Medicare, explained simply
Each part of Medicare does something different. Tap any section to expand it — or press "Read aloud" to hear it.
Glossary
The words that come up over and over.
- Deductible
- What you pay out-of-pocket before insurance starts paying.
- Copay
- A fixed dollar amount you pay for a service (e.g. $20 for a visit).
- Coinsurance
- A percentage of the cost you pay after meeting the deductible.
- Out-of-pocket max
- The yearly cap on what you pay. After this, the plan pays 100%.
- Network
- Doctors and hospitals contracted with your plan. Going outside usually costs more.
- Formulary
- The list of prescription drugs a plan covers, sorted into tiers.