What is Medicare? Medicare is essentially insurance for senior citizens. However, you may have wondered what specifically goes into Medicare and why it’s important. Let’s delve into the subject matter.
A federal system of health insurance for people 65+ years, or people under 65 with certain disabilities.
Is Medicare Free Insurance?
Medicare is not free. Everybody who pays taxes pays for it out of every paycheck they get throughout their working lives. Medicare gets taken out of our paychecks automatically by the government. Medicare exists to provide senior citizens with medical coverage, assuming they’ve paid into the Medicare system for no less than ten years or 40 quarters in their adult lives, if they are to qualify for Premium-Free Part A. With that, there are two main parts that go into Medicare – Medicare Part A and Part B. Let’s consider Medicare Part A first.
What is Medicare Part A?
Medicare Part A is hospital insurance. Part A helps cover stays in hospitals and skilled nursing facilities, as well as home health and hospice care. Part A is premium-free for those who paid social security for 10+ years. This is what your taxes pay for. Those who meet the qualifications get Medicare Part A when they turn 65 or older.
What is Medicare Part B?
Medicare Part B is the medical insurance part that helps cover doctors’ services, outpatient care, durable medical equipment, home health care, and some preventative services. You will pay a premium for Part B Medicare. It will get deducted automatically from your Social Security check. These are the two main parts of Medicare. However, there are other parts.
What is Medicare Parts C and D?
Medicare gets a little more complicated based on the type of coverage you want. There are also two other parts to Medicare you should know about – Medicare Part C and Part D. Let’s consider Part D first.
D stands for “Drugs,” and Part D is for prescription drug coverage. Part D covers the cost of prescription drugs, and it is run by Medicare-approved private insurance companies. Of course, costs and benefits vary by plan. The important thing to take note of is that you must sign up for Medicare Part D through a private insurance company. Part C is where Medicare gets interesting!
Part C is also known as Medicare Advantage. Part C allows Medicare-approved private insurance companies to provide health plan options. Part C is an alternative to Parts A and B, and most Part C plans include prescription drug coverage. Part C, like Part D, is also offered through private health insurance companies. Part C gives all of the benefits that Parts A, B, and D give you. That’s hospital stays, doctor’s visits, and prescription drug coverage, except that you sign up and pay premiums through a private insurance company with Part C.
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So, what is Medicare? These are the ABCs and Ds of Medicare. To learn more about Medicare or to get questions. There are no fees for our services and no strings attached. We offer free consulting and advice on matters relating to Medicare.What Is Medicare