Understanding "What is Medicare" : What You Need to Know
If you are turning 65, it’s important to understand what Medicare is and how it works. Medicare is a federal health insurance program that provides coverage for people over the age of 65 who have worked and paid Social Security taxes during their working lives. In this blog post, we’ll explore the basics of Medicare, including what’s covered and how much you can expect to pay.
What Does Medicare Cover?
Medicare has four parts—A, B, C, and D—that cover different services. Part A covers inpatient hospital care, skilled nursing facilities (like nursing homes), hospice care, and some home health care services. Part B covers physician services, outpatient care, certain preventive services (such as shots and screenings), durable medical equipment (like wheelchairs), and mental health care. Part C covers prescription drugs through a private insurance plan called a Medicare Advantage Plan. Finally, Part D covers prescription drug costs when purchased through a private insurer.
How Much Does Medicare Cost?
The cost of Medicare depends on your income level and the type of coverage you choose. Generally speaking, most people will pay premiums for Parts A & B if they are not eligible for premium-free Part A based on their work history or if they have chosen to enroll in Parts C & D which require monthly premiums. Additionally, there may also be copayments or coinsurance payments due at the time of service for certain types of medical services or medications that are covered by Original Medicare or any other supplemental plans purchased to cover additional services or costs associated with Original Medicare coverage. Lastly, some people may qualify for extra help with paying for their medications through Part D plans which would reduce those out-of-pocket costs significantly as well.
Navigating the world of healthcare can be confusing but understanding the basics of Medicare is key if you’re turning 65 soon! We hope this blog post has helped demystify some of the complexities associated with this government program so that senior citizens over 65 can make informed decisions about their healthcare needs. Remember to always check with your doctor first before making any changes related to your healthcare coverage plan so that you get all the benefits available to you under Medicare!
