Fundamentals of Medicare
Millions of Americans are covered by Medicare, the federal health insurance program for seniors and people with disabilities. Typically, you must be 65 or older to be eligible. However, some disabled individuals are also eligible. Continue reading to discover what Medicare offers.
Medicare: What Is It?
The Social Security Administration is in charge of administering Medicare, a public health insurance program. Millions of Americans have access to health care benefits that are paid for in part by the Social Security fund. The program has four components, each of which gives beneficiaries different benefits. You may need to manage each part separately depending on how you arrange your benefits.
Medicare’s Four Components:
Part A – hospital insurance; Part A covers:
- Inpatient coverage
- Hospital stays
- Home health care
- Skilled nursing facility care
- Hospice care
- Nursing home care
Part B – medical insurance; Part B covers:
- Outpatient care
- Doctor visits
- Ambulance services
- Mental health services
- Medically necessary services
- Preventive services
- Durable medical equipment
Part C – Medicare Advantage; Part C covers:
- The same benefits as Part A and B
- May also include coverage for:
- Prescription drugs
- Dental, hearing, and vision
- Wellness programs
- Fitness memberships
- And more
Part D – drug coverage; Part D covers:
- At least two drugs from each class
- All Part D plans must cover:
- Antipsychotics
- Anticonvulsants
- Anticancer
- Antidepressants
- Immunosuppressants
- HIV/AIDs drugs
Who is entitled to Medicare?
To be eligible for Medicare, you typically need to be at least 65 years old. After receiving Social Security Disability benefits for at least 24 months and having been diagnosed with a disability, individuals under the age of 65 may also be eligible. For instance, individuals who have been diagnosed with Amyotrophic Lateral Sclerosis are immediately eligible for Medicare benefits.
What is the cost of Medicare?
Benefits from Part A without a premium are available, but only to those who have paid 40 quarters’ worth of Medicare taxes. Depending on how much you’ve paid in taxes, you can expect to pay $499 in premiums or as little as $274. Most people pay $170.10 for their Part B premium. During the initial review, we will talk about IRRMA and how it can affect your part B and D premium.