Medicare Part D was passed into law in 2003, implemented in 2005 and has been offering prescription drug benefits to enrollees since January 1, 2006. While this program has helped millions of Medicare beneficiaries with the high cost of needed medications, it remains complicated and, in many cases, still costly. We will discuss the many moving parts of this program and the annual changes which are important to be aware.
In this installment of our Medicare series we will address Medi-Gap insurance plans. Going back to our Medicare basics, remember that Part A is a government insurance program offering limited coverage for hospitalization, skilled nursing, and hospice services; and Part B offers limited coverage for doctor visits and outpatient services. The Medicare program is run by the Center for Medicare & MediCaid Services (CMS).
Continuing in our series regarding the Medicare insurance program we will discuss what is Part C. To refresh readers, Medicare is a government insurance program which offers limited coverage through Part A for hospitalization, skilled nursing, and hospice services; and limited coverage through Part B for outpatient services and doctor visits for Medicare beneficiaries. We can refer to this insurance as Original Medicare (OM).