Final answer:
Medicare Parts A and B offer hospital and medical insurance coverage with government support, while Part C, or Medicare Advantage, provides managed care via private health plans with additional benefits but potential network restrictions.
Step-by-step explanation:
To compare and contrast Medicare Parts A and B with Part C, also known as Managed Care, we look at their benefits and limitations. Medicare Part A covers hospital charges and is funded through payroll deductions and employer contributions. Beneficiaries are responsible for a deductible and copayments, with no cap on total expenses. Medicare Part B is an optional insurance that covers physician services, medical tests, and outpatient visits. It requires a monthly premium, deductible, and copayments, with the government covering around three-fourths of the costs. In contrast, Medicare Part C, or Medicare Advantage, allows beneficiaries to enroll in private health plans that are funded through Medicare and can offer additional benefits, often including prescription drugs, dental, and vision care. These plans may also have networks of providers and may manage care to control costs. However, enrollees may have restrictions such as needing referrals to see specialists and may be limited to the plan's network of providers. The main benefits of Part A and B are their wide acceptance by providers and predictability of coverage. Part C's benefits include the potential for additional services and a more managed approach to health care, which can control costs. However, the limitations of Part A and B include no limit on out-of-pocket expenses and less comprehensive coverage, while Part C may come with network restrictions and the need for referrals.