Medicare Essentials
Medicare Glossary & Terms
Understanding Medicare starts with mastering the language. We’ve compiled this essential glossary to help employers and individuals navigate the complexities of coverage with confidence.
Medicare Part A
Hospital insurance that helps cover inpatient care in hospitals, skilled nursing facility care, hospice care, and home health care.
Medicare Part B
Medical insurance that covers certain doctors' services, outpatient care, medical supplies, and preventive services.
Medicare Part C
Also known as Medicare Advantage, these are private health plan options that provide Part A and Part B benefits, and often Part D drug coverage.
Annual Enrollment Period (AEP)
The yearly timeframe (Oct 15–Dec 7) when Medicare beneficiaries can switch, drop, or join Medicare Advantage or Part D plans.
Coinsurance
The percentage of costs a beneficiary pays for services after meeting their deductible, typically 20% for many Part B services.
Deductible
The amount a beneficiary must pay out-of-pocket for health care or prescriptions before Medicare or their plan begins to pay.
Initial Enrollment Period (IEP)
The 7-month period when someone first becomes eligible for Medicare, starting 3 months before their 65th birthday month.
Medigap (Supplement)
Private insurance policies that help pay Original Medicare gaps, such as copayments, coinsurance, and deductibles.
Part D (Prescription Drug Coverage)
Optional private insurance that helps cover the cost of prescription drugs for those enrolled in Original Medicare.
Explore Related Medicare Resources
Understanding Medicare Advantage
Learn about private health plan options that provide Medicare Part A and Part B benefits, often including drug coverage.
Medicare Supplement (Medigap) Guide
Find out how Medigap policies can help pay for remaining health care costs like copayments, coinsurance, and deductibles.
Part D: Prescription Drug Coverage
Explore Medicare Part D options that offer prescription drug coverage to everyone with Medicare through private companies.
Understanding Medicare Guide
A general overview of Medicare for individuals and employers.