigap, are policies sold by private insurance carriers to cover the costs that Medicare does not, such as:

• Co-payments
• Co-insurance
• Deductibles

Additionally, a supplement plan can offer coverage for items Medicare does not, such as:

• Travel outside the United States
• Chiropractic care
• Fitness memberships

Medicare Advantage

Also known as Part C, Medicare Advantage combines Part A and Part B. This plan can also include additional services not covered by Medicare such as dental, vision, hearing, fitness, and travel benefits.

Some plans will also include Part D, the prescription drug coverage.

PDP Drug Plan

Part D of Medicare, prescription drug coverage, is available to anyone enrolled in either Medicare Part A or Part B. It can be purchased through two types of health plans: Medicare Advantage plans that include Part D or stand-alone prescription drug plans.

Medicare outlines the dollar amounts for maximum deductibles, and the costs associated with the coverage gap. Each plan determines their specific formulary, or list of drugs covered, their medication tiers, and the cost to you of each medication in the specific tiers.