Medicare Acronyms Defined: Parts and Plans
Medicare language & information are full of acronyms. As you attempt to remain informed, you are likely to come across an article that should be revealing. You begin to read and before you realize it, you’re engrossed in the article.
Understanding Common Medicare acronyms will help you stay informed. And staying informed will help you make the right decisions about your Medicare insurance and Medicare supplements.
Lots of letters! Each of the four Medicare parts is designated by a letter; A-B-C and D. Each of the Medicare supplement plans is designated by the letters A-B-C-D-F-G-K-L-N and N. So you’ve got the Medicare Advantage Plans /Part C plans that acronyms usually refer to as MAPD, MA, PDP, PPO, HMO, and PFF!
It can get very confusing. Let us begin by comprehending the parts of Medicare. Medicare is divided into 4 parts.
Part A: Part A covers the hospital and inpatient and nursing room and qualified supplies.
Part B: Part B covers doctors, surgery, testing, therapy, durable medical equipment, certain medications.
Parts A and B are known as Medicare Original. It is government health insurance. In most cases, you do not pay a premium for Part A after you retire. You paid your taxes while you worked. Part B is optional, and if you wish to be covered by Part B, you must pay a monthly premium that will be deducted from your Social Security check each month.
Part C: Part C is a particular Medicare. It occupies the seat of your Medicare government. You must be enrolled in Parts A + B to enroll in Part C. Part C Plans are also known as Medicare Advantage Plans.
Acronyms for Medicare Advantage:
MAPD: A Part C Medicare Advantage plan that includes drug coverage.
MA: – A Medicare Advantage Part C plan that does not include drug coverage.
Health Maintenance Organization (HMO): A Medicare Advantage Part C plan. You must reside in the coverage area of the plans and choose from Providers who are members of the plan. PPO: Preferred Supplier Organization: The Medicare Advantage Plans also called part C plan that has a network of suppliers that accept the plan. You do not need to stay on the network; however, your copayment costs and disbursements will be much higher if you do not.
PFF: Private Service Charge: A Medicare Advantage Part C plan that allows you to go to a provider of your choice as long as they accept the amount the plan will pay for the services. Part D: Medicare prescription drug coverage is provided by private companies under Medicare supervision. While all plans are required to cover certain medications, they may vary widely in terms of monthly payment and premiums.