Medicare is a federal program that makes health insurance available to retired individuals, regardless of their medical condition. Certain young people with disabilities or end-stage renal disease may also be eligible for the program. Here are some facts about Medicare that you’ve got to know.
What Does Medicare Cover?
Medicare consists of two main parts: Medicare Part A (also known as hospital insurance) and Medicare Part B (also called medical insurance). These parts, when they are combined, are known as Original Medicare. A third part, Medicare Part C (Medicare Advantage), covers the services offered by Part A and Part B, and may even provide additional services. A fourth part, Medicare Part D, provides prescription drug coverage, so it can help you manage the rising cost of prescriptions.
What Is Not Covered by Original Medicare?
While Original Medicare offers pretty comprehensive coverage, there are certain things it does cover like:
– Deductibles, co-payments, or co-insurance that may apply
– Your Part B premium
– Cost of dental care, eye care, and hearing aids
– Almost all prescription drugs
– Custodial care in a nursing home or at home
Medicare Part C could cover a few of these expenses. Or, if you are enrolled in Original Medicare, you can choose to purchase a Medigap policy, which will help cover what Medicare does not.
Are You Eligible for Medicare Coverage?
Most individuals who are at least 65 years old (and are either citizens or permanent residents) are eligible to receive coverage under Medicare Part A without having to pay a monthly premium. You are eligible for this coverage if:
– You receive Social Security benefits (or Railroad Retirement Board benefits) based on your work history or the work history of someone you know like your spouse, widow, parent, etc.
– You or your spouse worked in a government job for a long period of time and Medicare taxes were paid.
If you are not eligible to receive free Medicare Part A coverage, you will likely be able to purchase it by paying a premium. While Part B coverage is an option, most people sign up for it because it provides enhanced coverage. If you opt for Part B, keep in mind that you will need to pay the due premium.