Medicare Basics
Medicare Basics
What is Medicare?
Medicare is a federal government health insurance program administered by the Centers for Medicare & Medicaid Services. Medicare is the largest health insurance service in the country, with around 45 million Americans participating. To be eligible you must be a citizen of the United States and meet certain requirements. If you are not a citizen of the United States, you can contact the Social Security Administration office to learn if you would be eligible.
- Are you 65 years of age or older.
- Are you under 65 and been on disability with the federal government for 24 months.
- Are you in End-Stage Renal Disease (kidney failure that requires a transplant or dialysis).
If so, then you could be eligible for Medicare benefits.
What does Medicare Cover?
Medicare is divided into several parts simply known as Part A, Part B, Part C and Part D.
Medicare Part A – $0 Monthly Premium for most individuals. Medicare Part A provides coverage for hospitalization. It also covers a skilled nursing facility, hospice and home healthcare if certain conditions are met.
Part A: Hospital Confinement Insurance:
Part A: Skilled Nursing Confinement Insurance:
Medicare Part B – $121.80 Monthly premium for most individuals (Unless you qualify for extra help through State/Federal programs ). Medicare Part B provides coverage for medically necessary services such as physician services, surgical services, outpatient care, testing, Durable Medicare Supplies, and doctor’s services. Part B also helps cover some preventive services to help maintain your health and to keep certain illnesses from getting worse.
Part B: Medical Insurance:
Medicare Part D – Parts A and B do not cover prescription drugs. In order to receive prescription drug coverage, you must enroll in a Medicare Part D prescription drug plan. Part D plans are offered by Medicare-approved private companies. Many Medicare Advantage plans cover both prescription drugs and medical care so long as you have both Part A and Part B. If you have traditional Medicare, you must enroll in a separate Part D in order to receive coverage.
