Medicare is a federal health insurance program for those who are aged 65 and older. It also covers younger people with disabilities, kidney failure, and other chronic conditions. Medicare has four parts:
– Part A covers hospital insurance
– Part B covers medical insurance
– Part C is Medicare Advantage
– Part D covers prescription drug coverage.
However, there are a lot of confusing terms and regulations surrounding Medicare, so it can be hard to know where to start. Here’s a handy guide to understanding Medicare
Part A: Hospital Insurance
This part of Medicare pays for inpatient care in hospitals, skilled nursing facilities, hospices, and certain home health services.
Part B: Medical Insurance
This part of Medicare helps pay for doctor visits, lab tests, and outpatient surgery at hospitals not covered by Part A. It also covers some preventative care services like mammograms and colonoscopies.
Part C: Medicare Advantage plan.
This privately-run plan offers benefits that are offered under Part A and Part B of Medicare. Additionally, it offers features, such as extra coverage for prescription drugs and vision and dental services. One pays a premium if they join a Medicare Advantage plan. They also may have lower out-of-pocket costs than traditional Medicare.
Part D: Prescription Drug Coverage.
This covers the cost of prescription drugs if one gets them through a private health plan or joins a Medicare Advantage plan that includes drug coverage.
How to Get Medicare
One can get Medicare by applying through Social Security and taking an initial eligibility test (called an “initial determination”). If their application is approved, they may be eligible to enroll in Part A and/or Part B immediately — or not until later if they meet certain conditions (such as working full-time).
One can sign up for Medicare online or by phone. People who are interested in enrolling for coverage will need to provide their Social Security number and other information, such as their address and date of birth, and their spouse’s social security number, before completing their application. Make sure to read the coverage benefits and restrictions before signing up for Medicare.
