Medicare is a federally supported health insurance program that began in 1966, and today provides primary medical coverage to millions of Americans. At the same time, for those nearing the age of 65, it is not a simple matter of enrolling in Medicare benefits. This is due in part to how Medicare is structured with multiple parts, namely parts A, B, C, and D where each part covers a certain aspect of healthcare.
Read on to find out more about Medicare and how to make the most out of it.
What’s Medicare?
Medicare is a federal insurance program for:
– People who are 65 or older
– Certain younger people with disabilities
– People with End-Stage Renal Disease (permanent renal failure requiring dialysis or a transplant, sometimes called ESRD)
What Are the Different Parts of Medicare?
Various parts of Medicare help provide coverage for specific medical services:
Medicare Part A (Hospital Insurance): This is the most well-known part of the Medicare medicare program. It covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and in some cases home health care.
Medicare Part B (Medical Insurance): This part of Medicare, Part B, is a continuation of the hospital and medical supply and equipment insurance provided by Part A. Part B provides coverage for certain doctor’s services, medical supplies, outpatient care, as well as preventive services.
Medicare Part C (Additional Coverage): Part C involves additional health insurance coverage provided by private companies approved by the Medicare program. The main advantage of opting for Part C is that there is a much larger choice available when it comes to selecting the medical professionals and institutions you wish to receive treatment from. In addition to having the possibility of availing more comprehensive prescription drug coverage.
Medicare Part D (prescription drug coverage): Part D helps cover the value of prescribed drugs (including many recommended shots and vaccines). An important point to note here is that, while anyone with Medicare can enroll in Part D, in the case that you have already opted for Part C with prescription drug coverage then you will be disenrolled from it.
With Medicare, there are multiple options to choose from, once you enroll, explore all the options available and select accordingly.
