What is Medicare?
Medicare is a United States Government Health Insurance program for people over the age of 65. It also provides coverage for certain people with disabilities or end-stage renal disease. Medicare is categorized into 4 parts, below we will go over those parts together.
Medicare Part A
What is Medicare Part A? It’s simplest definition is Hospital Insurance. It assists in the cost of room and board in a hospital, skilled nursing facilities, hospice, and home health care. Not to be confused with a long term care policy.
It does not cover things such as scans and surgeries, which is where Part B comes in.
As long as you have paid taxes into Medicare for 40 quarters, there is no premium to be paid with Part A.
Medicare Part B
What is Medicare Part B? In its simplest definition it is Doctors Insurance. Which covers your outpatient medical fees. This can include Doctor visits, lab work, preventive services, and surgeries. It also covers things such as cancer therapy and kidney dialysis.
The cost of Part B is set by Social Security and is subjected to changes year to year. Individuals with higher income can be expected to pay more than those with lower incomes. Below is the Chart of Income Related Monthly Adjustment Amount (IRMAA).
Medicare Part C
What is Medicare Part C? Medicare Part C is also referred to as Medicare Advantage.
Medicare Advantage is private insurance. The cost of Medicare Part C will depend on the county, carrier, and plan selected. To qualify for Medicare Part C you will need both Part A and Part B.
Once enrolled in Part C, coverage will come from a private insurerer, not the government.
Medicare Advantage Plans have specific Doctor and hospital networks, and are commonly described as “Pay as you Go”. With lower upfront costs, and higher out of pocket costs, It can be a an alternative choice for those not able to afford the monthly premiums associated with Medicare Supplement(Medigap).
Medicare Part D
What is Medicare Part D? In 2006 the government rolled out Medicare Part D. Which is Prescription Drug Coverage.
This covers the costs associated with Prescription Drugs through a pharmacy or mail order. Most states have about 30 plans, and it is best to have an agent run a Part D analysis.
What is a Medicare Supplement? Medicare Supplement is a private insurance policy fills the gaps of Original Medicare. These Gaps are CoPays, Deductibles, and excess charges.
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