Here are the various parts of Medicare:

Medicare Part A covers treatments in hospitals. It has an annual deductible that changes yearly. There is no cost for Part A coverage for people who worked and paid FICA taxes for at least 10 years (or are married to someone eligible). If not, you may be able to purchase Part A.

Medicare Part B pays for physicians, outpatient hospital care, some home health services, and durable medical equipment like walkers. There is a monthly cost or “premium” for Medicare Part B. Most people pay the standard Part B premium, but those with a higher adjusted gross income may pay more. Additionally, Part B has a deductible and generally only covers 80% of costs.

Medicare Part D plans (also called Medicare Prescription Drug Plans) help cover costs for prescription medications (Rx). They have monthly premiums and most have deductibles. The plans vary greatly in formularies so people need to consider what prescriptions they take in choosing one.

What about Medicare Part C? Part C refers to “Medicare Advantage” plans, which combine Parts A + B + D in one plan. Most Medicare Advantage plans are HMOs, with a primary care doctor coordinating your medical care, but there are PPO Medicare Advantage plans available in some areas. They are more affordable than other options, but you generally must receive care from the doctors and hospitals in the plan’s network.

What about F, G, N and other Medicare Supplemental Plans?

Medicare Supplement Plans (also known as Medigap plans) help fill the coverage gaps and reduce your out-of-pocket expenses.  Medicare Parts A and B only cover part of your medical expenses. Your costs for deductibles, coinsurance, and copays can add up quickly. Unlike plans designed since the Affordable Care Act, Medicare has no maximum amount you may be billed on claims – unless you have a supplemental or Medicare Advantage plan. So, you need to protect yourself from considerable health care costs if you have a major illness or require surgery. Keep in mind – You may be healthy at 65, but you can be turned down for coverage if you do not purchase a supplement plan when you are first eligible.

NOTE: Re Medicare Plan F – As of January 1, 2020, people who are newly eligible for Medicare cannot purchase plans that cover the Part B deductible. This includes the popular F plans. People who have an F plan or were eligible for one before 2020 can still buy F plans. However, if you are eligible from 2020 on, you can buy a G plan, which is the closest to F in coverage.