Understanding the Basics of Medicare



Medicare is a federal health insurance program available to people 65 and older, as well as certain younger individuals with disabilities or end-stage renal disease. Understanding the basics of Medicare can help you decide if it’s right for you.

What is Medicare?
Medicare is a federal health insurance program that provides coverage for medical services, including hospital care, doctor visits and preventive care. It also covers prescription drugs and some home health services. Medicare has four parts: Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage plans) and Part D (prescription drug coverage).

Who qualifies for Medicare?
Most people age 65 or older are eligible for Medicare, as are certain younger individuals with disabilities or end-stage renal disease. To be eligible for premium-free Part A, you must have worked at least 10 years in a job where you paid Social Security taxes. Otherwise, you may be able to buy into the program.

What does Medicare cover?
Part A covers hospital stays up to 90 days per benefit period and up to an additional 60 days of extended care in certain situations. It also covers hospice care and some home health services such as physical therapy and skilled nursing care when ordered by your doctor. Part B covers medically necessary services such as doctor visits, preventive care screenings, diagnostic tests like X-rays or MRIs, durable medical equipment like wheelchairs or walkers, outpatient treatments such as chemotherapy or dialysis treatments and ambulance transportation when medically necessary. Part C plans provide all the benefits of Parts A & B plus additional benefits like vision coverage or dental coverage depending on the plan chosen by the beneficiary; however there may be higher out-of-pocket costs associated with these plans than traditional Parts A & B plans due to copays/coinsurance/deductibles associated with them. Finally, Part D provides prescription drug coverage that helps cover the cost of medications prescribed by your doctor when purchased from an approved pharmacy provider listed on your plan's formulary list - this helps keep prescription costs more affordable for those who need them most!

How much does it cost?
The cost of Medicare depends on which parts you choose to enroll in; there is no monthly premium associated with traditional Parts A & B but there may be premiums associated with supplemental plans like Medigap policies that help fill gaps in Original Medicare coverage – these premiums vary based on factors such as age & location but can range anywhere from $50-$200 per month depending on what type of policy is chosen! Additionally there are out-of pocket costs associated with Original Medicare such as deductibles & coinsurance/copays which vary based on what type of service was received – these can range anywhere from $0-$1125 per year depending on what type of service was received so it’s important to understand how much each part will cost before enrolling!

Understanding the basics of Medicare can help ensure that you make an informed decision about whether it’s right for you – if so then enrolling in one or more parts can provide access to quality healthcare at an affordable price!

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Medicare, federal health insurance program, hospital care, doctor visits, preventive care, prescription drugs, home health services, Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage plans), Part D (prescription drug coverage), eligibility criteria, premiums, copays/coinsurance/deductibles,

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