Medicare is a health insurance program for those 65 and over, and for those with sufficient disability.
Medicare is financed from three sources:
- through payroll deduction taxes paid by workers and their employers
- by monthly premiums deducted from Social Security checks
- the U. S. Treasury through public debt.
Medicare (click for presentation) has four parts*:
- Part A is Hospital Insurance that helps pay for inpatient care in a hospital or skilled nursing facility (following a hospital stay), some home health care and hospice care.
- Part B is Medical Insurance that helps pay for doctors’ services and many other medical services and supplies that are not covered by hospital insurance.
- Part C is Medicare Advantage ( formerly known as Medicare + Choice) plans are available in many areas. People with Medicare Parts A and B can choose to receive all of their health care services through one of these provider organizations (HMO) under Part C.
- Part D is
Prescription Drug coverage (click for presentation) that helps pay for medications doctors prescribe for treatment
(the new prescription drug plan).
*Source: www.socialsecurity.gov
The Centers for Medicare & Medicaid Services is the agency in charge of the Medicare program. Application for Medicare is made through your Social Security office.
Most
Medicare eligibles choose to supplement their Medicare coverage with additional insurance policies. The policies are designed to pay for the considerable charges not paid for by Medicare. Charges such as hospital deductibles, doctors' co-payments, amounts in excess of Medicare "assignment", etc. The policies that pay for these charges are known as Medicare Supplement policies.
What is
very important is to choose your approach/plan wisely when you are first eligible for Medicare. Changing course later may be difficult, and expensive, if significant health problems develop. Choosing the right plan for you at your initial eligibility can do much to assure your satisfaction with turning 65 and becoming eligible for Medicare. Also, it is likely to save you significantly on your premiums for your Medicare Supplement policy.
Professional and caring help is only a click away!
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