Basics of Medicare

 

So… what exactly is Medicare? Medicare is the federal health insurance program for people who are 65 or older and for certain younger people with disabilities. So now, let me tell you how Medicare works. We have four parts of Medicare : We have Parts A, B, C and D. Part A and Part B are often referred to as the “Original Medicare” Medicare Part A is your Hospital Insurance. It covers skilled nursing facilities, inpatient stays and hospice care. Part A is at no cost if you have paid Medicare taxes of about 30-39 quarters, otherwise, it costs about $499 dollars per month Part A deductible per benefit period is $1,556 .

 

Medicare Part B is your Medical Insurance.  It covers outpatient services such as doctor visits, ambulance rides, lab tests and medical equipment such as wheelchair. Part B normally covers 80% of the medicare-approved services. It costs about $170.10  /month and Part B annual deductible is $233 .

 

There’s also Medicare Part D, an optional Prescription Drug Plan that is separate from Original Medicare. It helps pay for prescription drugs. Each prescription plan, has a list of generic and brand name drugs and it determines how much you will pay for the drug.

 

Now what is Medicare Part C? It’s more commonly known as your Medicare Advantage Plan.

 

Private insurers offer Part C as an alternative to Original Medicare. This coverage has comprehensive benefits such as dental, vision and hearing ……even Fitness Membership & Prescription Plan are sometimes included in a single holistic plan. Part C coverage, cost varies by plan and area.