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Understanding your Medicare coverage can be a bit of a hassle. But it’s important that you do understand your coverage, because it has a lot to do with your financial security. You should be aware of what you have covered in terms of medical expenses in terms of in patient, out patient, doctor’s visits, and medications. That way you’ll know what to expect if you use a lot of medications or end up going to the doctor, and you’ll be able to arrange your finances accordingly.

Medicare is provided by the government as a means of offering health insurance to those 65 years and older. If you have a Medicare plan, yours will be one of various plans offered that will cover certain things. Below is basic information on the four main plans and what they cover, so you know what you can expect to get.

The first plan is known as Medicare A. It covers most inpatient hospital expenses which means if you have to go to the hospital for any reason and you need to stay overnight, all your doctor’s fees and hospital care will be taken care of.

If you have Medicare B, this means that your outpatient care expenses, such as normal doctor’s visits or consultations, are covered. This plan also covers some preventive services that will keep you from becoming sick. This plan does not cover 100% of your outpatient expenses, but rather about 80% of what Medicare deems fair prices for these services.

Medicare C is Medicare through a private company and is also known as Medicare Advantage plans. These plans include both A and B plus some additional services. Most plans under C will cover your drug prescriptions as well, so this is a fairly comprehensive medical insurance.

Medicare D is also through private companies approved by Medicare, and these plans are known as prescription drug coverage plans because that’s all that they cover. The plans vary in price and in the kinds of drugs they cover, so consult your provider about costs and what medications this insurance will help you pay for.

If you want to make sure you’re okay with your finances, part of that is understanding your medicare coverage. Don’t get any unwanted surprises in your medical bills because you’re unsure how your insurance works. Inform yourself now.

Right now, the future of health is a huge question. Do you know of the Medicare supplement? You can get medicare benefits, if you qualify for it.